If you happen to be attending Harvard this semester, one of your course options is Greg Mankiw’s Freshman Seminar 43j, “The Economist’s View of the World”:
This seminar probes how economic thinkers from the right and left view human behavior and the proper role of government in society. Each week, seminar participants read and discuss a brief, nontechnical, policy-oriented book by a prominent economist. Regular writing assignments are also required. Students should have some background in economics, such as an AP economics course in high school or simultaneous enrollment in Social Analysis 10.
The ten books on tap for this semester are:
- The Worldly Philosophers, by Robert Heilbroner
- Reinventing the Bazaar: A Natural History of Markets, by John McMillan
- Thinking Strategically, by Avinash Dixit and Barry Nalebuff
- Capitalism and Freedom, by Milton Friedman
- Equality and Efficiency: The Big Tradeoff, by Arthur Okun
- Nudge, by Richard Thaler and Cass Sunstein
- How the Economy Works, by Roger E.A. Farmer
- The Return of Depression Economics, by Paul Krugman
- The Road to Serfdom, Friedrich Hayek
- The Myth of the Rational Voter, by Bryan Caplan
- The Big Questions, by Steven Landsburg
What would your list have been?
Very good, list. Though I’m surprised that “The General Theory” or “The Wealth of Nations”. Were these perhaps included in “The Wordly Philosophers”?
My college also has a class like this that is required for Economics majors. It’s called “Contending Perspectives in Economics”. It’s taught by Post-Keynesians, however, and I feel it is bias in that direction.
You have to read a book a week? Geez, that’s way too much for any course, never mind a freshman seminar.
The Price of Everything – Russ Roberts
Congratulations, you’re in great company on that list.
I’d include “Economics in One Lesson” by Hazlitt, “Capitalism: The Unknown Ideal” by Ayn Rand (say what you want, but it really is a good book about capitalism), and although it’s not explicitly about economics, “Innumeracy” by John Allen Paulos.
Steven – if you’ve never read “Innumeracy,” I think you’d like it. Mr. Paulos makes many of the points you make in your most recent book. It’s a quick but important read on the value of mathematical dexterity to world view. Really great book.
I second Russ Roberts’ “The Price of Everything”. I would also add Nassim Taleb’s “The Black Swan”. Not sure what I would take out though.
Not being qualified to have an opinion on this issue I venture one: Moneyball by Michael Lewis.
Congratulations, I guess. I’m not sure it’s right to call this “classics” in any sense of the word (your post title).
Personally I would have included Freakonomics on the list, not necessarily because I think it’s a great weighty tome, but because it presents a different point of view, which I infer this survey class is aiming for.
Progress and Poverty by Henry George. It’s too well written not to be on the list.
I would’ve kept The Armchair Economist on that list over The Big Questions. I liked both books equally but The Big Questions ventured into different directions – they could spend the whole year on the math stuff.
Agree with Pat re Armchair economist….definately more suitable – but congratulations are in order anyway….a well deserved honour.
I think I would have added “America’s Great Depression” by Rothbard
“Law’s Order” by David Friedman, definitely.
Anything by Thomas Sowell; any single book would suffice because they all overlap quite a bit, but I think “Economic Facts and Fallacies” would be the best choice.
I’ll second “Economics in One Lesson” and “The Black Swan.” (Taleb’s other book “Fooled by Randomness” could easily take it’s place.)
“The Voluntary City” is a good survey of voluntary institutions that historically have handled what are now thought to be functions of the state: the police, the schools, city planning, zoning, etc. I’d definitely throw in a book of that kind.
A good exercise might be to have them read “The General Theory” and then Henry Hazlitt’s “Failure of the New Economics,” and then perhaps follow it up with the contemporary equivalent (Krugman vs. Landsburg?).
I agree with some previous posts to includ Wealth of Nations, either of Taleb’s books. Personally, I would have included Schumpeter’s Capitalism, Socialism, and Democracy. Nevertheless, a real challenge to narrow the list to less than a dozen books.
I agree with Phil that this seems a lot of work. What proportion of your course time would be spent on this course?
Congrats on making the list.
Given this…
“This seminar probes how economic thinkers from the right and left view human behavior and the proper role of government in society.”
…I’d recommend Sowell’s “Conflict of Visions.”
I haven’t read another book yet that got to the quantum level of understanding the worldviews of the “right” and “left” quite as well as this one.
>Scott H. Progress and Poverty by Henry George. It’s too well written not to be on the list.
Plus, it is out of copyright and available online. Here’s a link to a somewhat modernized edition: http://www.henrygeorge.org/pcontents.htm
I know that numbers like rocks don’t exist, but isn’t that 11 books on tap not 10?
I’ll third “Economics in One Lesson”.
Tom Dougherty: Good catch. Rather than correct this and render your comment incomprehensible, I’ll leave it as is.
“Hayek, Friedman, Landsburg — you know, that crowd.” Just trips off the tongue, doesn’t it?
My suggested additions:
Exodus, Leviticus, Deuteronomy (on public finance and welfare policy)
The Wire, boxed DVD set, first season.
I would have added Raúl Prebisch’s “The Economic Development of Latin America and Its Principal Problems”. He lays a firm empiric basis supporting Dependency Theory even if I disagree with some of his conclusions. Interestingly a lot of his conclusions support New-Trade Theory which is gaining some traction.
I’d include a small selection of opinions from Judges Posner and Easterbrook.
I’d also include TAC over TBQ. But congratulations! A high honor, imo.
I would include “The Truth About Markets” by John Kay
Two current books by non-economists should be required reading–The Rational Optimist by Matt Ridley and The Science of Liberty by Timothy Ferris.