The book challenge A friend Edwin Muhumuza tagged me this week in a book challenge, which challenge entailed listing 10 books that have been of instrumental in my life. I have read a number of economic books mainly, so the list might be boring but these books have been fundamental to many lives and strictly not only recommended for economists. Here is my recommendation for you; The General Theory of Employment, Interest, and Money by John Maynard Keynes- it provides the role of government in keeping economy in vibrancy. It explains the role of interest rates especially in driving people’s preference for money. It has the foundation of the practice of macroeconomics and has remained at the centre of debate in today’s world. Of course, Keynesian dismissed the theory of the classical economists on markets delivering full employment. Speaking of classical economists, it leads me to my other two books by classical economists Grand Father of Economics Adam smith authored an inquiry into the nature and wealth of nations. Its foundations rejected the tenets of mercantilist trade theories and advocated for an invisible hand theory- that man is a dog and will always pursue personal interests, but in doing so, the markets will inevitably allocate resources efficiently. The Principles of Political Economy and Taxation by David Ricardo. While Ricardo upheld the theories of Adam smith, he articulated the foundation of taxation ranging from taxing all returns on factors of production ( rent, wages, profit and interest). He also argued that in the same manner if any nation wasted part of its wealth, or lost part of its trade, it could not retain the same quantity of circulating medium which it before possessed. Capitalism and Freedom by Milton Friedman.Friedmann refutes the promise of government dominance as advocated for by Keynes and intimates it threatens individual freedom. He re advocates the views of classical economists—one in which competitive capitalism serves as both a device for achieving economic freedom and a necessary condition for political freedom. The Undercover Economist byTim Harford . He articulates the fundamental causes of inequality between nations, the nature and hazards of globalisation. He describes markets as the world of truth and defines the mafia in economic arena especially trade, is there any thing like fair trade. He answers the following who really makes money from fair trade coffee? Why is it impossible to buy a decent second hand car? Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty by Abhijit V. Banerjee, Esther Duflo. They describe the the poor’s economy and how the poor make careful decisions based upon their perceived realities and priorities. Their decisions might not however be the ones that westerners think are best for them. (For example, the fact that some poor choose entertainment over nutrition.)They intimate that entrepreneurship is not a common aspiration of the poor. They argue that previous poverty alleviation interventions have been blocked by the 3 I’s: ideology, ignorance and inertia. Poorly implemented programs have had poor results. Daron Acemoglu, James Robinson book on why nations fail is a book I am still reading- from its first pages, one wants to read on . The prominence in this book is that Nations fail today because extractive economic institutions do not create incentives needed for people to save, invest and innovate.” Tyler Cowen in an Economist Gets Lunch explains primarily why the best meals are not found in the high-end places. When choosing a restaurant, he suggests that if the people inside look happy “run the other way.” He prefers spots where the diners “appear to be fighting and pursuing blood feuds.” Bitterness and gloom bespeak seriousness of purpose. Many of the arguments however sound very unconventional but you may might wana join me here in going for pig ears this weekend to understand some of his arguments. U get GM-freeless meals. Like a Virgin: Secrets They Wont Teach You at Business School. If you are actually interested in enterprenuership, this is a book you want to read. He advocates for keeping it simple, and ensuring your clients return. Three key things you must pay attention to advertising, marketing and public relations. Get beyond the typing and emailing, walk the talk- get the phone and call the client. Young, energetic businesses have surprising advantages when taking on large, cumbersome competitors. If you believe in what you are doing, do not be cheap – invest in finding a great lawyer who will really serve as an advocate for you and your business. Don’t forget a good economist. Give me that call for your economics solutions. Lastly the “Economic seive, the journey so far:”- by Enock Nyorekwa Twinoburyo has a lot to tell about his life, how being an economist is a win win situation. He explains why every choice has a price tag, he expounds on the demand and supply dynamics on real life, provides clear recommendations for next generation. The book has a chapter, on Uganda since Independence- provides the transition from British colony, the policies that followed, the missed economic opportunity of the 1990s, the ray of hope of the 1980s, the privatization era by denationalisation, the complacent 2000s, and global architecture of the 2010s. Overall, this book provides recommendations on avoiding a high price tag for your choices. It is on shelves of your favorite bookstores by end of this year.
Posted on: Thu, 02 Oct 2014 09:36:03 +0000
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