Rating: 9.2/10. Tax by Design: The Mirrless Review by Institute for Fiscal Studies Book about the issues that arise in designing tax systems, and a framework to reason about tax design, with a focus on the UK’s system. Over the last 30 years, there has been a disproportionately large increase in the incomes of the…
Category: Economics
The $12 Million Stuffed Shark by Don Thompson
Rating: 7.2/10. The $12 Million Stuffed Shark: The Curious Economics of Contemporary Art by Don Thompson Book by an economist about the contemporary art market: the book’s title refers to a piece of modern art by Damien Hirst consisting of a decomposing tiger shark floating in a vat of formaldehyde, sold for several million dollars….
Owners of the Sidewalk by Daniel M. Goldstein
Rating: 8.2/10. Owners of the Sidewalk: Security and Survival in the Informal City by Daniel M. Goldstein Book by an anthropology researcher about the informal economy in Bolivia. The informal economy is characterized by the lack of formal employer employee relationships and is a widespread phenomenon throughout Latin America, but especially in Bolivia, where over…
Poor Economics by Abhijit V. Banerjee and Esther Duflo
Rating: 8.4/10. Book Review: Poor Economics: A Radical Rethinking of the Way to Fight Global Poverty by Abhijit V. Banerjee and Esther Duflo We have a lot of stereotypes about poor people, and these stereotypes influence our foreign aid and intervention policies. The problem is that these preconceptions are often inaccurate. This book, by two MIT economics…
Capital in the Twenty-First Century by Thomas Piketty
Rating: 8.0/10. Summary The magnum opus of French economist Thomas Piketty, and quite a long one (~750 pages). Published in 2013, it uses historical data to study the distribution of wealth and income from 1700 until now, and models long-term trends in capital distribution and inequality. The central message is reminiscent of Marx’s Communist Manifesto:…
The Communist Manifesto by Karl Marx and Friedrich Engels
Rating: 7.7/10. Written in 1848 in German, this 40-page book is one of the most influential political books ever written. Marx and Engels see society as divided into two classes, the bourgeoisie (people who hire workers and sell the goods) and the proletariat (people who trade their labor for money). The bourgeoisie class arose out…
Economics in One Lesson by Henry Hazlitt
Rating: 7.1/10. A common mistake in economics is to enact a policy that benefits some group of people, without realizing that it harms some other group (usually the broad society not taking part in the transaction). The most basic example is with the “broken window theory”: when a window is broken, the glassmaker gets work,…
China’s Economy: What Everyone Needs To Know by Arthur R. Kroeber
Rating: 8.3/10. Book describing all aspects of China’s economy; unlike the previous book (“China Emerging“), this book was written by a Western author, and presents a balanced view of the situation. Since the economic reforms in 1978, the country has gotten a lot better, but the growth is uneven, with high levels of inequality. Still,…
When the Bubble Bursts by Hilliard MacBeth
Rating: 8.2/10. Explains the Canadian real estate situation, both from an economic and monetary policy perspective and implications for personal finance. Hilliard MacBeth has the controversial opinion that Canada is about to hit a housing bubble, with corrections on the order of 40-50%. The recent rise in real estate prices are due to low interest…
China Emerging by Wu Xiaobo
Rating: 7.6/10. I got this book in Shenzhen, one of the few English books about China in the bookstore. It describes the history of China from 1978 to today. In 1978, China was very poor, having experienced famines and the cultural revolution under Mao Zedong’s rule. The early 1980s was a turning point for China,…
The Climate Casino by William Nordhaus
Rating: 9.8/10. This book is about climate change in the eyes of an economist, quite an in-depth treatment about a very complex and politicized topic, and one that’s commonly misunderstood. There are two extremes: conservatives deny it altogether and environmentalists warn about impeding catastrophe. The reality is somewhere in the middle: if we don’t do…
Why Nations Fail by Daron Acemoglu and James A. Robinson
Rating: 8.2/10. Why is the city of Nogales, Arizona so much richer than Nogales, Sonora, when they’re only separated by a fence? This book explains why some countries like Canada are so much better off than Mexico, and most countries in sub-Saharan Africa are struggling to survive. According to this book, the crucial difference is…