Ask HN: What are the must-read books about economics/finance? • Hacker News Board

Re: Ask HN: What are the must-read books about economics/finance?

#151

Post by iQuercus » Fri, Sep 23, 2016, 11:54 AM UTC

Dowwie wrote: post #144

Why finance? Finance was the major viable option for people with your background but that's not the case anymore. Every industry needs people with your background -- more than ever! However, if you're hell bent on going into finance and you're going to read one economics book, read Thomas Piketty, "Capital for 21st Century". These are the classic economics tomes that you'd read over a lifetime: Karl Marx, "Capital" A…

I'm curious, why would you recommend Piketty's Capital for 21st Century as the one economics book?

Re: Ask HN: What are the must-read books about economics/finance?

#152

Post by amha » Fri, Sep 23, 2016, 11:57 AM UTC

nilstycho wrote: post #67

bbayles wrote: post #45

I read Dubner and Levitt's Freakonomics in 2005. It's lame to say that a pop-science book changed my life, but since then I've thought about economics every day. I would recommend some pop-econ to become familiar with a stylized version of how economists think. I'd recommend Tim Harford's The Undercover Economist Strikes Back and The Logic of Life and Robert Frank's The Economic Naturalist . (Dubner's and Levitt's bo…

I second EconTalk. High quality, accessible, and interesting. I didn't think Freakonomics was great, but some people love it, and as long as it gets people to enjoy economics, I'm happy. My first foray into an economic way of thinking was just reading The Economist every week — it's news, but seen through the lens of economics and business. Now I'm a doctoral student in economics at MIT.

Third on EconTalk. I've listened to it since 2010. Really interesting, really intelligent conversations.

http://www.econtalk.org/

Re: Ask HN: What are the must-read books about economics/finance?

#153

Post by Dowwie » Fri, Sep 23, 2016, 11:59 AM UTC

tomrod wrote: post #40

marginalcodex wrote: post #37

There is no must-read books for economics (or almost any other field of study). Non-fiction economics books are meant to teach the reader something new. As Economics represents a set of ideas owned by no one individual, the best overview of economics will contain all of the important, integral ideas of the subject. Any summary of economics that introduces the core concepts will be great and serve its purpose.

Economist here. I disagree that if someone wants a broad introduction that by picking up Samuelson or MWG will be able to figure out the field from first (mathematical) principles. New Ideas from Dead Economists is a fantastic, broad introduction into the philosophy of economics that you appears interested in. Works by Keynes, Smith, Marx, Robinson, Hayek, and Ricardo do a fantastic job laying the groundwork for mode…

I thought that Piketty released or references sources for the underlying data supporting his work from "Capital..." so why are you considering it not necessarily testable? I don't understand what you mean by that phrase.

Re: Ask HN: What are the must-read books about economics/finance?

#154

Post by JBReefer » Fri, Sep 23, 2016, 12:02 PM UTC

Dowwie wrote: post #144

Why finance? Finance was the major viable option for people with your background but that's not the case anymore. Every industry needs people with your background -- more than ever! However, if you're hell bent on going into finance and you're going to read one economics book, read Thomas Piketty, "Capital for 21st Century". These are the classic economics tomes that you'd read over a lifetime: Karl Marx, "Capital" A…

Capital in the 21st century is a political piece, and is certainly not a good intro to economics book.

Re: Ask HN: What are the must-read books about economics/finance?

#155

Post by Dowwie » Fri, Sep 23, 2016, 12:03 PM UTC

iQuercus wrote: post #151

Dowwie wrote: post #144

Why finance? Finance was the major viable option for people with your background but that's not the case anymore. Every industry needs people with your background -- more than ever! However, if you're hell bent on going into finance and you're going to read one economics book, read Thomas Piketty, "Capital for 21st Century". These are the classic economics tomes that you'd read over a lifetime: Karl Marx, "Capital" A…

I'm curious, why would you recommend Piketty's Capital for 21st Century as the one economics book?

Innoculation.

Re: Ask HN: What are the must-read books about economics/finance?

#156

Post by tim333 » Fri, Sep 23, 2016, 12:03 PM UTC

jnordwick wrote: post #75

AndrewKemendo wrote: post #55

Earlier quoted context omitted.

I think it's safe to say that Keynes works are the foundation of modern macroeconomics. His economic cycles are doctrine in economic planning. Moreover he has been invoked increasingly post 2008 recession.

I didn't say that he wasn't important. I definitely think he's foundational especially to center-left political economics. I just said that nobody is a Keynesian in the original sense anymore. You have to be a neo-Keynesian now. I think it is safe to say that most of his theories are dead as a doornail. Keynesian thought always had this problem melding macro and microeconomics (similar to physicists have with relativ…

>The stagflation of the 1970s seriously attacked the very foundation of Keynes ideas. It was literally impossible for it to happen

How so? Most of his ideas seem pretty valid. The 70s stagflation was set off by the oil shock when oil prices rapidly increased four fold. I'm not sure how his failure to analyse that happening after his death invalidates that his ideas worked ok under normal circumstances?

Re: Ask HN: What are the must-read books about economics/finance?

#157

Post by Dowwie » Fri, Sep 23, 2016, 12:04 PM UTC

JBReefer wrote: post #154

Dowwie wrote: post #144

Why finance? Finance was the major viable option for people with your background but that's not the case anymore. Every industry needs people with your background -- more than ever! However, if you're hell bent on going into finance and you're going to read one economics book, read Thomas Piketty, "Capital for 21st Century". These are the classic economics tomes that you'd read over a lifetime: Karl Marx, "Capital" A…

Capital in the 21st century is a political piece, and is certainly not a good intro to economics book.

I agree that it's not a good intro to economics book. I haven't presented it as one.

Re: Ask HN: What are the must-read books about economics/finance?

#158

Post by philipov » Fri, Sep 23, 2016, 12:08 PM UTC

lujim wrote: post #140

If you're looking for the nuts and bolts on how capital markets around the world work this book is hands down the best there is. https://www.amazon.com/Complete-Quantitative-Professionals-M... Equities, Futures, Rate Swaps, Options, Credit, Treasury, Corporate, Municipal, Mortgage and Agency Bonds. Then the technology that supports it all. It is not only a fantastic high level view, but it get granular enough to expl…

This sounds like a great book. Does it cover Smart Order Routers as well?

Re: Ask HN: What are the must-read books about economics/finance?

#159

Post by lujim » Fri, Sep 23, 2016, 12:14 PM UTC

philipov wrote: post #158

lujim wrote: post #140

If you're looking for the nuts and bolts on how capital markets around the world work this book is hands down the best there is. https://www.amazon.com/Complete-Quantitative-Professionals-M... Equities, Futures, Rate Swaps, Options, Credit, Treasury, Corporate, Municipal, Mortgage and Agency Bonds. Then the technology that supports it all. It is not only a fantastic high level view, but it get granular enough to expl…

This sounds like a great book. Does it cover Smart Order Routers as well?

It's been a while since I read it, but according to kindle search it deals with Smart Order Routers (SOR) at location 6941 (and a few other places)

Re: Ask HN: What are the must-read books about economics/finance?

#160

Post by pjc50 » Fri, Sep 23, 2016, 12:18 PM UTC

Note that "finance" and "economics" are separate disciplines, roughly corresponding to applied vs theoretical.

The book which changed my thinking the most was "The Other Path" https://www.amazon.co.uk/Other-Path-Economic-Answer-Terroris...

It would be easy to give it the traditional libertarian gloss of "reducing regulation to improve the economy", but it's much more subtle than that. It looks at the costs of being outside the "system", and the benefits of simplifying the system so as to include more people and businesses. Along with land reform to reflect the actual reality of buildings.

Also, short and entertaining, but with lots of insights into principal-agent problems and bubble mentality: "Where Are the Customers' Yachts?" https://www.amazon.co.uk/Where-Are-Customers-Yachts-Investme...