Help a potential economist.

Miscellaneous Newbies
1

I’m not sure if this was answered before, but being a complete novice at economics, let alone economic theory, I want to know which books I should eat up to get a better grasp of basic to intermediate economic thought and understanding. Needless to say, I am interested in the Austrian tradition because of its free market and small government principles so anything on that would be good as well. The holidays are coming up so I have the oppurtunity to stack up on research,

As a bonus question, I’ll be going to college in a year to study economics, in one form or another. Which degree, in your valuable opinion, is the most worthwile and which are the most popular?

2

Economics in One Lesson by Henry Hazlitt

The Economics of Liberty edited by Lew Rockwell (collection of essays by people).

3

Are you familiar with any other fields, or are you new to academics?

4

I’ll be leaving high school and entering college for the first time next year, so I’m completely new.

5

As a budding young economist, can you answer these q’s?

  1. How much will my university education cost me? How many years will it take me to pay back all my student loans if I have a job? If I don’t?

  2. In my particular instance, how much more will my salary be over the years because of my degree? How much less will it be because of my debts?

  3. If I skip college totally and just get a job, educating myself on the side, will I make or lose money net?

  4. What jobs open up to someone with my degree that otherwise would not be available? What jobs open up to someone with 4 years experience working?

  5. Should there be a Great Depression lasting a decade or so starting now, how will 4 years spent studying economics improve my position in the world?

  6. How am I different from Kelli Space of twohundredthou.com, who spent 200 thou on her sociology dgree and now has to beg [to little avail] for money?

6

I would recommend reading these two to start out with:

  1. Economics for Real People by Gene Callahan.

  2. Lessons for the Young Economist by Bob Murphy.

I haven’t read the second one yet, but it’s supposed to be a ground-level introduction to economics, and I have tons of respect for the author.

7

This plus Hans Hoppe’s A Theory of Socialism and Capitalism will give you a great, intermediate understanding of economics. From there, you should be well prepared to tackle Human Action, Mises’s magnum opus, and a must read for any aspiring economist.

Good luck!

8

Great interview.

9

I. Ryan, is Murphy’s book in a big hardcover textbook format? It looks like it, but I’ve never been able to tell.

10

Murphy’s latest book is in text book format. I prefer that actually. It’s easy to pick topics and navigate. Its awesome.

11

Economics in one lesson

Economics for real people

Are both excellent introductions to Austrian economics, and economics in general. I have read both of these books several times, and I happily lend/recommend them to friends and family interested in economics.

If after these two books, you were to read Human Action, you would probably know all the economics that you need to know as a sane human being. However, if you’re planning on studying economics, who knows what else you may want to read or study. I do not have a particularly high opinion of university (or college, whatever you call it over there), or of economics as taught in most universities (this is after studying two years at university, including economics and finance, racking up near perfect marks). You learn far too little and pay far too much, to get a piece of paper that is worth less and less, perhaps worth-less someday? Anyway, that’s just my opinion on economics at university..

12

Watch (or listen to the podcasts of) the videos on this page, which is about 14 hours total:

http://www.vforvoluntary.com/videos/austrian-economics

Murphy’s book appears precisely what you’re looking for btw.

13

“As a bonus question, I’ll be going to college in a year to study economics, in one form or another. Which degree, in your valuable opinion, is the most worthwile and which are the most popular?”

well it depends what you want to do… That is such a vague question… Economics degress are not useless, I am majoring in Econ and minoring in Philosophy…