I come from a science background so I have little to no knowledge about economy. But I want to be financially literate, so what books should I read?
I also want to learn how the Banks work, financial loopholes and such which are applicable to any parts of the world. Thanks!
by Sucheen_D_619
10 Comments
The Finacial Times do a great series of books. Library might have them as they can be pricey.
Invesopedia (I think) covers a lot for free.
A lot of what happens is linked to politics, so any biographies by / about chancelors of the exchequer (or equivalent roles) are a good bet along with geopolitics in general (war, coving, depression, currency, etc).
Then there are social sciences – sociology/ psychology. People don’t feel secure so don’t spend. Vicious cycle happens.
It’s very broad.
do you want to understand how (1) the economy works or (2) how finance works?
Understanding macro-economics or the global economic system is different than finance which is also different than understanding *loopholes* which is really more of a question of understanding taxes and financial law).
I got going with my interests in economics from reading [**New Ideas from Dead Economists**](https://www.goodreads.com/book/show/109680.New_Ideas_from_Dead_Economists) which was enjoyable and pretty lite. It set me off on a good track for learning on my own from there.
Hidden Order by David Friedman is a very accessible, informative introduction to price theory.
Ha Joon Chang: Economics, the User’s Guide in pelican books
**Wage Labour and Capital by Karl Marx** will give you a good explanation on how the economy works
if you are looking for personal finance and investing I could suggest **Beat the Bank: The Canadian Guide to Simply Successful Investing** it has a Canadian focus but is relevant to all western countries
“The economy” is a man made construct to keep the rich getting richer and keeping the poor even poorer.
It’s literally allnonsense. Don’t waste your time, read some Bukowski.
Naked Economics by Charles Wheelen.
Charles Wheelan’s Naked Economics is a great one. Also Tim Harford’s The Undercover Economist, and Jacob Goldstein’s Money: The True Story of a Made Up Thing.
Human Action – Ludwig von Mises
On the Origin of Money – Carl Menger
Recent reads that I thought are beginner friendly looks at economics:
Money: The True Story of a Made Up Thing
By Jacob Goldstein
A NPR economics journalist breaks down a history of value of exchanges in an accessible way. This is a very basic component of the historical economy, and something that is fundamental to understand everything else about economics.
The Price of Peace: Money Democracy and the Life of John Maynard Keynes
By Zachary B. Carter
This book has many well deserved accolades. It follows the life of the most influential economist and the development of his thoughts in both academia and government roles. If you have ever liked the way Michael Lewis intertwines ideas with narrative, this book is for you. It provides context for how the modern understanding of macro economy, money theories, and government spending practices were developed in the 20th century prior to expounding on the ideas.
Financial literacy is a different discipline, as is tax structuring your personal income. If you are interested in learning about government tax systems, I would recommend “A Fine Mess” by T.R. Reid. This is useful for being an informed citizen in civic politics. He does a survey of different tax systems around the world with some historic reachback, and explains how well they work in different contexts.