Since The Big Short, economics has had somewhat of a popularity resurgence. People wanted to know what happened during the Great Financial Crisis of 2007-8 and why no one saw it coming. A swathe of Netflix doccos have also spawned a renewed interest in ‘the dismal science.’

What has been traditionally a field where dry textbooks have had their reign, a new wave of popular non-fiction writers have done a remarkable job of making this appealing reading for everyone.

I wanted to study economics because I had no idea of how the world worked. I didn’t know anything about inflation, currency rates, you know — all the stuff on the financial reporting of the news — yet it’s fundamentally important in our day-to-day lives. Economics is how people make decisions, how resources are allocated, yet often left to the academically elite to bamboozle the public on news reports using phrases like ‘demand shock’ and ‘capital adequacy ratio’.

I bloody love the subject and think it should be part of the core school curriculum so we don’t have high-school graduates getting swindled by those praying on the financial and economic illiteracy of the general public to make a quick buck.

When my best friend found out I was studying economics, she started sending me books that were in the popular press as a Christmas or Birthday present. Most members on this list are because of her, so I thank you, Hope. So without further adieu, here are four of the best economics books you should read to understand how the world works.

1. I’ll Be Short: Essentials for a Decent Working Society by Robert B. Reich

“…we’re all in this together. Except when it comes to paying the bill.”

Who is he?

I first came across Robert Reich through the Netflix documentary, Saving Capitalism. What I love about this guy is that he stands up for the working class, his parents having been hard-working small business owners in Pennsylvania.

He’s had vast policy experience in the Clinton and Obama administrations (where in the former he served as Secretary for Labor), and some of his major achievements have been successful lobbying to increase minimum wage, implementing the Family and Medical Leave Act (FMLA), and publication of 22 books.

What’s the book about?

This book is about how America’s ‘social contract’ has been torn to shreds, leaving hard-working citizens worse-off than previous generations, due to the rigged system favoring those at the top.

Reich tells the economic history of the States, interwoven with political makeovers that have led to where we are today. Despite being only 130 pages, Reich manages to cover education, feminism, & corporate citizenship, and concludes with what can be done by you, the reader, to turn the ship around.

“This asset elevator has been lifting America’s wealthy to ever-higher vistas, without their moving a muscle (except, perhaps, to speed-dial their brokers).”

Read it for:

Feeling empowered about political change and knowing that there are important people out there standing up for the everyday citizens that make economies what they are.

Reich gives an overwhelming sense of ‘fighting for the little guy’ — the little guys being everyone else who are not at the top— for a more harmonious and equitable society. He also writes incredibly poetically, yet succinctly. Most of his books are no more than 100 or so pages long. Oh, and his favorite word seems to be ‘demagogue’ — brilliant 😆.

“Enron is ‘Exhibit A’ in the rogues’ gallery of corporate irresponsibility.”

2. Talking to My Daughter About the Economy: A Brief History of Capitalism by Yanis Varoufakis

“The worst thing that can happen to a person is to become so desperate that you decide to sell your soul to the devil only to discover that the devil isn’t buying!” — Yanis, quoting a friend

Who is he?

I agree with his comment that the economy is ‘too important to be left to the economists.’ This author has earned his stripes as an iconic and modernist economics teacher and author, who believes ‘the more scientific our models become, the less relation they bear to the real, existing economy out there.’

What’s the book about?

Subtitled ‘ A Brief History of Capitalism,’ this book does exactly what it says on the tin — but with remarkable flair and pizazz. With chapters titled ‘The Black Magic of Banking,’ and ‘The Dangerous Fantasy of Apolitical Money,’ it’s hard not to get drawn in.

As per the title, you really feel like you’re Yanis’ daughter sat listening to your father tell a story of how the world works — you don’t feel like you’re reading an economics book at all — quite sneaky if you think about it, but in a good way.

Varoufakis’ style enlightens us to the intricate interconnectedness of economics and the world. For example, he uses the example of the Australian Aborigines hunting practices to illustrate the tragedy of the commons.

“Like Midas, whose wish that all he touched would turn into gold left him sad and lonely, profit-hungry employers find that automation has the opposite effect to the one they hope for: loss of profit and, worse still, a crisis that may well bankrupt them.”

Read it for:

A no-frills, yet colorful, from the heart read of how the world works — sans jargon.

One of the things that makes this book really stand out is how Varoufakis sprinkles in analogies from Greek mythology to popular modern culture like the Matrix, to make complex economic issues not only accessible, but entertaining.

“Nothing adds more insult to injury than blaming the victim for their victimhood.”

3. The Almighty Dollar by Dharshini David

“Napoleon Bonaparte is said to have called England ‘a nation of shopkeepers’. A couple of centuries on, that still rings true in the UK’s capital city. After all, bankers are basically pedlars of investments, selling money to make money.”

Who is she?

A champion for female economists, Darshini David is first and foremost, an economic broadcaster. Prior to adding author to her resume, she has presented for Sky News and the BBC, who had recruited her while she was working as an economist on HSBC’s investment trading floor.

Although her specialty is broadcast journalism, David is also a champion for consumer issues, and also reports on current business news and trading. You can follow her on Twitter here.

What is the book about?

The Almighty Dollar is David’s first book, and she knows how to make an impression. This book takes the novel approach of putting you in the driver’s seat as a dollar bill travels around the world.

Starting in the land of cheap prices — the USA — see how a transaction here has a domino effect across the globe, through China, Russia, Nigeria, and everywhere in between; before circling back to the big U. S. of A.

Want to know what the big deal about Russia and oil is really about? Let Darshini David explain. Want your economics sundae with a sprinkle of current affairs and fascinating global insights? Pick up The Almighty Dollar.

“With life-changing riches on offer at the top, sharp elbows are needed to get a job and build a career.”

Read it for:

A de nos jours take on economic affairs from a unique perspective, but always bringing it back to how it impacts you: David brings concepts and ideas closer to home by reminding us how ‘Lauren’ (her hypothetical Miss Average) is affected by the economic issues she’s shining the spotlight on.

Also, at just 278 pages, it’s the perfect staycation read.

“The gusting wind of opinion is everything and it can change direction and speed in a second, depending on what the markets think about prospects for interest rates, or growth in a particular country, or even its political stability.”

4. Chronicles On Our Troubled Times by Thomas Piketty

“In the little game of tax demagogy, the weakest seldom come out winners.”

Who is he?

An economics professor at the Paris School of Economics and Centennial Professor at the LSA (University of Michigan), Piketty is renowned for his landmark work on inequality.

Prior to Chronicles, Piketty’s Capital in the Twenty-First Century won the Financial Times and McKinsey Business Book of the Year Awards, and has sold over two million copies worldwide.

What’s the book about?

This book is actually a collection of short essays by Piketty, that were published in French newspapers Liberation and Le Monde. Although ordered chronologically, you can pick up this book to read any essay you desire, making it a great snack-sized compendium on contemporary economic issues.

If there’s one thing that the Global Financial Crisis taught us, it’s that the world is incredibly interconnected — in more ways that we’d ever imagined, or liked — which has been amplified to the max in the face of COVID-19.

Chronicles focuses mostly on European economic issues, but also on oligarchy in America, capital in Hong Kong, capital in South Africa, as well as evergreen topics like the role of central banks, growth, taxes, and bank profits.

Want to know why we should scrap GDP and go back to National Income? Read Chronicles.

Want to learn about taxation rules and the super-wealthy via the intriguing Bettencourt Affair? Read Chronicles.

Want to satisfy your curiosity as to how tiny countries can cause economic tsunamis when things aren’t peachy? Read Chronicles.

“Left to itself, capitalism, because it is profoundly unstable and inegalitarian, leads naturally to catastrophes. Unfortunately, it seems that new crises are necessary for governments to fully recognize that.”

Read it for:

Bite-sized lessons on contemporary economic issues in the aftermath of the Global Financial Crisis. This book cuts like a razor blade to the crux of economic controversies in an accessible, direct, and meaningful way, for both public and academic readers alike.

“In a moment of brutal crisis, it’s a shame to waste time on pointless quarrels.”

Final Thoughts

If you’ve ever been watching the business news and it goes way over your head, go to one of these guys above for an explanation first. You’ll not only remember, but be able to recount to others and fully understand topics and issues that are generally overcomplicated by academics and businessfolk alike.