6+ Best Books On Economics And Finance For Beginners To Consider in 2023.

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Updated: 25/10/2023

Economic is a broad term, which covers many areas of the transaction, credit line, mortgage, real estate Etc. Especially, if you don’t have any background and expertise like an economist-your knowledge may be limited.

By spending extra effort and time to accumulate basic knowledge over time, you are most likely to understand the foundation terms and principles associated with economics and know how the economic machine works in terms of stock market movements, market recession, deleverage, interest rates as well and consumer spending patterns.

In this article, we will take a brief summary and review of the list of the best economics books for beginners, so that they can learn and get familiar with foundation knowledge and understand how the world economy works in a simple way.

1. Freakonomics-Economics Book– It is one of the best economics books for beginners as it provides the foundation concepts and knowledge to understand the overall picture in simple terms.

2. Thinking, Fast and slow– The best psychology book to help you learn to deal with difficult situations and think rationally.

3. Economic in One Lesson– One of the top economics books for students and beginners to learn the foundation economic terms and concepts.

4. Basic Economics – Best for beginners to get familiar with basic economic knowledge and terms.

5. The Economics’ Hour– Best for learning economic policies such as deregulation, interest rates, and capital markets.

6. Doughnut Economics by Kate Raworth: Best macroeconomics books for beginners and students to learn the several important aspects of economics such as GDP, growth rate, and thinking rationally, just to name a few.

7. The Changing World Order by Ray Dalio: Best for understanding broader macroeconomic and economic life cycle knowledge.

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The list of good economics books for beginners

The following are the top 6+ best economic books for students and beginners, which provide foundational knowledge and concepts relevant to micro and macroeconomics.

Those economic books are a good starting point to get familiar with different economic terms so that you can understand how the world economy works throughout the market cycle.

If you are interested in learning about micro and macroeconomics and other economic policies, then you should at least have one of those books on your bookshelves.

1. Freakonomics- Best Economics Books For Beginners

The first economics book worth mentioning is Freakonomics by Steven D. Levit & Stephen J. Dubner, the co-authors made an analysis of the cause and effect of macro-economic, which impact directly individuals in terms of making rational decisions.

After reading this great material, readers will get familiar with some economic terms that the authors mentioned throughout the book. Based on my experience, I have learned several new concepts and economic terms that help me to better understand what is going on with the current global economic situation.

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The Freakonomics book is interesting for those who want to understand how the economic machine operates based on individual and microeconomic decisions.

For example, you will learn the three kinds of incentives, which will be used as a way to influence other behaviors and encourage them to contribute more good things to society.

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2. Thinking, Fast and slow- the best psychology book (Best Economics Books)

“Thinking, Fast and Slow” by Daniel Kahneman is a New York Times bestselling book because the main aspect is to teach you how to build mental toughness in good and bad times. Thus, readers will be better at making rational decisions associated with their everyday lives.

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In addition, readers will also explore the psychology concepts in this book, where you will learn how the mind works and present, the two factors that impact the way we think and make decisions. In particular, the first concept is thinking fast and emotionally- you are likely to make mistakes on system 1 because your emotional attachment causes you to make bad and illogical decisions.

The second concept highlights the way to slow down and make more logical decisions, especially, when you are in crisis and you need to think, evaluate, and take action. And most likely you will make the right and logical decision.

Overall, this is the best book about psychology, where you will learn a lot about controlling your emotional fortitude and reap the benefits of being patient in the investing world.

Read next: The 6 Best Personal Finance Books in 2024

3. Economic in One Lesson –Best Economics Books

“ Economic in One Lesson” was first published in 1946 and until today the concept behind this book is still relevant to the modern economic world. In particular, The book is particularly suitable for students and beginners to learn basic concepts and economic terms, which they can use to understand the global economy’s current situation.

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Interestingly, The author emphasizes the influence of government spending too much, where the expenses exceed income. As a result, the global economy may be affected by those spending activities.

“The Economic One Lesson” is among my favorite economics books due to the fact that the author uses easy language and terms to explain the main concept in the book. I highly recommend it to those who want to learn basic knowledge associated with the global economy

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4. Basic Economics-Best Economics Books For Students

Thomas Sowell is the author of Basic Economics, this book educates you to get familiar with different types of economic terms such as tax, price, supply and demand, and incentives, where he clearly explains each concept in a logical and easy-to-understand language.

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By providing real-life examples in the world economy, readers will get a sense of understanding how the economic machine works that places an impact on people who live within the country’s economy.

If you want to understand the general knowledge of economics and understand how different economic systems work then this book is the one you should read.

Read next: Book Review & Summary: Why The Rich Are Getting Richer By Robert Kiyosaki

5. The Economics’ Hour-Best Economics Books

“ The Economic Hour” was published by Binyamin Appelbaum, where the author highlighted the number of policy factors that impact directly the global economy. In particular, the global economy is pretty much affected by the rise of economists, which have an indirect influence on global politics and the economy.

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In addition, “ The Economics’ Hour also underlines the importance of individual intellectuals rather than the society or organization as a whole. In other words, world economics is shaped by a small group of people who have power and influence on policymakers and regulators.

6. Doughnut Economics

Another best economics book for students and beginners is “Doughnut Economics”, which provides the 7 fundamental frameworks associated with GDP, macroeconomics, productivity, and disposable income, just to name a few.

After reading the book, especially the 7 fundamental frameworks, you would be able to build an economist mindset and think rationally like an economist in the 21st century.

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In addition, you will learn some key economic principles, concepts, and patterns, which are essential to bringing a new way of thinking about modern economics.

Thus, the author hopes these 7 principles will help new economists create a better economy, that benefits everyone. 

This is one of the good economics books you should have on your bookshelf if you want to learn the different new economic concepts and principles.

7. The Changing World Order by Ray Dalio

Ray Dalio is a legendary investor, who has written several popular investment books such as “Principles for success“, and his most recent publication is ” Principles for dealing with changing world order” I think everyone should read this brilliant book to understand how the economic cycle works.

In particular, this global macro-economics book will provide a history of the global economy, where the rise of the power of a nation in terms of economics and politics. Thus, it allows a country to rule the world.

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For example, the rise of a nation is associated with economic wealth, productivity, and a high growth rate compared with others. Those factors contribute to the high living standard of their residents in a country.

However, when the nation rises to its peak, its citizens tend to borrow for consumption purposes rather than focusing on improving productivity. 

For this reason, the power of the nation declined due to a lack of innovation and less productivity, which led to social unrest and other financial crises.

By Jiro Nguyen.

The content is only based on the author’s personal opinion and research experience. It is for informational purposes only and does not rely on as a comprehensive or substitute for professional advice.

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