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'Tomorrow's Gold: Asia's Age of Discovery' by Marc Faber. Bit old now but amazing. This book shows how good Faber is.

'Crash Proof' by Peter Schiff.

'The Ascent of Money' by Niall Ferguson.

'Losing Control, The Emerging Threat to Western Prosperity' by Stephen King.

'When Markets Collide' by El-Erian

Edited by ringledman

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Can anyone recommend a general economics book?

Nothing too basic, but then nothing massive and dull .... if that's possible.

thanks

What is your objective?

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Can anyone recommend a general economics book?

Nothing too basic, but then nothing massive and dull .... if that's possible.

thanks

Henry Hazlitt's Economics In One Lesson.

It's free on the web as a pdf.

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Can anyone recommend a general economics book?

Nothing too basic, but then nothing massive and dull .... if that's possible.

thanks

The most important thing is not to read standard economics text books, while plausible, they are actually full of stuff that is just plain wrong.

Start with 'How Markets Fail' by John Cassidy, which is an excellent non-mathematical historical review.

Then follow with 'Debunking Economics' by Steve Keen, which reviews neo-classical and others with a bit more mathematical insight.

The two above will give you enough guidance as to where to go for more information.

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Can anyone recommend a general economics book?

Nothing too basic, but then nothing massive and dull .... if that's possible.

thanks

If you live in Manchester I can give you Mervin King's book Economics......

The basic economic theory in it is sound, i.e. supply demand curves, but everything else gets a bit cus it used to work this is the way it worked.

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The best current general text book, that would take you from GCSE up to the early stages of a degree, is "Economics" by Paul Krugman and Robin Wells, make sure you get the European Edition rather than the American edition.

The other big standard work is "Economics" by Richard Lipsey. Lipsey was the standard intro work when I did an economics degree thirty-five years ago, and although it's been regularly updated since I think it's a bit long in the tooth stylistically. Get Krugman/Wells, it's just better.

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Can anyone recommend a general economics book?

Nothing too basic, but then nothing massive and dull .... if that's possible.

Amazon Uk - order here

How an Economy Grows and Why It Crashes: Two Tales of the Economy

How an Economy Grows and Why it Crashes uses illustration, humor, and accessible storytelling to explain complex topics of economic growth and monetary systems. In it, economic expert and bestselling author of Crash Proof, Peter Schiff teams up with his brother Andrew to apply their signature "take no prisoners" logic to expose the glaring fallacies that have become so ingrained in our country’s economic conversation.

Inspired by How an Economy Grows and Why It Doesn’t—a previously published book by the Schiffs’ father Irwin, a widely published economist and activist—How an Economy Grows and Why It Crashes incorporates the spirit of the original while tackling the latest economic issues.With wit and humor, the Schiffs explain the roots of economic growth, the uses of capital, the destructive nature of consumer credit, the source of inflation, the importance of trade, savings, and risk, and many other topical principles of economics.

Edited by Errol

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Can anyone recommend a general economics book?

Nothing too basic, but then nothing massive and dull .... if that's possible.

thanks

I would agree with the Henry Hazlit tip.

Also "The Mystery of Banking" Rothbard.

"Monetary Regimes and inflation" Bernholz is worth a read

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I am reading (actually listening on my commute) to Thomas Sowell - A Citizens Guide to the Economy. Very well outlined in layman's language with plenty of examples and historical events. Helps understand some recent events too.

Apart from that the "Rich Dad, Poor Dad" was influential as well.

Ther is more titles in my list to read but more specific towards Forex and Technical analysys. Can post if you so wish.

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It's really not that complicated and books are very time consuming.

People add their labour to the earth to create the stuff that we need to survive. As time has gone on we've improved and have been able to advance beyond subsistence living.

That covers about 80% of the useful stuff (despite what the "experts" would have you believe), the rest is just the icing on the cake.

But if you want a useful book read "power of the land" by Fred Harrison. It's an exceptional read, he goes to great lengths to ensure that it all makes sense, unlike most other economists who have to make a lot of stuff up so their theories fit reality.

Edited by Chef

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I'd second The Ascent of Money. It is a very good read. Here is a video review

If you are right wing you will be very happy with it. If your sympathies are on the left bear in mind the author is an out and out Thatcherite.

If you can tolerate the folks American style of writing The Big Short does a good job of explaining how derivatives work in practise - though it is very long for the amount of actual information in it.

Galbraith's Great Crash is good too.

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Like what, exactly?

Take Mankiw 'Principles of Economics' as an example.

Probably the most used undergraduate text in the world (quotes from third edition, international student).

Chapter 1 - no figures

Chapter 2:

Figure 1 'The Circular Flow'

This shows Labour, land and capital being sold to firms.

Fair enough with regard to labour, but when did you last sell a blast furnace to a steel company? All the firms I have seen buy their capital goods from other firms. This circular flow is neo-classical nonsense.

Figure 2 'The Production Possibilities Fronteir

This shows a convex curve for the production of computers vs cars. This is convenient for neo-classical theory, as it allows an equilibrium to be formed and a belief in 'production functions'.

Unfortunately, you get the convex function by assuming diminishing returns.

Anybody who isn't a complete f*ckwit knows that ramping up production of both cars and computers results in dramatic increases in returns. The design and capital is already paid for, the more you sell the more you profit you make on each one. Run out of space in your factory? Throw up another crinkly tin shed next door.

Unfortunately, with neo-classical production theory you can't get equilibria with increasing returns. But in the real world you do have equilibria.

Faced with a choice of changing the economics to match the real world, or telling lies, Mankiw tells lies.

This diagram; a persuasive, but deliberate tissue of lies, goes to the heart of the problem of neo-classical economics. Neo-classical economics can't deal with capital or production.

Figure 3 'A Shift in the Production Possibilities Fronteir'

Having set up something that can't exist in Fig 3, we change it to something else that can't exist, then discuss the consequences.

Counting angels on a pinhead would at least be more productive.

Chapter 3

Figure 1 'The Production Possibilities Frontier'

(4th figure in the book, ignoring how to draw graphs in appendix to Ch2 - how to draw graphs, ie not actually economics)

Mankiw gets the Farmer and Rancher wrong way round. A minor mistake, but clearly neither he, nor any of the editors, or any of the lecturers who used the first two editions realise the difference between a farm and a ranch. As with the firms above, economics just regurgitates the theoretical formulations of the marginalists for almost 150 years without having the slightest idea of how the real world works.

So that's the first four figures in the book, basic stuff, all completely wrong. Trouble is, this self-constructed tissue of nonsense is very persuasive and self-consistent. But all wrong. It's a religious belief system, not a science.

Read Debunking Economics first and you will be able to avoid falling into the traps of Mankiw et al.

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I would read Ben Bernanke's book entitled 'Essay on The Great Depression'.

It helps to have an inside track on the workings of the mind of the major decision maker and influencer in all policy.

Bearing in mind he knows people read it.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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