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Our Recommended Books

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The Bottom Billion, written by Paul Collier, is a brilliant, thought-provoking book that focuses on the reasons why the poorest countries are failing. It highlights a number of factors to show the unique predicament faced by a billion people living in poverty-stricken countries, including the conflict trap, the natural resource trap, and bad government policies. Collier’s use of empirical evidence, case studies, and in-depth analysis makes this book both informative and engaging. I definitely recommend to anyone with an interest in international economics and development ideas.

     

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Thaler's book, 'Misbehaving', offers a new psychological approach to improve the realism of the behavioural assumptions contained within standard economic theory. He critically analyses how the actions of consumers and financial markets often contradict rational expectations, using real observations from his studies. His battles against stubborn economists who reject the idea of synergising economics with psychology creates an inspiring read for any ambitious economists wishing to enter the research field.  

     

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Lawrence Boland's book conveys an in depth analysis on the limitations of equilibrium models, paying particular attention to the characterisation of consumer learning and expectations. He questions the accuracy of using traditional models to interpret real market behaviour and compares the views of famous economists, such as Hayek and Friedman, on how best to model markets. Although his ideas and explanations are more suited to university students, this book is great for those wishing to explore the depths of higher level economic theory.

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Mathematics plays a fundamental role in economics. This short informational book gives a brief insight into the ways in which statistical analysis can be used to analyse economic data, including how to build and conduct confidence tests on regression models. I recommend this book to anyone with a strong mathematical background, ideally studying (further) maths at A Level, who wish to gain a deeper understanding of the applications of quantitative methods in economics. Erickson also publishes other introductory books about other aspects of economics, such as investment appraisal and choice theory, that I definitely recommend reading.

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Joseph Stiglitz is a well renowned New Kenzie economist and is a winner of the Nobel Prize. His book delves into the topic of inequality by using the massive inequality problem in America as its main thesis. Through a blend of empirical evidence and compelling narratives, he sheds light on how policies favouring the wealthy often perpetuate inequality, exposing the flaws in our economic system. He adeptly weaves together historical context, statistical analysis, and real-world examples to paint a vivid picture of the challenges we face, almost in a call-to-action way. Stiglitz challenges us to rethink our assumptions and consider alternative paths forward, creating a compelling argument that is a must read for anyone interested in development economics. 

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