Yesterday I received this email request: “I am an undergraduate at … I was wondering if you could let me know which introductory textbooks you would recommend for micro- and macroeconomics in preparation for master’s programmes in public policy?”
The answer depends on whether or not my correspondent has done economics as an undergraduate, and the email didn’t specify. For an absolute novice in economics, I’d recommend starting with a couple of the popular books – I like Tim Harford’s [amazon_link id=”0349119856″ target=”_blank” ]The Undercover Economist[/amazon_link] on micro and [amazon_link id=”0349138931″ target=”_blank” ]The Undercover Economist Strikes Back[/amazon_link] on macro. Then I’d go on to the new (and free) CORE online textbook, Economics.
[amazon_image id=”0349119856″ link=”true” target=”_blank” size=”medium” ]The Undercover Economist[/amazon_image] [amazon_image id=”0349138931″ link=”true” target=”_blank” size=”medium” ]The Undercover Economist Strikes Back: How to Run or Ruin an Economy[/amazon_image]
Moving on from there, the undergraduate macro text I’d recommend would be [amazon_link id=”0199655790″ target=”_blank” ]Macroeconomics: Institutions, Instability and the Financial System[/amazon_link] by Wendy Carlin and David Soskice, recently published and addressing the challenges the financial crisis has presented to macro. On micro, I’m less sure. I’ve always stuck to Hal Varian’s [amazon_link id=”B007IP646O” target=”_blank” ]Intermediate Microeconomics[/amazon_link], and there’s a recent edition. The two new textbooks, [amazon_link id=”3642374336″ target=”_blank” ]Microeconomics[/amazon_link] and [amazon_link id=”3642374409″ target=”_blank” ]Macroeconomics[/amazon_link], by Peter Dorman are an alternative.
[amazon_image id=”0199655790″ link=”true” target=”_blank” size=”medium” ]Macroeconomics: Institutions, Instability, and the Financial System[/amazon_image] [amazon_image id=”0393935337″ link=”true” target=”_blank” size=”medium” ]Intermediate Microeconomics: A Modern Approach[/amazon_image]
However, one book I’d strongly recommend is the new Angrist and Pischke book, [amazon_link id=”B00MZG71MC” target=”_blank” ]Mastering Metrics[/amazon_link]. It’s very clear, the technical material is cordoned off and can be skipped if not needed, and the empirical nous is a great foundation for a public policy course. It’s micro-focused, not covering any time series/macro econometrics at all.
[amazon_image id=”B00MZG71MC” link=”true” target=”_blank” size=”medium” ]Mastering ‘Metrics: The Path from Cause to Effect[/amazon_image]
Finally, I’ve been looking at public policy economics texts for the undergraduate course I now teach, and haven’t found the perfect text. Some chapters from the LeGrand, Smith and Propper book [amazon_link id=”B00C7GE32G” target=”_blank” ]The Economics of Social Problems[/amazon_link] work well but they focus is very much on social policy. Parts of Joseph Stiglitz’s [amazon_link id=”B00GSD3D7K” target=”_blank” ]Economics of the Public Sector[/amazon_link] and Charles Wheelan’s [amazon_link id=”B00OHXI2YC” target=”_blank” ]Introduction to Public Policy[/amazon_link] are also very useful. None of them is entirely the right shape for my purposes but the latter two would be a good overview for a public policy course.
Those are my suggestions – others welcome in comments.
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It’s not entirely an economics book, but ‘The Blunders of Our Governments’ gives a good recent history of public policy gone wrong – and might instill some necessary humility about actually implementing policies in the institutional context of where policy is made.
Diane, since your correspondent plans to major in public policy, do you think books on public choice theory would be useful?
And before reading stuff like Micro by Hal Varian I think it would be better if more “digestible” texts are mastered , like the ones by Mankiw and the books co-authored and Mankiw.
The last line should read ” textbooks co-authored by Cowen and Taberrok
This recommendation via Jennifer Miller on Twitter:
@jmm140: @diane1859 I would recommend Lee S. Friedman The Microeconomics of Public Policy
In addition to Tim Harford’s excellent “popular” books, these may also be worth considering: Steven Landsburg’s “The Armchair Economist”, and David Friedman’s “Hidden Order”.