Praneet asked me this on the basis of yesterday’s post:
- I and my batchmates spent hours reading Snowdown and Vane. Like any good book on macroeconomics, we were more confused for having read it, and I mean that as a compliment. (As an aside, I loved the bit in Amit Varma’s conversation with Karthik Muralidharan where they spoke about N Gregory Mankiw’s quip about being confused about economics. Don’t ask me what it was about, this is me trying to incentivize you to listen to the conversation!)
But this really is an excellent book to read. It is mostly accessible, contains very very good explanatory diagram, and best of all, each chapter concludes with an interview with an economist who was most representative of that particular field of thought. If I remember correctly, the last question always used to be about whether Keynes would have won the Nobel prize had he been alive then. Fun book, and it would still be my top pick. (The listed prize on Amazon is barking mad, please note)
- I think I came across this paper via Marginal Revolution, but am not sure. It’s a pretty good paper to read as a macro student today, because it gives you a very good idea about what folks in the field have been up to in the last four decades or so. I personally think DSGE models are a little bit overrated, but you can’t ignore it if you want to build a career in academia as a macroeconomist. Most of all, though, as a student, you really want to understand the difference between description, pure theory, falsification, and model fitting papers. But on all accounts, if you want to read just one survey paper, this would be a good pick.
- Speaking of Marginal Revolution, this blogpost is a wonderful read, in the sense that it is full of wonderful reading references. By the way, I’ve been promising myself for well over a decade now that I will read more about Henry Thornton, but have never gotten around to actually doing so. As Professor Cowen says, please do read the second comment (the one by Kurt Schuler).
- Brad DeLong lists out books you should read on the Classical Economists over on FiveBooks.com, and that should serve you well. I have not read all of them, I should say. One book that I would add to the list (because the concept was so interesting) is Linda Yueh’s “The Great Economists: How Their Ideas Can Help Us Today”.
Well, ok, another book: PJ O’Rourke On The Wealth of Nations. Easily the most fun book of the lot.
- Raffaele Rossi picks the five best macro textbooks here, and alas, DBF doesn’t make the cut. It was my first macro text, and I still remember working through IS-LM for the first time. I’m still working through it, because I still don’t understand it, but that is another story. Arnold Kling put up his own list, and I would personally prefer his list, especially Leamer’s book. And psst, Kling’s own book is very, very underrated.
- Now, India secific macro books: Joshi and Little’s book about post-91 reforms deserves mention, as does Macroeconomics of post-reform India. Joshi’s Long Road is also worth reading, as is The Turn of the Tortoise, by TN Ninan. TCA Srinvasa Raghavan had recommended an excellent collection of essays called Towards Development Economics, if you want to understand what India’s earliest modern (poor phrasing, I know) economists were up to. The festschrifts honoring Montek Singh Ahluwalia, and Manmohan Singh are also very good, as was Bibek Debroy’s book about getting India back on track. Bhagwati and Panagariya’s Tryst with Destiny also!
- Finally, a book I am really looking forward to reading is Alex Thomas’ book on macro. I’m a GIPE student, so heterodox is a
goodwonderful thing. But that is a whole different blogpost in its own right!
- Lists like these can never be comprehensive, and I’m sure there will be people reading this who will be chomping at the bit to add to this list. Please, have at it, and share. That’s the point of the internet, no?