50 Economics Classics: A book review by Bob Morris

50 Economics Classics: Your shortcut to the most important ideas on capitalism, finance, and the global economy
Tom Butler-Bowdon
Nicholas Brealey Publishers (May 2017)

An intelligent person’s guide to cutting-edge thinking about economics since 1776

As Tom Butler-Bowdon explains in the Introduction to the latest volume in his 50 Classics series, he agrees with Ronald Coase that “the biggest problem in economics is that theories and models have been constructed on assumptions which practitioners have not bee bothered to examine and admit. He coined the term ‘blackboard economics,’ in which everything works perfectly in theory, but not so much in reality. Some of the biggest mistakes in economics came from putting this theoretical cart before the horse.”

ok. Those who read it will, however, appreciate the key insights that are distilled. Tom Butler-Bowdon also includes mini-biographies and supplementary readings.

I agree with him: “As a social science, economics must concern only ‘what works,’ to go beyond ideology. That said, if we had to make a choice between living under a socialist system, or a capitalist one, the later, the evidence tells us, is much better at providing the things that we as individuals and societies value.”

If you are in need of gaining a much better understanding of the most important ideas on capitalism, finance, and the global economy, look no further.

To learn more about Tom Butler-Bowdon and his brilliant work, please click here.


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