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Economics for Beginners Thread
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Hey /his/ I want to learn more about the economy, can we make a list of ~5-10 books for those starting out?
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I would put these two at least

-Wealth of Nations
-Das Kapital
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>>596209
Ew.
>Praxis

He's an economist the same way Ayn Rand is a "Philosopher"
>>596287
You forgot Galbraith. Neo-classical economics destroys the economy
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>>596321
How
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>>596321
What's praxis and who is the "he" you're talking about?
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>>596321
>Neo-classical economics destroys the economy
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>>596321
OP here, let's try to keep memes to a minimum.
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The General Theory of Employment, Interest and Money
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>>596321
Neo-classical is misunderstood and is treated like austrians are when they are quite sane and econometrics based.
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>>596353
He is talking about OP's pic, obviously.
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>Austrian economics
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>>596352
>>596353
>>596363
>>596365
>>596366
>>596368
Stop samefaging.
>10 posts
>3 posters

Something fishy is going on
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>>596394

You're looking at images lad, not posters.

Posts, images, posters and page
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>just browsing aimlessly
>see thread about economics
>looks at OPs pic
>see nose
>Google
>"his parents. . .were recent Jewish immigrants"
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>>596496
wow, its almost as if there are a lot of jewish economists.
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>>596496
>ethnic stereotypes are based on real observations in recurring phenotypic distribution

wow, fucking crazy
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not op but Economix: How Our Economy Works (and Doesn't Work)
is it good? it looks like meme book for complete faggots who dont know anythyng about econoy but but thats who I am
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>>596287
Whoa whoa whoa, hold the fuck up. Those books are about economic theory, not applied economics.

It's important to understand both modern economic/finance knowledge and older economic knowledge to judge an economic decision of an age. There has been large amounts of new analytics and economic info even since 2016.

So you'd have to read books/articles both on modern finance/economics and finance/economics from slightly before, durting and after your age too understand somebodies decision.
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Read Book III of The Wealth of Nations, the last chapter of the last book as well to discover the origination of debt.

Read Malthus' theories concerning population.

Read Ricardo's principles of Political Economy and then if you WANT, read Mill's. Ricardo's is a lot shorter. Mill is a nice snippet of economic thought in the 19th century but apart from the theory of productivity in the prices of goods, he adds nothing substantially new to economic thought. He is heavily influenced by Ricardo and Malthus, in addition to being a bit contrarian towards Smith, which is expected.
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>>596363
I think he's talking about things like the invisable hand, however it still exists, just in a cucked form, it's funner to deal in absolutes.

The free market capitalism we are doing right now is reformed capitalism, pre reformation , true capitalism/libcap did things such as hands off policies which created controversial working conditions under people like Rockefeller.
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>>596287
He said starting out.
I'd say Mankiw is a good starting point. You might agree or disagree with him later, but he provides a very nice base.
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>>596287
He said starting out.
>>596209
I'd say Mankiw is a good starting point. You might agree or disagree with him later, but he provides a very nice base.
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>>596636
Makiw's a good idea.

Do try to stick to fairly modern economists for starters. The old meme books aren't as applicable to the modern world as they were centuries ago.
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Greg Mankiw's Principle of Economics.

After that:

Charles Jones' Introduction to Economic Growth

And that's it.


Adam Smith and Karl Marx are relics of the past. You want to learn basic Economics, not "History of Economic Thought".

>>596321
Milton Friedman was one of the greatest economists of the last century. He is a Nobel laureate.
He's an economist the same way Alfred Tarski is a philosopher. A damn good one.

Galbraith was not a top economist. He was to Economics what Neil DeGrasse Tyson is to Physics.
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> Macroeconomics
By Blanchard
> Investments
By Bodie, Kane and Marcus
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>>596769
I should add, Blanchard is the basis for the upper div macro series at ucsd and investments is the basis for the financial markets class.

Obviously there's a lot more to economics but I assumed you mean macro generally. A strong backing is statistics is really helpful to be able to accurately evaluate data/claims. Once/if you read those two you'll have a solid base for jumping into a more specific field: international trade, developing economies, tax policy etc.

If you want stuff like about specific industries start with a general micro econ book and then branch to whatever (oil, healthcare, etc.)
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Read German economists, Friedrich List, Werner Sombart, Joseph Schumpeter, etc

They are the only ones who study economy as it actually exist, instead of base off their work on abstractions.

>>596707
Milton Friedman was a crypto-communist shill.
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>>596821
Stop calling him a crypto-communist or I'll sock you in your goddamn face and you will stay plastered.
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>>596849
>sock you in your goddamn face and you will stay plastered

I see what you did here. Bill Buckley was a CIA agent sent to destroy American conservatism by purging the Birchers.

Robert Welch was right about everything.
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I'm thinking there should be a /his/ wiki like lit has.

Anyway, how many people agree with >>596707, that only Mankiw and Jones are enough to get started?

Also, what about microecon?
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>>596613
Malthus's population theory became obsolete with industrialization m8y.
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>>596321
>Friedman
>Austrian School
You fucking retard
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>>597366
To be fair to the man, Modern Monetarists are about as looney as Austrians with the abolish the fed and so forth.
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>>597312

Samuelson's intro text is superior to both. It covers both micro and macro and is very digestible.
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>>596613
>Malthus
Like the Green Revolution didn't happen.
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Advanced Macroeconomics by Romer was my favourite undergraduate textbook.

Here's what is considered one of the preeminent graduate level textbooks on macroeconomics; http://pages.stern.nyu.edu/~dbackus/Identification/LS%20RMT2ed%2004.pdf
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Any school book which covers Micro and Macroeconomics gives you good overview. After that you can take few of the classics (like Smith or Keynes). And then what you are most interested in, supply? read a book about supply. How taxation affects economic efficiency? Read about that.

But most Econ 101 books give you the jists of what economics is about, it is not hard science afterall.
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>>596321

>Friedman
>praxeology

You're a God damn idiot.

>>596287

I bet you've never even read Das Kapital, because if you had you surely wouldn't recommend it to someone hoping to learn about a modern economy. It would be like recommending an alchemy treatise to someone trying to learn chemistry.
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>>597312

Mankiw and Jones are enough to get you started

Some of the basics of economics are actually pretty complicated and take a while to wrap your head around so if you're not mathematically inclined.
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>>596209
Look up the Federal Reserve and fractional reserve banking.
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>Basic levels of Economics

Adam Smith: Wealth of Nations

Calvin Blackwell: Principles of Microeconomics

Gregory N Mankiw: Principles of Macroeconomics

This will get you in the door of baseline Orthodox Theory of accepted thought.

>Marxism Theory

Karl Marx: Das Kapital

Pendakis Andrew: Contemporary Marxist Theory

Sebastian Erckel :Marxist and Neo-Marxist Theories of Class

Christian Scheinpflug: A Critical Evaluation of Marxist IR Theories

These are for a solid understanding of Marxism and they also reference other Marxist thinkers as well.

>Classical Economics

David Recardo: Principles of Political Economy and Taxation

Henry George: Progress and Poverty

Alfred Marshall: Principles of Economics

These will give you grand incite into how Economics was viewed in the Classical Era. This is before Keynesian and NeoClassical as well as leading into Austrian/AnarchoCapitalism

>Austrian Theory

Carl Menger: Principles of Economics

Eugen Böhm von Bawerk: The Positive Theory of Capital

Ludwig von Mises: Human Action

Frederic Bastiat:The Law (Not officially an Austrian Theorist but his writting hugely influenced many Austrian and NeoClassical Economists)

Joseph Schumpeter: The Theory of Economic Development

Fritz Machlup: Economic Semantics

Robert Nozick: Anarchy, State, and Utopia

These will give you the bread and butter of Austrian and even Anarcho Capitalism. Austrian Theory blends highly with Minarchism.

>NeoClassical/Chicago School

F A Hayek: Prices and Production

Milton Friedmon: Capitalism and Freedom

Thomas Sowell: Basic Economics

Walter E Williams: Doing the Right Thing: The People's Economist Speaks

Thorstein Veblen: Preconceptions of Economic Science

There are a lot more that I am glossing over but these are the big voices of NeoClassicalism. Feel free to add more too it if anyone likes but in my eyes these are the bread and butter theorists.

>Will post Keyensianism Economists and New Classical next
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>>598659
No, you'd recommend Mandel instead, and Capital after Mandel.

Get the fuck back to your containment board on >>>/biz/
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>>598754

>Keynesian/New Keynesian

John Maynard Keynes: The General Theory of Employment, Interest and Money

Michał Kalecki: Developing Economies

Nicholas Kaldor: 50 Years a Keynesian and Other Essays

Paul Davidson: Post Keynesian Macroeconomic Theory

Joan Robinson: The Accumulation of Capital

Piero Sraffa: Production of Commodities by Means of Commodities

Paul Krugman: The Spatial Economy

These are the general big heads of Keynesian Economics/Post Keynesian Economics.

>New Classical Economics

Robert Emerson Lucas Jr: Models of Business Cycle

Edward Christian Prescott & Finn Erling Kydland: Rules Rather than Discretion

There are more theories out there that I have missed (Monetarism, Socialism, Mixed Market etc.) but with this list and books as well as names. It will be easy to navigate through and pick up all of their readings as well as anyone of interest. Enjoy the adventure /his/torians.
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>>598754
>>598812

Fucking crushed it man. SOme of these things are textbooks, others non-fiction books and others papers. Keep that in mind before you try and jump into some journals.

I love discussing economics but unfortunately A) I suck at expressing my ideas and B) no body is ever interested. Keep up the good work.

>Developmental Econ

Acemoglu & Robinson: Why Nations Fail

>Public Choice

Tullock & Buchanan: Calculus of Consent

>Game Theory

John Maynard Smith: Evolution and a Theory of Games
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>>598754
This.

Sowell has some very nice introductory books that teach basic economic reasoning. How an economy grows and why it crashes - Peter Shiff

Man Economy State - Rothbard
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>>598781

Then maybe you should've said Ernest Mandel in your original post instead of recommending a book the size of a cinderblock that's filled with terms and concepts whose meanings get reinterpreted by fad economists every few decades to fit modern circumstances.
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>>598902
Well if we keep this up someone can photocap this and create a spread pic of the books listed in their proper categories. To which people can spread to other anons and for easy access trips outside the cave for enlightenment.
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>>597312
Mankiw has both Micro and Macro.

Reading Austrian, Marxian and books that are a 100 years old are a waste of time, unless you are interested in history of thought. For Economics, no.
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>>599738
actually Austrians are still active in updating their theories.

https://mises.org/

Joseph T. Salerno

Dan Sanchez

Jeff Deist

Dr. Mark Thornton

It's not a completely active theory of acceptance but some of its criticisms are valid. I am not as sure about Marxism whether it has a general hub of being updated and being brought into the modern age.
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>>600686
Marxists pick and choose certain aspects of marx's theories and expound upon them, Classical Marxism is dead and retarded.
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>>598945
>All posters who disagree with me are the same poster.

Well done. I can see you didn't do a reading degree. If your degree didn't involve reading as its primary methodology then you don't belong on humanities.
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>>599012
Someone work on this, this anon has a good idea.
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>>601870
The problem is that only the most ignorant posters can be bothered doing this.
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>>601876
Elaborate dear anon.

>>598754
>>598812
This was VERY helpful and would make the beginnings of a good wiki.
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>>601876
>>603196
People who know what's going on have better things to do like shooting Austrians.
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>>603196
I tried to be as non-bias as possible. I will admit I am bias for NeoClassical/New Classical and Austrian Theory. Austrian Theory shouldn't be regarded as complete shit but instead as a learning spring board into other forms of capitalism since it is the Freest and Least restricting form. After that it becomes more regulated and restricted depending on your cup of tea.

I gave Marxism its general reference points as well as Keynesianism as well as others because what I believe is right does not mean someone should be denied access to other sources of Economic Information.
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>>603383
You are a good scholar and deserve +1
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>>603383
Are you me?
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>>596287
Don't bother with either of these, seriously. Disproven, opaque and badly written, even if they were intellectually infleuntual.
Mankiw's Macroeconomics textbook is pretty damn good to be honest. Like other anons have already said
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Economics in one lesson
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>>606254
Reminder that Marx ripped Bastiat's arsehole out and forced him to swallow it. (Grundriesse)
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>>606295
this is the first I have ever heard of this
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>>606295
yes anon
just like he did with stirner
and bakunin
and literally anyone else
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>>606295
His entire chapter on Bastiat is him not understanding the subjectivity of value in the face of risk.

And insults, as he was known to do.
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>>606295
yeah but reality itself wrecked marx
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>>606295
>communism has never been tried
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>>598605
Romer even says the book isn't for begginners to econ, even if their math skills are strong. I'd suggest Krugman's Intermediate Macro book if your calculus is strong in lieu of Mankiw's Macro book. Econ makes a lot more sense, especially optimality conditions, if you understand and can use a derivative.

Romer is a great book tho. I'm loving it so far. Varian is great for Intermediate/Advanced Micro too. (Mas-Colel et all is if you want to kill yourself with hyperlanes.)
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>>598902
>Game Theory
Add An Introduction to Game Theory by Martin Osbourne. Brilliant book

>International Economics
Obsfeldt and Rogoff Foundations of International Economics. Plus anything by Obsfedlt.

>Finance
(HARD) Campell, Lo, and McInley. It's called the Bible in the field.

>Behavioral Econ
Animal Spirits- Akerloff and Shiller. Written for a general audience, but explores and applies behavioral oddities.
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>>607407

You guy's know how to do a pastebin? I got all of the recomendations in a notepad file so far but it would be great if we had a link to post.
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>>607407
>finance
If you're this far off topic you may as well start on marketing, logistics, hrm, ir, labor history, etc.
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>>607407
>finance
Oh and "management"
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>>607435
>>607436
Finance is economics, numbnuts.
That book uses econometric modelling based on micro theory. Hell, CAPM and other pricing models come from known utility functions.
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>echoing David Ricardo, should capital accumulate and population increase at the same rate, yet technology stay stable, there would be no change in real wages because supply and demand for labour would be the same. However growing populations would require more land use, increasing food production costs and therefore decreasing profits

From Mill's book's wiki page. Does anyone else see an error in the interpretation here? If anyone is good with classical economics, they should concur that profits would not be affected at all, because the expansion of crops would cause the rent to rise for every other crop, and because of the increased expenses cause the price of the good to increase as well.
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>>607449
bump
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Have you guys done any econ at uni or have you just worked through stuff on your own?

I'm asking since I'm finishing up uni now and never managed to take an econ course. Should I be doing lots of problems from the textbooks that have them, or can I just cruise through the texts?
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>>607597
Law and some econ on the side.
If you are not going to be a full blown economist its probably better to get familiar with the general concepts and reasoning, and specific with questions about public policy.
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>>607597

Just finished an econ undergrad.

Depends how into it you want to get. Problems are good for solidifying what you have learnt but if you just want the principles, there is really no need to do the problems.

What I find helps (and really what you are learning it for) is to come up with your own simple questions and awnser them. For example, if the price of oil has gone down, why not the price of petrol? Do more people play instruments now that everyone has access to free music on the radio? What are the economics of 'hook-up culture'? of 4chan? It's the application of the things you learn that is important, not the things you learn itself.

As with anything, it's important that you are interested in the topic. We are on a history board so you should know that the most interesting history to you is the history of the stuff you like. A person who likes cars will probs like the history of cars more than Peter the Great. The same with economics. I like video games so I understand how technological advancement can effect industries entirely through Steam.

If you have any question, just ask.
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How come modern "intellectuals" like Chomsky always lean towards the economic left? Does intelligence in the natural sciences bring upon stupidity when it comes to the social sciences?
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>>608203

The same way the right ignores sociology; selection bias.

We should not talk in terms of 'economic left' and 'economic right'. We should talk in 'economics'. Sure, economics can lead to conclusions that are both left and right but it does no good to dismiss an argument because we don't like the conclusion; instead we should attack their arguments.
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>>608203
Last time I checked Chomsky stood for the abolition of economics.
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>>608203
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>>609363
Well idea of sharing firm profit with worker still working from 1850 C.E. into a joint-stock company
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Even Adam Smith would be considered anti-market by favouring employment retention during recessions. These free marketers are nuts and crazed by abstract reasoning.
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>>608732
thats just dumb. when did he say that!?
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>>608203
Chomsky is the biggest meme scholar in history. I understand that professors of African-American basket weaving are probably worse but at least they aren't being quoted on everything that ever happens.
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>>609375
Good luck trying to explain that to a leftist.
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>>609393
During recessions, you need to cut your labor inputs, which either means reducing the cost of labor via cutting pay or reducing employment. Employment retention is held to be a losing strategy because labor is generally considered flexible in the short run, and cutting pay is considered bad for morale. Better to fire a few and let the rest pick up the slack, or fire a bunch and hire new guys at lower pay.
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Karl Polanyi The Great Transformation

It hasn't been mentioned but it's good for breadth and a taste of sociology's take on economics.

Soskice and Hall's Varieties of Capitalism is also good if you're interested in the international aspects of political economy - the dichotomy for classifications they provide is not very useful but the groundwork and some conclusions also provide breadth.
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>>597312
As someone who had to go through Mankiw in undergrad for babby and slightly advanced babby Econ, he's a really good way to start. As another anon said though, you really don't need to know Marx or Smith because the ideas from the elders which survived has become assimilated into relevant thought. Learning economics through Marx and Smith is like learning math by reading math-history. Sure, it will give you foundation for how's and maybe some deeper insight, but it's not necessary for fluency.
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>>610676

>Karl Polanyi The Great Transformation

I have that on my e-reader. I should get around to it.
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