503-785-3485
bill@conerlyconsulting.com
  • Facebook
  • Twitter
  • Linkedin
Conerly Consulting Conerly Consulting
  • Consulting
    • Approach/Philosophy
    • Sounding Board
    • Economics and Business Strategy
    • Assessment
    • Case Studies
    • Testimonials
  • Speaking
    • The Package
    • Topics
    • Testimonials
  • Writing
    • Businomics Newsletter
    • Businomics
    • The Flexible Stance
    • Blog
  • Industries
    • Banking/Finance
    • Manufacturing
    • Other Industries
  • Video
    • Speaking
    • Event Promotion
    • Business Planning
  • About
    • News Coverage
  • Contact
  • Consulting
    • Approach/Philosophy
    • Sounding Board
    • Economics and Business Strategy
    • Assessment
    • Case Studies
    • Testimonials
  • Speaking
    • The Package
    • Topics
    • Testimonials
  • Writing
    • Businomics Newsletter
    • Businomics
    • The Flexible Stance
    • Blog
  • Industries
    • Banking/Finance
    • Manufacturing
    • Other Industries
  • Video
    • Speaking
    • Event Promotion
    • Business Planning
  • About
    • News Coverage
  • Contact
  • Home
  • Books
  • Good Economics Books

Books

02 Sep 2009

Good Economics Books

  • By Bill Conerly
  • In Books

Prompted by Greg Mankiw's reading list, which I blogged about earlier this week, I did some serious browsing through two of the books.

Nariman Behravesh's Spin-Free Economics is THE book I'll recommend when I'm asked to recommend a book for the layman.  It's not too technical, but it covers all the key elements involved in modern discussions of economics. In contrast to many other books I've browsed, this book is written in clear English.  If you wonder how a Ph.D. can do that, there's a simple explanation:  Behravesh has been working outside academia for decades.

Spin-freeEconomics

The book's title makes it sound like a Fox News product, but that's terribly misleading.  It's broadly mainstream.   I agree with almost all of it.  Where I disagree,  Behravesh is presenting a more mainstream view than I take.  But about 95 percent of his content is I heartily endorse.  Who said we economists never agree?  (In fact, Behravesh has a chapter about what we economists agree on–it's surprisingly more than you might think.)

An interesting book–which I recommend only for people who have fully internalized Behravesh's book–is George Akerloff and Robert Shiller's Animal Spirits.  They look at how we humans are fallible and prone to errors, a topic in which both authors have contributed academic research.  They are challenging the mainstream view described by Behravesh–but only around the edges.  Unfortunately, they emphasize those edges, rather than the core of economics which works tremendously well.

Animal Spirits

For instance, back in the late 1960s two economists (Milton Friedman and Edmund Phelps) figured out that there is no long-term tradeoff between inflation and unemployment.  Bringing inflation down permanently requires only a temporary price in higher unemployment.  Later research found that low inflation tends to be steady inflation, which is very favorable to long-term economic growth.  The conclusion: keep inflation low, and don't try to fight unemployment with higher inflation.

Akerloff and Shiller challenge the basis for this conclusion when the inflation rate is in the neighborhood of zero.  And they are probably right.   However, huge economic damage has come from policymakers who tried to use inflation to reduce unemployment, triggering the boom-bust cycles of the 1970s.  Akerloff and Shiller say that Canada's effort to bring inflation from two percent to zero percent may have caused unemployment to be 1.5 percentage points higher than it otherwise would be.  However, they don't mention that when the basic lesson was ignored in the U.S., we had unemployment rise to nine percent in 1975 and well over ten percent in 1982.  I would prefer that the general public around the world learn the basic lesson, even if that means occassional errors through lack of understanding the advanced lesson.

If you're headed to a Ph.D. program in economics, read this book.  If you just want to understand general economics, which works almost all of the time, stick with Behravesh.

  • Share:
Bill Conerly

Search

Sign Up For Our Newsletter!

View Latest Issue

RSS Bill’s Forbes Articles

  • Trade Shows Will Regain Importance After The Covid-19 Pandemic March 1, 2021
    The benefits of exhibiting will help trade shows and conventions to resume, though with some changes.

Testimonials

Seems no matter where I go, I hear you talking – and always doing a great job with different material well tailored to the audience. Very impressive!
Alan Shiffer, World Vision
Dr. Bill Conerly opened our Ace Hardware Platinum Retailer Conference by helping our independent small business owners understand the current state of the economy in a straight forward and humorous manner that connected very well with the retailers I spoke with. Dr. Conerly provided information our retailers can use to lead their businesses. He connected with the audience and made a complicated topic understandable.
Mike Berschauer, Ace Hardware Corp
Bill did a great job! There were many in the audience who liked him and many in the audience who loved him! Bill shared pertinent and timely information with our audience of commercial real estate professionals and added interesting stories and a funny sense of humor twist.
Jana Knoll, BOMA Boise
Bill Conerly has been an invaluable resource to our executive team and ownership by delivering superior, well-founded ideas that are critical to navigating the current economic climate within the construction industry. Bill assisted O.B. Williams Company with developing a strong business plan that we implemented 18 months ago. As a result and together with Bill, we are improving our position within our highly competitive market segment. We understand that navigating this current economy is indee…
David Wick, CEO, O.B. Williams Company
As you know, it can be difficult to find economists who provide good substantive information who are so entertaining and engaging. I received many enthusiastic comments from members and others in attendance. I was very pleased with Dr. Conerly and have recommended him to NCSTAE, our national organization.
Molly Steckel, Idaho Telecom Alliance
Bill is a delight and easy to work with. The client thought he was great and delivered value to their group. I would definitely recommend Bill.
Andrea Gold, Gold Stars Speakers Bureau
You made a complicated global picture understandable. I have received many favorable comments from those in attendance. I frequently heard comments like ‘Now I understand’ or ‘Wow, now I get it’ and ‘He was great to listen to. Thanks for bringing Bill to our meeting.’
Pete Van Sickle, Idaho Department of Lands
Bill assisted O.B. Williams Company with developing a strong business plan that we implemented 18 months ago. As a result and together with Bill, we are improving our position within our highly competitive market segment.
David Wick, CEO, O.B. Williams Company (wood products)
The ratings you received from our banker evaluations were among the highest I’ve seen, which matched my impressions exactly. Your presentation style is quite engaging, you bring interesting and valuable content, and our ability to interact in a stimulating way during “Q&A” sessions makes you a valuable addition to any meeting agenda. As a bonus, you are a genuinely enjoyable participant in conference activities beyond your presentation.
Steve Yeakel, Montana Independent Bankers
It can be difficult to find economists who provide good substantive information who are also entertaining and engaging. I received many enthusiastic comments about Dr. Conerly from members and others in the audience.
Molly Steckel, Idaho Telecom Alliance

Get in touch

(503) 785-3485

bill@conerlyconsulting.com

PO Box 2188
Lake Oswego, OR 97035

Useful Links

  • Consulting
  • Speaking
  • Videos
  • Blog
  • Press
  • Contact

Social Links

  • Facebook
  • Twitter
  • Linkedin

Newsletters

Copyright 2020 Conerly Consulting LLC