15th November 2026
Christmas is coming and many books will be bought so here are two lists for people interested in economics.
The first concentrates on economists who challenge conventional thinking. The second contains books by economists that I think are particularly valuable for understanding business, government and the wider economy.
Five books challenging conventional economic thinking
These are particularly interesting because they question assumptions that often go unchallenged in political and economic discussions.
1. Debunking Economics
Steve Keen — revised edition 2011
Keen challenges conventional economic theory, particularly its assumptions about markets, competition, debt and financial stability.
He argues that mainstream economics failed to understand the dangers building up in the financial system before the 2008 crash.
2. The Deficit Myth
Stephanie Kelton — 2020
One of the best-known explanations of Modern Monetary Theory (MMT).
Kelton challenges the idea that governments which issue their own currency must manage their finances in the same way as households.
She argues that the real constraints are inflation, resources and productive capacity, rather than simply the size of the national debt.
Essential reading for understanding arguments about public investment, NHS funding, infrastructure and taxation.
3. The Joy of Tax
Richard Murphy — 2015
Murphy challenges the way taxation is discussed in Britain.
He argues that taxation is not simply about raising money for government but also about managing the economy, reducing inequality and shaping society.
Particularly useful for examining the arguments around tax avoidance, wealth distribution and public services. It is worth reading critically, as with any writer with a strong policy position.
4. The Value of Everything
Mariana Mazzucato — 2018
Asks a fundamental question: who actually creates wealth?
Mazzucato argues that modern capitalism often rewards those extracting value rather than those creating it through productive work, innovation and investment.
An interesting way of looking at the relationship between banks
5. Doughnut Economics
Kate Raworth — 2017
Challenges the assumption that economic growth should always be the principal measure of success.
Raworth proposes an economic model that meets people's basic needs without exceeding the environmental limits of the planet.
Particularly relevant to energy policy, environmental investment, regional development and the question of what constitutes genuine economic progress.
Five particularly good books by economists
This second list is a little broader. These are books I would recommend to anyone wanting to understand why economies develop, why some countries succeed and why others struggle.
1. 23 Things They Don't Tell You About Capitalism
Ha-Joon Chang — 2010
Challenges conventional free-market thinking and examines how successful economies have actually developed.
Chang argues that many wealthy countries used protection, government intervention and industrial policies when they were developing.
Particularly useful when examining Britain's industrial decline and whether government should actively support manufacturing and new industries.
2. Capital in the Twenty-First Century
Thomas Piketty — 2013
A major examination of wealth, income inequality, inheritance and the concentration of capital.
Piketty argues that wealth can become increasingly concentrated unless counterbalanced by economic and political forces.
Helps explain why economic growth does not necessarily improve living standards for everyone.
3. The Price of Inequality
Joseph Stiglitz — 2012
Explores how inequality affects economic performance, political influence and opportunities for ordinary people.
Stiglitz argues that inequality is not simply a social problem but can also damage the economy itself.
Very relevant to the American economy, the distribution of wealth and the political consequences of economic insecurity.
4. GDP: A Brief but Affectionate History
Diane Coyle — 2014
Explains how GDP became the principal measure of economic performance and why it sometimes gives an incomplete picture.
GDP can rise while many households experience little improvement in their financial circumstances.
Especially useful when politicians announce economic growth figures without explaining what they mean for ordinary people.
5. The Entrepreneurial State
Mariana Mazzucato — 2013
Examines how governments have funded and supported innovations that subsequently became commercially successful.
She challenges the assumption that private businesses are always the principal drivers of innovation.
Particularly relevant to discussions about nuclear energy, renewable energy, infrastructure, artificial intelligence and government investment.
Just a few suggestions but there are many more as you might expect.