Macroeconomics books vary in audience and school of thought. College bookstores offer introductory and advanced level textbooks, while influential works like Keynes’ “The General Theory” and Friedman’s “A Monetary History” shaped competing schools of thought. The Austrian school is also relevant. Popular macroeconomics books are available for the general public.
Macroeconomics is a branch of economics that studies the factors that affect larger-scale economic relationships on a national or global scale, and many books are written on the subject. Some macroeconomics textbooks are published for an academic audience, while others are intended for a more general audience. These books can also follow various schools of thought, depending on the writer’s economic beliefs. Choosing the right macroeconomics books is essential to help the reader understand the basics of economic theory.
One place to start looking for macroeconomics texts is at a nearby college or university bookstore. Most business students are required to take microeconomics and macroeconomics in their degrees, and there are usually several textbooks available on the subject. Many of these bookstores list the college or university classes that use each book, which can give the buyer an idea of what aspects of the subject the book covers. Buyers can start with introductory-level macroeconomics books before moving on to more advanced concepts. College-level textbooks can also be purchased new and used from online retailers.
For a more in-depth understanding, readers may wish to cover some of the most influential works on the subject. One of the earliest texts – and long considered one of the most important on the subject – is The General Theory of Employment, Interest and Money by John Maynard Keynes. This text has influenced economic and political theory since its first publication in 1936.
Later economists disputed Keynes’ conclusions and two competing schools of macroeconomic thought emerged. A Monetary History of the United States, 1867-1960 by Milton Friedman and Anna J. Schwartz challenged Keynes and helped establish the theory of monetarism. The conflict between Keynesian economics and monetarism continues to shape the political debate in the US and the world in 2011.
Another less popular but still relevant branch of macroeconomics is known as the Austrian school. A book by Carl Menger, Principles of Economics, first published in 1871, is widely considered the first seminal work of the Austrian school. Although this system of theories fell out of favor for much of the 20th century, some later economic thinkers attempted to revitalize the school’s theoretical framework. Many modern macroeconomics textbooks in the early 21st century rely on the reader’s basic understanding of these competing monetary theories and the roots of the conflict between them.
In addition to the many academic macroeconomics books, there are also economics texts written for the general public. Some of these books require a basic understanding of economic theory, while others attempt to explain the subject to laymen. Potential readers may want to peruse the nonfiction bestseller lists for an overview of the latest popular macroeconomics books.
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