There is no friend as loyal as a book ~ Ernest Hemingway
It's highly doubtful that you haven't heard of this quote before. And if you have, then it's even more doubtful that you disagree with it. After all, books have been man's best friend since time immemorial. They've been there for us when we needed them the most, whether during our school days or adulthood. They've been a constant source of knowledge, information and entertainment.
But what about economics books? Have they managed to create a similar impact in our lives? The answer might not be as simple as a straight 'Yes' or 'No'. But there's no denying that economics books have played a significant role in shaping our understanding of the world around us.
But with so many books on economics out there, which ones should you read? You can read all of them if you like, but if you can't, the ones listed below must get your attention. Moreover, if you're preparing for competitive exams, these books will give you an edge over others.
So without further ado, let's begin with the article.
Top-Rated Books That Explain Economics of India
India has a very complex economy, and to get an insight into it, one must read books written by those who know it well. And there have been many stars in the Indian economy who wrote about the economic collapse, reforms and a lot more things.
Indian Economy ~ Ramesh Singh
Published by - McGraw Hill Publication
Type - Paperback and eBook
If you're preparing for the most prestigious and popular competitive exams in India, such as civil services, etc., this is the book you must get your hands on. Written by Ramesh Singh, a renowned economist and professor, this book provides a comprehensive overview of the Indian economy - its history, current situation and future prospects.
The book's structure is easy to follow because it was designed keeping aspirants' needs in mind. This book does not dwell on any particular issue in Indian economics but provides students with the critical information they need to do well on exams. Therefore, it can be your beginner to intermediate level guide on macroeconomics.
Introductory Macroeconomics ~ Ahuja, H L
Published by - S Chand & Company Ltd
Type - Paperback
This book begins with an introduction to economics, emphasising the scarcity and choice problems of economics. It also covers the scope of economics and introduces students to the principles of economics. Concepts such as demand, supply, competitive market equilibrium, elasticity, and indifference curve analysis of demand can be challenging to understand.
However, this book simply explained these concepts. The book goes over economics theories of production, distribution, rent, interest, and profit in depth. It also covers the market structures in a capitalist economy, such as perfect competition and imperfect competition. The concepts of monopolistic competition, oligopoly, and monopoly are all thoroughly addressed. The book also goes into great detail about the concepts of average revenue and marginal revenue.
Indian Economy: Performance and Policies ~ Uma Kapila
Published by - Academic Foundation
Type - Paperback
The book is divided into five sections, each providing comprehensive coverage of the Indian economy:
- Fundamental issues in economic development: institutional framework and policy regimes.
- Growth and distributional issues: poverty, inequality and employment.
- Current perspectives in Indian agriculture: growth, productivity, constraints and pricing.
- Brief of industry and services sector.
- Economics of the financial and the external sector.
The book also contains a wealth of data and statistical information, making it a valuable resource for students and professionals. Also, the rating and reviews of the book on Amazon suggest that it is one of the best economics books currently available.
March of the Indian Economy ~ I C Dhingra
Published by - Heed Publications Pvt Ltd.
Type - Paperback
This book starts with a discussion of the evolution of the Indian economy, including essential aspects like production, consumption and investment. It then discusses economics as a subject and introduces students to key concepts like economic growth and development.
Finally, it sheds light on the 'productive process' and how this affects economic activity. The author discusses various economic systems like Capitalism, Socialism and Mixed Economy before moving on to the growth of the Indian economy in the Mid-Eighteenth Century. The first phase of the Indian economy's development, from 1950 to 1990, is then explored in detail with a focus on aspects such as New Agricultural Strategy and Green Revolution, Agriculture and Policy Reforms alongside related problems.
Indian Economy - Key Concepts ~ Sankarganesh Karuppiah
Published by - McGraw Hill
Type - Paperback
Indian Economy is a remarkable text aimed at explaining the basic yet most relevant concepts of the Indian economy in a simple, interesting and comprehensive way. The book seeks to explain core concepts necessary to understand any application of theories. The topics it covers are -
- Constitution and Indian economy
- Human development based on human development reports 2018 and 2019
- Tax sharing mechanism in the post-GST era
- Poverty and unemployment based on NSSO reports and other relevant literature
- The features of GST Council concepts like effective revenue deficit and fiscal destination vs origin principle
The Books You Can Read to Get an In-depth Understanding of Economics
The world has seen many famous economists, and many of them have left their mark in the form of books. The following are the best economists that you can refer to:
The Wealth of Nations ~ Adam Smith
It was published in 1776, during the Scottish Enlightenment, and is considered the first work in the field of political economy. The text is divided into five books, each covering a different aspect of economic activity. Book I deals with the division of labour, while Book II looks at capital and stock. In Book III, Smith discusses the progress of opulence in different nations, and in Book IV, he examines trade and commerce. Finally, Book V looks at the role of government in an economy.
Principles of Economics ~ Alfred Marshall
Alfred Marshall recognises that costs and demand are inextricably linked in pricing decisions. According to Alfred, the graph of demands and costs are the same as the scissor blade shape, and they meet at equilibrium. The book also acknowledges the intricate interdependencies in the system, with changes in demand for different commodities influencing one another.
The General Theory of Employment, Interest and Money ~ John Maynard Keynes
The book was published in 1936, during the Great Depression. In it, Keynes argued that the level of employment is not determined by the wages paid to workers but by the aggregate demand for goods and services in the economy. He also proposes that government intervention is necessary to ensure full employment.
Human Capital ~ Gary Becker
The book was published in 1964 and is considered one of the essential works in the field of economics. In it, Becker argues that human capital is the key factor in economic growth and development. He also looks at how investment in education and training can lead to higher productivity and wages.
The Economics of Discrimination ~ Gary Becker
This edition of the book was published in 1957 and describes human capital as actions that enhance future monetary and psychic income by increasing people's resources. He thought education and on-the-job training were the most important types, although he also considered medical treatment, immigration, and research into pricing and income information. Therefore, anyone interested in economic development should read this book.
Why Should You Read These Top Selling Books on Economics and Not Use Other Sources?
Information is something that can be carved in many ways. It's possible that what we write today will be misread tomorrow. But a book is different. It has been written by an expert and edited by professionals. It has been fact-checked and cross-referenced. A book is always reliable.
Another reason to read these books is that they present information in an exciting way. They are well-written and engaging. They make use of real-world examples to illustrate key points. And they are easy to understand, even for someone with no background in economics.
For example, if you wish to learn about the financial state of India, pick any Indian economy English or Hindi edition book and comprehend it. After you're done with it, read the same concept online or listen to anyone's podcast. You'll find that there are gaps in terms of how information is presented. A good book will be better than any online method or material.
Moreover, you can find a book on any topic or any of the famous Indian economists. Whether you're interested in foreign trade, political economy, development of world economics, features of Indian economy, gross domestic product, economic policies of the government of India, you name it, and there's a book on it.
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