Economics

Famous book list from renowned economist

Economics is known for study of optimum usage of resource which limited addition in nature to bring perfect distribution among the living stakeholders of the society. Norwegian economist Ragnar frisch (first Nobel price winner in economics, 1969) coined the term "Micro" and "Macro" with concept of "econometric" in economics in 1933. Every idea in economics is either termed with micro or macro economics.

From the point of political-economic system of a country the environment of economic well-being is found prevail in three either way.

a) Pure capitalism: Ownership in private property, free movement, fair competition and minimal or no intervention of government found under this political-economic system. Great faith in self interest of human being kept here and believed that things/resources gets assigned automatically where it is most necessary. European nations and USA are known for this system of economy. Here, they hardly know when to intervene the business because the discussion on the topic, like; Is face book harming the human brain or is the technology bringing the prosperity, is really confusing and resistance creating. The access to economic resource is limited in small circle widening the gap of inequalities.

b) Pure socialism: This concept evolved to ensure equity among the citizens with respect to consumption of economic resources. This is also called mixed-economy system. The government takes control on key industries that influence the living standard of people and opens rest to private sectors with liberal conditions. India, largest democratic nation on earth known for this kind of economic system. There is always a confusion in respect to selection of key areas of production and distribution where government should look after personally and inefficiency in government run entity, corruption and misuse is seen. Also in the name of protecting public interest, with the change in power house after election there is always fear of coming unfavorable business policy.

c) Communism: Under this system, business and responsibility of production and distribution is all taken care by the government of the nation. This is just opposite to the pure capitalism. The concept of "Self interest" is deleted in this ideology. The ownership in private property is prohibited, every holdings belong to public at large. China is known for communist political ideology. The very human nature and self interest in people many time has brought controversy to this economic system. Theoretically, it is great but practically quite impossible to follow.

Now, the whole author of economics have divided their focus of study in above discussed aspects of human society. The books that one can follow to get insight on different nature of economic system and way of operation around world are listed below.

1. THE WEALTH OF NATIONS by ADAM SMITH