Book recommendations for economics?
Hey guys! Some background - All my previous seats had a long bias and bottoms up stock selection approach with very little regard to macro. We all know how that played out :). Currently at a l/s seat where macro is quite important. I think I’m well trained looking at companies and can connect the macro at least for the companies I am looking at. So, understand stuff but don’t think I’m up there in comparison to my peers who talk about yield curve and it’s interpretation etc. Are there any good book recommendations to strengthen macro understanding? I am happy to start from basics, as long as the book is not extremely dry? Thank you!
Reading online blogs like Alphaville on Financial Times, and there is a great blog called Maroon Macro, are always good. There is good text called "Macroeconomics for professionals" written by IMF economists which cuts things pretty dry. I do think you can get caught up in the weeds with macroeconomic theory and sources like this cut out all the BS that you probably don't really care/need to know. Economists are pretty dogmatic people. For technical info--like how to read yield curves/bond math/etc, check out the Macrodesiac website.
Economic history is underrated I think. "The Ascent of Money" by Niall Ferguson is good. This will give you an explanation where things like credit, bonds, etc. come from--and generally follows Western financial systems back from when business was recorded on clay tablets. Also good is "the age of uncertainty" by John Kenneth Galbraith, or accounts of the Great Depression like Milton Freidman's "A Monetary History of the United States." Maybe compare these Macro views to finance guys like Ray Dalio's "Principles for Navigating Big Debt Crisis," or Soros's "Alchemy of Finance." If you are interested in the lives of great macro traders (and their triumphs and downfalls) check out "The House of Money."
Hopefully this is helpful. I'm an undergrad--not a professional--I should note. But I love reading about macro/refining my top-down view of the economy. Perhaps my recommendations will change once I enter the workforce, but these websites/books at the very least have been enjoyable reads.
What abt Mankiw's 'Macroeconomics'? I get that it may be slightly too academic for your usage, but for ground up understanding, I think it may be very useful.
The Affluent Society is a pretty good. There's also "The General Theory of Employment, Interest, and Money" if you really want to go to back to basics
At least for me, Macro starts with Micro. If you read enough 10Ks and other business commentary, you will inevitably catch wind of the broader trends.
At this point there must be AI that does this, no? I've tried this method, manually reading through a series of annual reports and transcripts to get at underlying trends, but often found them back-ward looking or at best discussing what's happening in the present. Rarely did I find any insights on where the puck is headed.
Naked Economics is a very good intro. Basically an econ 101 textbook in readable book form.
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