ByMatthias Stepancich
Reading Time: 2 minutes

How to Learn Economics from Scratch

The easiest, shortest path to self-learn Economics, starting from zero.

Through a combination of divulgation books, MOOCs, and textbooks, it’s possible to get a very well-rounded understanding of all the fundamentals of Economics without getting a degree.
Here’s a very effective plan that requires just 3 steps.

Step 1: Divulgation

Thanks to some excellent economics books which were written for mass audiences, learning the fundamentals of the discipline is now easier than ever. The difficult part for a beginner is identifying them, and avoid wasting time with the ocean of media-friendly, mediocre pop science published just to get profit or publicity.
Shortlisting the best ones:

  • Discover Your Inner Economist (Tyler Cowen, 2007)
  • The Undercover Economist (Tim Harford, 2005)
  • Economics for the Common Good (Jean Tirole, 2016)
  • The Economic Naturalist (Robert H. Frank, 2006)
  • Naked Economics (Charles Wheelan, 2002)
  • Armchair Economist (Steven E. Landsburg, 1993)

To complete Step #1, read at least Cowen, Harford, and Tirole.

Step 2: MOOCs

Now you have a good grasp of the basics, but it’s still too early to directly hit the textbooks. A better way to expand your knowledge further is to now follow a couple of online courses.

  1. Microeconomics Principles, by University of Illinois at Urbana-Champaign
  2. Microeconomics, by MIT
  3. Principles of Economics: Macroeconomics, by Marginal Revolution University
  4. Development Economics, by MRU
  5. Financial Markets, by Yale
  6. Dictionary of Economics, by MRU // to use as a reference for terminology

In case 1 or 2 are unavailable, substitute with:

Step 3: Textbooks

Now you can effectively hit the textbooks.

First, a shorter read:

Next, recommended are the latest editions of:

  • Political Economy: An Introductory Text (Edmund S. Phelps)
  • Economics (Samuelson & Nordhaus)
  • Principles of Economics (N. Gregory Mankiw)
  • Macroeconomics: The Development of Modern Methods for Policy Analysis (William Scarth)
  • Modern Principles of Economics (Cowen & Tabarrok)

Bonus (Step 3.2) – Additional textbooks if you’re hungry for more:

  • Microeconomics (Jeffrey M. Perloff) // if you didn’t already read it while following the MIT MOOC, as it’s based upon it
  • Macroeconomics (Stephen D. Williamson)
  • The Economics of Growth (Aghion & Howitt)
  • A Monetary History of the United States, 1867-1960 (Friedman & Schwartz)

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