Sunday, May 13, 2012

Economics - The most influential book I have ever read!

Principles of Economics by N. Gregory Mankiw, is the most influential book I have ever read in my life. During our second semester of BBA course, we had a subject 'Principles of Microeconomics', and in our third semester we have 'Principles of Macroeconomics'. 'Principles of Economics' is the combined book of these two sub-topics of Economics.

It was the university recommended textbook and therefore, it was easily available in our college library. As soon as I read the book for the first time, I liked it immediately. I still remember how much I was impressed by the book when I had read a few paragraphs of the first chapter "Ten Principles of Economics". I had borrowed the book, the very day.

The book was quite lengthy and it took me almost two months to complete the book completely. I read the Microeconomics part and Macroeconomics part of the book separately, each of which took a regular reading for one month. The book was so interesting that I read it without feeling bored. However, if you don't have love towards knowledge then the book is not for you and it won't be interesting to you.

Moreover, this book isn't for those who want to score good marks in the exams only. They can simply read notes which are much shorter and exact to the syllabus of the University. I don't recommend this book for exam preparation at all especially for the students of Nepal. You can use books written by local writers to study for exams. Since, "Principles of Economics" is a good book for knowledge you can read it sparingly after your exams.

You can get the most out of this book if you are already familiar with the concepts of Economics. That means, your previous knowledge on the subject will be quite supportive for you to read this book efficiently and effectively. However, such knowledge isn't a requirement for you to be able to read the book. The book is written in a simple language, and funny and entertaining way. Therefore, anyone with a moderately good vocabulary can read the book comfortably.

After reading this book carefully, you will be very clear on the conceptual matters of economics. Also, you will gain practical knowledge in the sense that this book has nothing to hide. It uses the true and factual knowledge about how the US economy and the world economy operates. It uses some historical events, as natural experiments, to prove the that the theoretical model of economic phenomena indeed describe the economic events taking place in the real world. For example, it uses the "Hyperinflation" of Germany after the First World War, as an evidence to prove one of the principles of economics "Prices rise if government prints too much money".

Therefore, this book is a must read for those who want to become an economist, entrepreneur, businessman, and top level executive. I highly recommend everyone to read this book. Since the ebook edition of the book may not contain all the materials used in case studies, I recommend buying the hardcover edition. You can buy the used book (second hand) to save some bucks.

Best of luck!

2 comments:

  1. I just finished reading Principles of Economics.
    I have never seen a better Economics book.

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  2. Thanks NeoXx for your comments. I would like to congratulate you for completing reading this book!

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