willard (@nevaudit) | May 1, 2013 at 11:58 am |
I’m very much the wrong guy to invite to the Climate Etc. Book Club. Here goes why: though I deplore the following method, I recognize it’s more likely to be relevant than my own:
Pair Wheelan’s Naked with Perkin’s Confessions of an Economic Hitman;
Balance Ballve’s Essentials with Adam Smith’s Wealth of Nations.
Follow Hazlitt’s One Lesson with Keynes’ General Theory of Employment, Interest and Money
I know these seem like wonky match-ups, and highly diverse in seriousness and sanity, and you’d likely get every bit as much technical information about Economics from the Khan Academy (which also works).
I haven’t read all these books in detail, but the point is Economics doesn’t have a single taproot, nor a single time. Objective distance helps demonstrate where an author was caught up in a narrow agenda of his time, while readers might be too close to present issues to understand when they’re seeing a biased framing.
Contrast with the way I did it: I did it. I did the math. Textbook after textbook, thesis after thesis, journal article after journal article I did the math. I programmed computers to do the heavy lifting, and I used tools to make it easier, but I did the math.
I looked at the demographic data. I looked at what actually went on in the buying and selling and distribution channels and size and shape of firms and technology transfer and inputs and outputs and finished goods and partial inventories and industry ratios and I did the math. It would have been easier if I had something like R back then, and something like the internet when I started, and those days are long, long past me, but I did the math. So should anyone who wants to learn Economics as more than a dilettante.
That’s how you learn winning chess, too. You do the math, and you play the games, both. Over and over and over with as much diversity and seeking all the insight you can while you do it, but you do it. You do it like calisthenics. You do it like piano practice. You do it until you win games. You do it until you’re a chess player. Or a piano player. Or fit.
And whatever you do, don’t even imagine picking up the likes of Hayek until you’ve done the math and have some idea of what’s what.
And then, if you’ve done the math, you’re equipped to comment on Economics at the BA or BSc. level, if when tested you pass muster to graduate, on the balance of probabilities. Or, if you’re really slick, if you pass muster by making it work at a trading desk or running models for big firms, or in actuary.
After that comes the hard stuff, and no half-dozen books by Economists will get you even part of the way there. Reading a book, even a book by Ballve or Keynes, gets you no further to being an Economist than reading a recipe book turns you into a loaf of bread.