What I'm Reading

Beyond classwork (and MWG, Stigler, and Rothbard), I am always trying to read stuff that I want to read for its own sake. Some reading is a consumption good.


Cost and Choice by James Buchanan

I think of myself as a subjectivist and think I understand subjectivist economics. In this book, James Buchanan takes it to another level.The most important concept in economics is opportunity cost, which is a completely subjective idea in the mind of an actor. It is something we can never measure. How then can we use it in analysis? James Buchanan builds his story through the history of thought on how to apply opportunity cost to economics. It has been very interesting.

Time and Ignorance by Mario Rizzo and Gerald O'Driscoll

Somewhere between philosophy, epistemology, and economics, lies Time and Ignorance. Rizzo and O'Driscoll are trying to explain two extremely difficulty subjects in one book. Two subjects that economics does not have a good answer for. I probably won't get through this anytime soon, but it is intriguing.


The Signal and the Noise by Nate Silver

A book on prediction does not seem like something for an economist who enjoys Mises and Hayek, but this book is great. It has changed my mind on so many things about prediction. We all need to make predictions all the time in life. Why not try to do it right? To say that prediction is impossible, while a good impulse, does not get me very far. Instead, this book treats prediction like a "science." Not in the sense that we can find big T truth, but in the sense of applying a systematic approach to analysis. This book has turned me into a Bayesian.

Witness by Whittaker Chambers

This is my favorite book and I "reviewed" it before. I recommend it to everyone. The second time is just as enjoyable as the first.