Economics

Set approximately at the undergraduate level with some specialization.

How to use this guide

• Do as many problems as you can.
• Make sure your math foundation is solid first. Do calculus for optimization, statistics for econometrics, linear algebra/analysis for advanced theory.
• Each section gives a primary text and alternatives - the primary is usually enough.

Part 0: Mathematical Toolkit

Calculus

Topics: multivariable calculus, especially constrained optimization and Lagrange multipliers.
Primary: James Stewart, Calculus, or any standard calculus text.

Mathematics for Economists

Topics: multivariable calculus, linear algebra, optimization, intro analysis.
Primary: Carl Simon & Lawrence Blume, Mathematics for Economists.
Alternative: Alpha Chiang & Kevin Wainwright, Fundamental Methods of Mathematical Economics.

Probability and Statistics

Topics: probability, random variables, distributions, expectation, sampling, estimation, hypothesis testing, regression.
Primary: Larsen & Marx, An Introduction to Mathematical Statistics and Its Applications, or the review chapters in Stock & Watson.

Real Analysis

Topics: proof based analysis. Skip unless preparing for advanced or PhD work.
Primary: Stephen Abbott, Understanding Analysis, or Walter Rudin, Principles of Mathematical Analysis.

Part 1: Principles

Topics: supply and demand, elasticity, market structure, externalities, GDP, unemployment, inflation, money, fiscal/monetary policy, trade.
Primary: N. Gregory Mankiw, Principles of Economics.
Alternative: Krugman & Wells, Economics.
Free option: CORE Econ, The Economy.

Part 2: Core

Intermediate Microeconomics

Topics: consumer theory, producer theory, markets & welfare, monopoly & oligopoly, game theory, externalities, public goods, asymmetric information, intro general equilibrium.
Primary: Hal Varian, Intermediate Microeconomics: A Modern Approach, or use Intermediate Microeconomics with Calculus if ready.
Alternative: Goolsbee, Levitt & Syverson, Microeconomics.

Intermediate Macroeconomics

Topics: national income, growth, labor & unemployment, money/inflation, IS-LM / AD-AS, consumption, investment, open economy, fiscal & monetary policy.
Primary: N. Gregory Mankiw, Macroeconomics.
Alternatives: Olivier Blanchard, Macroeconomics, Charles Jones, Macroeconomics.

Econometrics

Topics: OLS, inference, multiple regression, omitted variable bias, heteroskedasticity, IV, panels, binary outcomes, causal inference.
Primary: James Stock & Mark Watson, Introduction to Econometrics.
Alternative: Jeffrey Wooldridge, Introductory Econometrics: A Modern Approach.

Part 3: Advanced / Graduate Preparation

Advanced Microeconomic Theory

Topics: choice theory, duality, general equilibrium, welfare, social choice, game theory, information economics, mechanism design.
Primary: Geoffrey Jehle & Philip Reny, Advanced Microeconomic Theory.
Alternatives: Hal Varian, Microeconomic Analysis, Mas Colell, Whinston & Green, Microeconomic Theory.

Advanced Macroeconomics

Topics: Solow/Ramsey growth, OLG, endogenous growth, RBC, New Keynesian models, consumption, investment, unemployment, policy in dynamic models.
Primary: David Romer, Advanced Macroeconomics.
Next: Daron Acemoglu, Introduction to Modern Economic Growth, Ljungqvist & Sargent, Recursive Macroeconomic Theory.

Advanced Econometrics

Topics: matrix linear model, asymptotics, GMM, maximum likelihood, panels, IV/GMM, limited dependent variables, time series.
Primary: Fumio Hayashi, Econometrics.
Applied micro: Jeffrey Wooldridge, Econometric Analysis of Cross Section and Panel Data.
Reference: William Greene, Econometric Analysis.

Game Theory

Topics: strategic/extensive games, Nash equilibrium, subgame perfection, repeated games, Bayesian games, bargaining, auctions.
Primary: Robert Gibbons, Game Theory for Applied Economists.
Alternative: Martin Osborne, An Introduction to Game Theory.
Graduate alternative: Fudenberg & Tirole, Game Theory, Osborne & Rubinstein, A Course in Game Theory.

Part 4: Fields

Industrial Organization

Focus: firms, market power, competition, regulation.
Primary: Luís Cabral, Introduction to Industrial Organization.
Graduate: Jean Tirole, The Theory of Industrial Organization.

Public Economics

Focus: taxation, spending, externalities, government policy.
Primary: Jonathan Gruber, Public Finance and Public Policy.

Labor Economics

Focus: wages, employment, human capital, immigration, inequality.
Primary: George Borjas, Labor Economics.

International Economics

Focus: trade, policy, exchange rates, open economy macro.
Primary: Krugman, Obstfeld & Melitz, International Economics: Theory and Policy.
Alternative: Feenstra & Taylor, International Economics.

Economic Development

Focus: growth, poverty, institutions, poor countries.
Primary: Debraj Ray, Development Economics.
Modern experimental angle: Banerjee & Duflo, Poor Economics.

Monetary Economics / Money and Banking

Focus: money, central banking, financial intermediation, monetary policy.
Primary: Frederic Mishkin, The Economics of Money, Banking, and Financial Markets.
Graduate: Carl Walsh, Monetary Theory and Policy.

Financial Economics and Corporate Finance

Focus: asset pricing, portfolios, capital structure, corporate decisions.
Corporate: Berk & DeMarzo, Corporate Finance, Brealey, Myers & Allen, Principles of Corporate Finance.
Investments: Bodie, Kane & Marcus, Investments.
Graduate asset pricing: John Cochrane, Asset Pricing.

Behavioral Economics

Focus: systematic departures from rational agent models.
Primary: Erik Angner, A Course in Behavioral Economics.
Popular: Richard Thaler, Misbehaving, Daniel Kahneman, Thinking, Fast and Slow.

History of Economic Thought

Focus: development of economic ideas.
Primary: Robert Heilbroner, The Worldly Philosophers.
Then read: Adam Smith, The Wealth of Nations, John Maynard Keynes, The General Theory.

Part 5: Empirical Practice

Causal Inference

Topics: randomized experiments, IV, regression discontinuity, difference in differences.
Primary: Angrist & Pischke, Mastering 'Metrics, then Mostly Harmless Econometrics.
Free alternatives: Scott Cunningham, Causal Inference: The Mixtape, Nick Huntington-Klein, The Effect.

Statistical Software

Learn one: R or Stata. Use real datasets and replicate empirical exercises. Ideally, also Python.

A Suggested Order

1. Principles, multivariable calculus & optimization, probability & statistics.
2. Intermediate Microeconomics.
3. Intermediate Macroeconomics.
4. Econometrics, causal inference, R/Stata.
5. Then choose two or three fields.
6. If you're prepping for further work - linear algebra & real analysis. And some micro/macro/econometrics/game theory.