The books listed below are only a fraction of the available literature. Furthermore, they are mostly written as nontechnical introductions for non-specialists. So it is not enough to confine your research to these books. You should use these books as an entry point to the literature, and use them to identify further sources (ideally, academic literature) on which to base your research.
Many of the suggested topics are focuses of intense controversy and debate. So much of the current popular literature is ideologically motivated polemic and political propaganda. I am not interested in this sort of polemic. If you submit a polemical paper, you will get a very bad mark. Of course, you can argue for particular positions or policies in your paper, but these arguments should be based on precise empirical evidence and economic analysis, with careful consideration of costs and benefits, and long-term consequences.
Many of these topics are connected to sociology, psychology, politics, philosophy, law, engineering, and/or environmental science. You are welcome to discuss these topics, to the extent that they are relevant. But you should remember that this is an economics course. So your paper should focus mainly on economic analysis, economic issues, economic policies, economic problems, and economic solutions. As much as possible, try to make connections to concepts discussed in the course.
Please read the document Advice for writing term papers.
New advances in robotics and artificial intelligence threaten massive disruption of labour markets and the world economy, as entire professions are rendered obsolete. Some economists argue that these concerns are exaggerated: history shows that technology is always a complement, not a substitute for human labour. They claim that, by enhancing the marginal productivity of human labour, technology always makes workers better off in the long run. Other people argue that this time is different: emerging technologies will be substitutes, not complements for human labour, and threaten to create a vast underclass of the permanently unemployed. Who is correct? If artificial intelligence is really an economic problem, then what is the solution? A tax on robots? A “jobs guarantee”? A minimum guaranteed income (Topic 3)?
For a list of recommended literature on this topic, click here.
After reaching a historically low level in the middle of the twentieth century, economic inequality is once again growing to alarming levels in the rich countries of the world. At the same time, economic inequality between rich countries and poor countries has been generally decreasing, due to rapid economic development in poor countries like India and China. Some argue that economic inequality is a natural and inevitable consequence of the dynamism of market economies, and the price we must pay for innovation and economic growth. Others argue that it is not at all inevitable, but is a deliberate consequence of “pro-rich” economic policies. Some argue that a bit of inequality is a small price to pay for steady improvements in the average standard of living. Others argue that inequality is not only intrinsically unjust, but leads to major sociological and political problems, which wipe out any benefit due to improvements in the standard of living. Who is correct? What are the economic causes and consequences of economic inequality? What is the relationship between inequality within countries and inequality between countries? How do economic policies affect inequality? Can anything be done to reduce inequality? Should it be done?
Chapter 19 of the CORE textbook.
A world of differences: an introduction to inequality (CORE insights)
Le capital au XXI siècle, by Thomas Piketty. Editions du Seuil (2014). ISBN-13: 978-2021082289.
English version: Capital in the Twenty-First Century, by Thomas Piketty, translated by Arthur Goldhammer. Harvard University Press (2017). ISBN-13: 978-0674979857.
L'économie des inégalités, by Thomas Piketty. French and European Publications (2015). ISBN-13: 978-2707185679.
English version: The Economics of Inequality, by Thomas Piketty, translated by Arthur Goldhammer. Harvard University Press (2015). ISBN-13: 978-0674504806.
Inequality: What Can Be Done? by Anthony B. Atkinson. Harvard University Press (2015). ISBN-13: 978-0674504769.
The Price of Inequality: How Today's Divided Society Endangers Our Future, by Joseph E. Stiglitz(N). W. W. Norton & Company (2013). ISBN-13: 978-0393345063.
French version: Le prix de l'inégalité, by Joseph E. Stiglitz(N). Babel (2014). ISBN-13: 978-2330027384.
The Great Divide: Unequal Societies and What We Can Do About Them, by Joseph E. Stiglitz(N). W. W. Norton & Company (2015). ISBN-13: 978-0393248579.
The Great Escape: Health, Wealth, and the Origins of Inequality, by Angus Deaton(N). Princeton University Press (2015). ISBN-13: 978-0691165622.
Global Inequality: A New Approach for the Age of Globalization, by Branko Milanovic. Harvard University Press (2018). ISBN-13: 978-0674984035.
The Spirit Level: Why Greater Equality Makes Societies Stronger, by Richard Wilkinson and Kate Pickett. Bloomsbury Press (2011). ISBN-13: 978-1608193417.
“Minimum guaranteed income” has been proposed as an alternative to the contemporary welfare state, with its complicated, overlapping patchwork of subsidies and assistance programs for the poor and unemployed. Some people argue that minimum guaranteed income would be fairer, more economically efficient, simpler to administrate, and create less perverse incentives. Some even claim that it is the best (or perhaps, the only) solution to burgeoning economic inequality (Topic 2) or the epidemic of long-term unemployment that will be caused by advances in artificial intelligence (Topic 1). Others argue that it is economically unsustainable. Who is correct?
Basic Income: A Radical Proposal for a Free Society and a Sane Economy. by Philippe Van Parijs and Yannick Vanderborght. Harvard University Press (2017). ISBN-13: 978-0674052284.
Basic Income: An Anthology of Contemporary Research, edited by Karl Widerquist, José A. Noguera, Yannick Vanderborght, and Jurgen De Wispelaere. Wiley-Blackwell (2013). ISBN-13: 978-1405158107.
Basic Income on the Agenda: Policy Objectives and Political Chances, edited by Loek Groot et Robert-Jan van der Veen (Amsterdam University Press, 2003). ISBN-13: 978-9053564615.
Redesigning Distribution: Basic Income and Stakeholder Grants as Cornerstones for an Egalitarian Capitalism (Real Utopias Project), edited by Bruce Ackerman, Anne Alstott, and Philippe van Parijs. Verso (2006). ISBN-13: 978-1844675173.
Give People Money: How a Universal Basic Income Would End Poverty, Revolutionize Work, and Remake the World, by Annie Lowrey. Crown (2018). ISBN-13: 978-1524758769.
Le financement d'un revenu de base inconditionnel, by Albert Jorimann, Bernard Kundig, et al. Editions Seismo (2010). ISBN-13: 978-2883510494.
Basic Income Earth Network website: <http://basicincome.org/>
Basic Income Studies (an academic journal) <https://www.degruyter.com/view/j/bis>
It is now generally agreed that anthropogenic climate change is one of the biggest challenges facing humanity over the next century. But climate change is not the only way in which human economic activity has severely impacted the environment on which we depend for our survival. Aside from climate change, there is also intense concern about the collapse of fisheries, deforestation, loss of biodiversity, depletion of groundwater reserves, and plastic pollution in the oceans, etc. What are the economic causes and consequences of these environmental problems? What economic policies can help to solve them?
Chapter 20 of the CORE textbook.
A Question of Balance: Weighing the Options on Global Warming Policies, by William D. Nordhaus(N). Yale University Press (2014). ISBN-13: 978-0300209396.
The Climate Casino: Risk, Uncertainty, and Economics for a Warming World, by William D. Nordhaus(N). Yale University Press (2015). ISBN-13: 978-0300212648.
The Economics of Climate Change (The Stern Review), by Lord Nicholas Stern. Cambridge University Press (2007). ISBN-13: 978-0521700801.
Why Are We Waiting?: The Logic, Urgency, and Promise of Tackling Climate Change, by Lord Nicholas Stern. The MIT Press (2016). ISBN-13: 978-0262529983.
Climate Shock: The Economic Consequences of a Hotter Planet, by Gernot Wagner and Martin L. Weitzman. Princeton University Press (2016). ISBN-13: 978-0691171326.
Global Carbon Pricing: The Path to Climate Cooperation, edited by by Peter Cramton, David MacKay, Axel Ockenfels and Steven Stoft. MIT Press (2017). ISBN-13: 978-0262036269.
Markets and the Environment (2nd Edition), by Nathaniel O. Keohane and Sheila M. Olmstead. Island Press (2016). ISBN-13: 978-1610916073.
Textbooks.
Environmental and Natural Resource Economics (11th Edition) by Tom Tietenberg and Lynne Lewis. Routledge (2018). ISBN-13: 978-1138632295.
The Economics of the Environment, by Peter Berck and Gloria Helfand. Pearson (2010). ISBN-13: 978-0321321664.
The shambolic policy response of the EU following the 2008 global financial crises exposed deep fault lines and perhaps even fundamental design flaws in the European economic and monetary union. These problems arguably led to the Brexit vote and the alarming rise of populist political movements across Europe. Some analysts think the eurozone – or even the EU itself – is doomed to eventual collapse. What are the problems with the economic policy framework of the EU and the eurozone? How can they be fixed?
The Euro: How a Common Currency Threatens the Future of Europe, by Joseph E. Stiglitz(N). W. W. Norton & Company (2017). ISBN-13: 978-0393354102.
French translation: L'Euro : comment la monnaie unique menace l'avenir de l'Europe. ISBN-13: 979-1020904065.
The Euro and the Battle of Ideas, by Markus K. Brunnermeier, Harold James, and Jean-Pierre Landau. Princeton University Press (2016). ISBN-13: 978-0691172927.
The Future of the Euro, edited by Matthias Matthijs and Mark Blyth. Oxford University Press (2015). ISBN-13: 978-0190233242.
EuroTragedy: A Drama in Nine Acts, by Ashoka Mody. Oxford University Press (2018). ISBN-13: 978-0199351381.
Textbooks.
The Economics of European Integration (5th edition), by Richard Baldwin and Charles Wyplosz. McGraw-Hill (2015). ISBN-13: 978-0077169657.
Economics of Monetary Union (11th Edition), by Paul De Grauwe. Oxford University Press (2016). ISBN-13: 978-0198739876.
Globalization has been blamed for chronic unemployment and economic malaise in industrialized countries for almost three decades. But classical economic theory says that lowering trade barriers should be mutually beneficial for everyone involved. Some people argue that the globalization of trade has been a key factor in the economic development “miracle” in many poor countries over the last half-century; others argue that its benefits are much exaggerated. Closely related to trade (the movement of goods) is immigration (the movement of people); relaxing immigration restrictions amounts to liberalizing labour markets, with effects similar to lowering trade barriers. So it is unsurprising that anti-immigration and anti-globalization sentiments have grown amongst the economically displaced proletariat of industrialized countries. What are the economic consequences (both good and bad) of free trade, immigration, and globalization? How can the negative consequences be mitigated by economic policies?
Chapter 18 of the CORE textbook.
In Defense of Globalization, by Jagdish Bhagwati. Oxford University Press (2007). ISBN-13: 978-0195330939.
Making Globalization Work, by Joseph E. Stiglitz(N). W. W. Norton & Company (2007). ISBN-13: 978-0393330281.1
Straight Talk on Trade: Ideas for a Sane World Economy, by Dani Rodrik. Princeton University Press (2017). ISBN-13: 978-0691177847.
The Travels of a T-Shirt in the Global Economy: An Economist Examines the Markets, Power, and Politics of World Trade (2nd Edition), by Pietra Rivoli. Wiley (2014). ISBN-13: 978-1118950142.
Bad Samaritans: The Myth of Free Trade and the Secret History of Capitalism, by Ha-Joon Chang. Bloomsbury Press (2009). ISBN-13: 978-1596915985.
Patents, copyrights, and trademarks are all forms of intellectual property. That means they are artificial monopolies that are legally created and enforced by governments, so as to create economic incentives for innovation or creative work in certain economic sectors. But there is nothing natural or inevitable about the current legal framework defining intellectual property; it is a relatively recent invention, many parts of which were controversial even a hundred years ago, and some parts of which are still not accepted or respected in some jurisdictions. Furthermore, the current legal framework is under intense pressure from many sides. The rapid progress of digital communications technology has made copyrights (on music, movies, games and written works) increasingly difficult to enforce – at least, without adopting intrusive levels of surveillance and impinging upon the privacy and property rights of private individuals. Meanwhile, many people argue that many creations and discoveries (e.g. software, biomedical advances, pharmaceuticals) should not be intellectual property anyways – there is no way to enforce patents on such things without stifling competition, innovation, and scientific progress. Who is correct? How can we provide adequate incentives for innovation and creativity, without creating excessive legal burdens for other economic agents?
Sections 21.6-21.7 of the CORE textbook.
Chokepoint capitalism, by Rebecca Giblin and Cory Doctorow (2022).
Rentier Capitalism , by Brett Christophers (2020)
Against Intellectual Monopoly, by Michele Boldrin and David K. Levine. Cambridge University Press (2010). ISBN-13: 978-0521127264.
The Future of Ideas, by Lawrence Lessig (2002).
Free Culture, by Lawrence Lessig (2004).
Remix, by Lawrence Lessig (2009).
Innovation and Its Discontents: How Our Broken Patent System is Endangering Innovation and Progress, and What to Do About It, by Adam B. Jaffe and Josh Lerner. Princeton University Press (2007). ISBN-13: 978-0691127941.
Information Feudalism, by Peter Drahos and John Braithwaite (2007).
Textbooks.
Innovation and Incentives, by Suzanne Scotchmer. MIT Press (2006). ISBN-13: 978-0262693431.
Innovation, Intellectual Property, and Economic Growth, by Christine Greenhalgh and Mark Rogers. Princeton University Press (2010). ISBN-13: 978-0691137995.
Academic papers.
"Is Intellectual Property the Root of All Evil? Patents, Copyrights, and Inequality", working paper by Dean Baker (2018).
For many decades, per capita GDP has been the instrument of choice to measure the health of national economies. It is used both to judge the quality of economic policy in developed countries, and to measure the efficacy of development policies in developing countries. But many people argue that GDP is actually a terrible measure of economic health. Thus, to the extent that it is treated as a policy target, it leads to incorrect economic policies. What is the logic behind the way GDP is measured? What are its advantages and disadvantages? What credible alternatives are there, and what are their advantages and disadvantages?
Sections 13.3-13.4 of the CORE textbook.
Mismeasuring Our Lives: Why GDP Doesn't Add Up, by Joseph E. Stiglitz,(N) Amartya Sen(N) and Jean-Paul Fitoussi. The New Press (2010). ISBN-13: 978-1595585196. (Also freely available online as the Report by the Commission on the Measurement of Economic Performance and Social Progress.)
GDP: A Brief but Affectionate History (Revised Edition), by Diane Coyle. Princeton University Press (2015). ISBN-13: 978-0691169859.
(N) Winner of the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (“Nobel Prize”).
1 Stiglitz has another book called Globalization and Its Discontents, which is somewhat dated (2003), and mainly focused on the IMF. There is a new edition (2018), but apparently it doesn't add much of value to the old version.
It has been said: “If the service is free, then you are the product.” Internet giants like Facebook, Google, Amazon and Apple build detailed data profiles of every user, which they use to individually curate content and sell microtargetted advertising. This raises issues from personal privacy to risks of psychological manipulation. But some people say that these microtargetting techniques are actually ineffective and wildly oversold. What is the truth? How powerful are these techniques? What are their social, political, and economic consequences?
The Age of Surveillance Capitalism, by Shoshana Zuboff (2018)
How to Destroy Surveillance Capitalism , by Cory Doctorow (2021)
According to some people, cryptocurrency and “DeFi” (“distributed finance”) are revolutionary emancipatory technologies that will bring about a golden age of prosperity and freedom. According to others, they are a Ponzi scheme and a money laundering system for cybercriminals. Who is right? What are “smart contracts” and what are they good for? (Note: There is a lot of hype and breathless opinionating on both sides of this debate. In your paper, avoid hype. Concentrate on objective, technical facts, and separate myth from reality.)
Books.
The Future of Money: How the Digital Revolution Is Transforming Currencies and Finance, by Eswar S. Prasad, 2021.
Proof of Stake: The Making of Ethereum and the Philosophy of Blockchains, by Vitalik Buterin, 2022.
Attack of the 50 Foot Blockchain: Bitcoin, Blockchain, Ethereum & Smart Contracts, by David Gerard, 2017.
Videos.
[These are not suitable as an academic references for your term paper. But they may be a good starting point for your research.]
Dan Olson: Line goes up (a documentary about NFTs, cryptocurrencies and blockchain)
Raghavendra Rau: Bypassing Banks Using Tech (a public lecture at Gresham College, 2022)
Raghavendra Rau: DeFi, Crypto, and NFTs in Business (a public lecture at Gresham College, 2023)
Online resources.
What is Web3? (an explainer by Molly White, with links to further online resources).
Last updated 24 Feb 2023