We know the UPSC syllabus is vast, and how easy it is to get stressed over the idea of completing it. The right thing to do here would be to draw up a detailed plan of study and stay motivated to stick with it everyday.
Since the market is flooded with a bounty of Indian Economy books for UPSC preparation, we know aspirants like you want to know about the best books out there that must be referred to.
Read this article till the end to find out the best Economy books for the UPSC exam.
Best Economics Books for UPSC
The UPSC offers economics as an optional subject in the Civil Service Examination Mains. Albeit not as common subjects such as Public Administration or Geography, Economics has a high rate of success among aspirants. There are a lot of IAS toppers with this optional too. So if you have chosen this optional, go through the list of the best economics books for UPSC preparation given below:
A Textbook of Economic Theory – Douglas C. Hague and Alfred W. Stonier
Let’s start with the basics first. If you are a novice to economics, do not skip this book. It comes highly recommended to gather a detailed understanding of various economic theories, criticism and methodologies. The latest edition comes packed with comprehensive essays on key economic schools of thought that advanced students will find essentially helpful.
Public Finance – H L Bhatia
This book is one of the best economics books for UPSC. A book religiously followed by students, teachers, researchers and academicians alike for the past 36 years to understand public finance in India. It contains a detailed analysis of India’s financial scenario, inclusive of major advantages, challenges and discussions on a multitude of financial policymaking and handling.
Indian Economy – Datt Ruddar
The revised chapters offer important discussions on the increasing financial reforms in India. It is a great book to understand the erupting fiscal issues in the economy.
Indian Economy – Mishra and Puri
One of the best economics books for UPSC among the UPSC aspirants. The language is simple and is especially helpful for new students. It covers the A to Z of Indian economy and comes highly recommended.
Economics – Paul Samuelson
A book studied by every UPSC aspirant. You will get every aspect of economics covered in this. This book is one of the best economics books for UPSC.
Other Outstanding Economics Books for UPSC
# Monetary Theory and Public Policy – Kenneth Kurihara
# National Income Accounting – Neethu
# Banking – S.B. Gupta
# Money and Banking: Select Research Papers by Economists of Rbi
# Outline of Monetary Economics (Read Relevant Chapters) – A.C.I. Day
# Modern Banking – R.S. Sayers
Besides these economics books for UPSC, our experts suggest regularly reading the daily newspapers as well as business and financial magazines.
It’s best to select your options from the list below:
# The Hindu
# The Economic Times
# Economic and Political Weekly
Indian Economics Books For UPSC Prelims
The first milestone to achieve your dream of cracking the UPSC examination is clearing the prelims. So, how do you prepare for the Indian Economy prelims?
Do not worry. We have that covered for you.
Here is a list of 5 important Indian economy books that will help you cover the latest economic syllabus pattern A to Z:
The Indian Economy by Sanjiv Verma
This revised edition pertains to the updated pattern of the UPSC syllabus. Sequentially divided sections and chapters cover the relevant concepts of economics perfectly.
Indian Economy Key Concepts by Sankar Ganesh K
This 200-page book is point-to-point and will not make you stress over the issue of memory retention. Concepts are covered with numeric examples and offer a clearer understanding to the students. This book is one of the best economics books for UPSC.
Indian Economy by Ramesh Singh
This book is a must for every aspirant out there. It is one of the best economics books for UPSC. It brilliantly covers the topics under both the mains and prelims. If you are looking for a one-stop book for your studies, pick this one.
Indian Economy by Uma Kapila
Although this book is predominantly used in undergraduate courses, it is a great book to start with your study plan.
Indian economy by Datt and Sundaram
Published by S.Chand, the revised edition is a precise summation of the economic framework, objectives, policies, errors and fiscal scope in India.
List of Economics NCERT Books for UPSC
NCERT books are the most important and basic books for the UPSC exam. No matter which optional subject you choose, you must always keep the NCERT books at the top of the booklist.
Here is a list of the best Economics NCERT books for UPSC:
# NCERT Class 9: Economics
# NCERT Class 10: Understanding Economic Development
# NCERT Class 11: Indian Economic Development
# NCERT Class 12: Introductory Microeconomics
# NCERT Class 12: Introductory Macroeconomics
Other Economics Books for UPSC
Here is another list of best economics books for UPSC 2021:
The Big Short
Author: Michael Lewis
This popular non-fiction book, written by financial writer Michael Lewis, who also published Moneyball: The Art of Winning an Unfair Game, describes the events building up to the global economic meltdown of 2007-2008. The story describes the majority of those who anticipated the housing bubble would break and, by gambling against the financial derivatives obligation market, profited handsomely when it did.
Author: Peter F. Drucker
This book claims that First World countries have already evolved beyond capitalism to a system in which capital is held by organisations rather than people. Regular citizens thus become, in effect, owners of businesses and thus owners of capital, implying that capitalism is altered rather than abolished. Drucker finishes by saying that businesses will continue to focus and that exporting, rather than diversity, will define the next.
Lean In: Women, Work, and the Will to Lead
Author: Sheryl Sandberg
It uses stories, sociological experiments, and the author’s own experiences to provide an outline of how gender politics continue to play a determining role in the company, as well as some ideas for how to transcend this.
The book got both positive and negative reviews, with some labelling Sandberg a “fake feminist” and others claiming that the book turns women into commercial products, removing the emphasis from cooperation and systematic gender prejudice. Whatever the validity of these concerns, this book has received so many positive reviews and discussions that it is required reading.
Freakonomics: A Rogue Economist Explores the Hidden Side of Everything
Author: Steven D. Levitt & Stephen J. Dubner
Freakonomics purposefully combines pop culture subjects with economic theories by addressing specific humorous or intriguing instances over a series of articles published by the writers, for example, how cheating works in various industries such as teaching, folkstyle wrestling, and bagel sales.
This book has been huge popularity with the public thanks to its light tone and enjoyable content, and it has remained on bestseller lists since it was initially released in 2005. It has been criticised for becoming more of a work of sociology or even criminality than an economics book; nonetheless, it has gained popularity, and the writers launched their own blog, Freakonomics, in 2005.
The Upside of Inequality: How Good Intentions Undermine the Middle Class
Author: Edward Conard
Edward Conard, a renowned neoliberal and former general manager of Bain Capital, has authored another book about the social advantages of inequality, contending against the widely held belief that the rich 1% of US residents are the root of many social ills.
Many who disputed its premise, such as renowned economist Larry Summers, praised it when it debuted at 8th place on the New York Times top 10 non fiction chart. Whether or not you agree with the concept it sets, the book’s contentious primary topic makes for intriguing reading.
An Inquiry into the Nature and Causes of the Wealth of Nations
Author: Adam Smith
Adam Smith’s magnum opus, written 250 ago, is still considered one of the most important works of classical economics. Written while the industrial revolution was just getting started, it covers free markets, productivity, and the division of work, as well as attempting to give practical remedies based on sound economic theories to replace the mercantile culture that prevailed at the time.
The Wealth of Nations has been one of the fundamental economics books that experts and laypeople alike should have read.
Postcapitalism: A Guide to Our Future
Author: Paul Mason
Mason believes that the way we see and conduct work has completely altered as a result of the ‘digital revolution,’ which has the power to eliminate the market-driven economy. Mason’s work is polemical and, of course, strongly inclined to the left, and it was written with the repercussions of the international economic meltdown in mind.
Some have lauded Mason as a “worthy successor to Marx” for his efforts on everything from environmental protection to minimising work until only very few quantities are required.
This Changes Everything: Capitalism vs. the Climate
Author: Naomi Klein
In her latest book, Naomi Klein, an anti-capitalist, discusses how environmental issues will impact capitalist politics. She views the solution to the climate issue as being in contradiction with neoliberal ideology and necessitating an ecological revolution.
Her main point is that the market economy is inherently at odds with the climate catastrophe because it is based on growing consumption and trade deals that devastate the environment. Many who opposed some of the ideas gave it high ratings.
Guns, Germs and Steel: The Fates of Human Societies
Author: Jared Diamond
Guns, Germs, and Steel is another renowned classic that examines geography, history, and economy to understand why European and Asian cultures have traditionally been more affluent than societies in other areas of the world.
It was first published in 1997 and made a stir when it was first released, suggesting that Eurasian and North African civilisations have persisted not because of any intellectual, moral, or biological superiority, but because of preset environmental differences. It was panned for being predictable and simple, but it was commended for its vastness and awareness of the environment’s significance.
The Rational Optimist: How Prosperity Evolves
Author: Matt Ridley
Ultimately, this book uses both psychology and economics to argue that the human proclivity for exchanging commodities and services is a desirable feature that has enabled mankind to flourish. This characteristic, according to Ridley, is essential to the existence of human civilisations.
Ridley, like Drucker, believes that prosperity will persist as humans grow more focused on what they are excellent at. The Rational Optimist has been viewed as both a proponent of free trade and development and as a text that dismisses many valid critiques of globalisation and wealth disparity.
Economics UPSC Optional Subject Success Rate
|Success Rate in %
Economics UPSC Optional Subject Toppers
|Haritha V Kumar
When compared to others, economics is regarded as a difficult optional subject. If the aspirant has a bachelor’s degree in economics, all you need to do is go through the ideas and theories initially. Following that, aspirants must concentrate on current affairs and provide the last polish in accordance with the UPSC Syllabus.
The UPSC Economics syllabus is extensive. Degree-level knowledge is required for aspirants. Without appropriate preparation, aspirants from various backgrounds may struggle with Paper I. This optional subject is quite lively.