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The Literary Book of Economics
The Literary Book of Economics edited by Michael Watts Intercollegiate Studies Institute, 2003 348 pp. $28 |
When economists read literature or watch movies or television, we sometimes come across passages that illustrate economic principles. (We also come across passages that illustrate ignorance of economic principles. Novels can serve as models, as Tyler Cowen has observed, but they don't have to be well-constructed models.) Sometimes the illustration is memorable enough that we remember to use it in class when we make the relevant point. The problem is that unless the work is a current bestseller or routinely assigned in a required English course, most of the students in the class will not have read the work in question and our illustration is unlikely to illuminate. But a remedy is close at hand.
In The Literary Book of Economics, Michael Watts of Purdue University, a major contributor to the profession's ongoing discussion about how to teach economics, has pulled together more than 80 excerpts from a wide range of authors and genres. He has grouped them by economic content and written informative notes to accompany the excerpts. The book draws from classic authors such as Shakespeare, Milton, Twain, and Pope, more modern but well-established writers such as Steinbeck, Heller, Vonnegut, and Stoppard, and even from contemporary fiction such as Amy Tan's The Joy Luck Club and Arundhati Roy's The God of Small Things. Fans of most genres (except science fiction and mysteries) will find some favorites.
Who might use this book? Certainly, teachers of the basic principles of economics. Watts has handled all the copyright issues involved in using excerpts, making the book a handy single-source, reasonably priced supplement for an economics course. Since economics texts, with a few notable exceptions, are generally not fun to read on their own, this book could provide an excellent addition to a basic principles course, as well as a good source for essay assignments for students.
A second possible set of readers would include those looking for a book in which to graze. The excerpts are meaty enough, and Watts' introductory comments thorough enough, that a casual reader could while away time in waiting rooms or on airplanes by opening the book to random spots and reading. The excerpts are short enough that a reader could finish a few during the average plane flight. (This is not a book to read straight through. The stylistic shift from Henry Adams to Joseph Heller in the section on public choice, for example, requires a few moments' pause before continuing.) Finally, this book would make a perfect gift for an aspiring writer who ought to be considering the economic implications of her writing.
Watts handles the mechanics of the book well. He provides an interesting introductory essay on the relationship between literature and economics, concluding essays on the use of literature by economists and vice versa, and concise introductions to each section and selection. The well-edited selections supply enough plot and character detail to allow even readers unfamiliar with the larger work to grasp the important points. The editorial selection is thoughtful, although most readers will surely think of a favorite that has been omitted. Watts hints that there may be a second edition with additional selections at some future date.
The larger question is whether literature, movies, television shows, and the like offer the opportunity to teach real economics. Based on the material in this book and my own file of references from my reading and viewing, I think the answer is emphatically yes. Such examples often teach economics better than do the more serious writing within the field. I'll use one of Watts' selections to illustrate this point. Ivan Doig's Dancing at the Rascal Fair (1987) is one of my favorite books. Doig poignantly captures the experience of two friends who emigrate from Scotland to Montana in 1889, chronicling their departure from Scotland through their later travails as partners in sheep raising. Watts includes two selections from the book, one to illustrate supply and demand and the other to illustrate immigration. (There are also selections from two other books by Doig.)
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