Gifts for economists, 2008

[Update: Welcome Freakonomics readers!]

[Also see: Gifts for economists, 2009]

Gift giving time is here, and I bet you know someone that loves economics. Maybe it’s your friend that tells you how to invest. Or your professor that lectures you about why free trade is good…What kind of gifts would such people want?

The following is my attempt based on years of dealing with professors, consultants, and other economics enthusiasts. Although economists share many of the same analytic ideas, it is important to remember they are a diverse group with individual tastes. That’s why I’ve divided the gifts into smaller sub-categories to be more precise, like “for the young at heart” or “for a last minute gift.”

This list is just a start and I hope it will be helpful to you. Please add your suggestions in the comments to improve the list.

For the board game player:

• The Settlers of Catan
  This is an excellent board game. The game is all about trade and using resources effectively-right up an economist’s alley. If I remember correctly, games require 3-4 players and usually take about two hours to finish. There is competition but no combat which makes it a relaxing game. Also get the extension pack to be able to play with 5-6 players.

• Alternate suggestions: Risk and Trivial Pursuit

For the magazine reader:

• Subscription to The Economist
  One of the best magazines around in my opinion. It has great coverage of world news and the editorials are always interesting.

• Alternate suggestion: Bloomberg markets

For the card player:

• Poker chip set
  There are many books about poker and game theory. But I bet none of them talk about how much more fun it is to play with real chips. In my opinion, it’s worth the investment if you plan on playing regularly.

For the general enthusiast:

• Freakonomics
  There is a reason this book has sold over 3 million copies. It is entertaining, intelligent, and shows the power of economics. This is one of my favorite books about economics. (And if you want more, The Freakonomics blog is also amazing).

For the movie enthusiast:

• The Dark Knight
  This movie is a study in strategy and game theory. See my article about the opening scene and game theory as an example. As for version, I was happy getting a regular single disc DVD, though my friends tell me the Blu-ray version is amazing.

• Alternate suggestions: A Beautiful Mind and Dr. Strangelove. Both movies about game theory and both good movies.

For the politically minded:

• Gaming the Vote
  Elections are unfair, but why? And how can we fix them? These are the two central questions in this book by William Poundstone. The book does a great job of integrating the theory with historical examples. My favorite chapter is about vote splitting in US Presidential elections which shows how absurd things can be. The book also highlights new research about how to fix elections by changing the voting system. This is a great read and full of stories you can share at parties.

• Alternate suggestions: The Prince and Capitalism and Freedom

For the young at heart:

• Calvin and Hobbes
  Even economists need to laugh once in a while. But there is an interesting connection that Calvin and Hobbes were named after those famous philosophers, so it is not surprising that many of the plot-lines are about economic discussions in governance and parenting.

• Alternate suggestion: Foxtrot

For the young economist:

• A Guide for the Young Economist
  This book is about how to write and speak effectively about economics. It is a style book geared towards students who are writing papers or giving talks. There are so many interesting suggestions, like how to write mathematical statements correctly. It is on the academic side so it is more suited for someone who writes technical articles.

For the game theorist:

• Thinking Strategically
  This is the book that puts the fun into game theory. The authors discuss game theory in the context of real life problems, ranging from everything from college football to worker’s strikes to nuclear warfare to Charlie Brown. This is what game theory was meant to be. By the end, you’ll be seeing the strategy of daily interactions and applying game theory like an expert.

• Alternate suggestions: I treated myself to a couple of books. I can’t vouch for them yet but I do have high expectations. These books are The Art of Strategy (which appears to be an updated version of Thinking Strategically) and Co-Opetition

For the TV watcher:

• Arrested Development
  Okay, this is a personal choice…but I suspect economists would enjoy watching the strategy of scheming family members. And the writing is great.

For the philosopher (or investor):

• The Black Swan
  This is a great book about risk and how risk relates to philosophy. Examples from the market and the author’s experience are amusing.

• Alternate suggestion: A Random Walk Down Wall Street

For someone you forgot about and need a last minute gift:

• Amazon.com Gift Card
  I do not like gift cards in general, but Amazon.com is one that I consider acceptable. Most people can find something they like and the prices are generally reasonable. Also, if you’re in a jam for a last minute gift, you can print the gift card or get it emailed (useful if you need to send to someone in another state and forgot to plan for shipping time).

I need your help: what gifts did I miss?

I am only one person so there is a limit on the books I have read and products I know about. This is a shame because there are economists of all age groups all around the world…and they deserve good gifts too!

So help me out–what gifts would you recommend? Add your opinions in the comments section. Thanks.