Project Selection under Uncertainty (International Series in Operations Research and Management Science): Dynamically Allocating Resources to Maximize Value Book

I didn't study economics in my school or university, but I've been an ardent fan of the subject ever since a very good friend (Raymond, you know who you are!) introduced me to The Economist in my first year of University.

Since then I've built up knowledge of the field organically through various sources, but always felt my understanding was lacking in some key areas (especially banking). A while ago I bought this book (which is a 100 level college textbook) to fill that gap.

The text and presentation is very strong - clear, engaging and satisfying without going too deep or floating above the surface. The delivery is sometimes pedestrian - I think I could have picked up some concepts quicker than Mankiw is ready to deliver them to me. But overall the book does a great job of surveying the field.

I was also impressed that despite Mankiw's relatively well-understood position on issues, the book presents most of the key debates in an even handed way without seeming to put his finger on the scales.

The book has lots of good diagrams. It lacks enough references to specific experimental evidence for my preference, but this is perhaps understandable at the 100 level. It is also full of newspaper quotations to bring the topic to life. I found these uninteresting and mostly a space filler, but perhaps they would appeal more to someone who has yet to get excited about the subject.

The one amazing thing about the book (which I bought 2nd hand) is the retail price, which seems to be ~250 dollars, seemingly some kind of exorbitant rip off aimed at students where it is a compulsory text. Analyzing the price in economic terms makes one suspect that some kind of market failure is taking place to support this price :)

Great foundational book.