BOOK of LISTS

If you run a business, it’s of course very important that you stay on top of where the economy is headed. But there’s a problem: you’re not an economist, and frankly you don’t have the time to follow whatever metrics are needed to do this.

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If you run a business, it’s of course very important that you stay on top of where the economy is headed. But there’s a problem: you’re not an economist, and frankly you don’t have the time to follow whatever metrics are needed to do this.

I’m in the same boat. That’s why, over the past few years, I’ve accumulated a few really, really good economists—listed below—who I follow. I get their newsletters, and I visit their websites. I check out their tweets and listen to their podcasts.

Are they left-leaning? Right-leaning? Yes. Being an economist is part artist, part science, and part politics. So it’s not surprising that these economists are all guilty of leaning one way or the other politically. But that’s nothing to be ashamed of. What’s important is that the readers—you and I—get thoughts and opinions from both sides of the political conversation so that we can better understand their points of view and come to our own conclusions.

1. Bill McBrideWant to know about light vehicle sales? The price trends of framing lumber? Whether office vacancies are on the rise?  McBride, a former technology executive, started his excellent site “Calculated Risk” back in 2005 and has since then stayed on top of just about every important—and even obscure—economic statistic released on a daily basis. What I like most about McBride’s work is that he incorporates data into charts so I can get a trend of it over time. He also lays out his explanations in a very objective manner. I frequently plagiarize McBride’s charts when I do presentations (but I do give him credit!).
2. James PethokoukisPethokoukis, who contributes to the right-leaning think tank American Enterprise Institute, among other places, is not an academic like some of the other professors mentioned here. But what he lacks in academic credentials he more than makes up for with deep, analytical insights into business and economic events that shape the decisions many business owners face. A moderate-right thinker, he’s not afraid to shame both Republicans and Democrats when either party propose a poorly thought out economic initiative (like calling out Bernie Sanders’ student debt cancellation promise as a “5^th grader’s election promise” or certain Republican economic ideas as “terrible”).
3. Jared BernsteinBernstein, once the Chief Economist and Economic Advisor to former Vice President Joe Biden, is now a senior fellow at the Center on Budget and Policy Priorities and regularly writes for The American Prospect, The New York Times, and the Washington Post as well as appearing frequently on CNBC and many podcasts, including NPR’s “The Indicator”. Like Paul Krugman (see below), Bernstein as an economist tends to lean leftward, but his explanations and perspective on economic events will bring clarity to anyone looking to learn.
4. Mark J. PerryWorried about Iran? You may feel less so when you realize that the country’s entire economy is the size of the Philadelphia metro region. The same goes if you’re concerned about a trade deal with Canada (its economy is the size of Texas). Perry—a University of Michigan professor who’s also part of the American Enterprise Institute think tank—is not afraid to question the rationale behind higher education’s spending on diversity and makes a persuasive case for why cash is the most efficient holiday gift of all. His analysis is steeped in real, practical data that, for me, puts the world into better perspective.
5. Mike ShedlockI’ve been a fan of Mike Shedlock—or Mish—for a number of years as he’s moved around the blogosphere and finally settled on his own platform, which he calls “MishTalk”. On “MishTalk,” you can read all of Shedlock’s views daily on financial and political events that affect the global economy, which can include anything from interest rates, central bank policy, gold and precious metals to jobs and a variety of economic reports.  What’s also great about Mish’s site is his eager back-and-forth dialogue with his readers on all things economic. Visit “MishTalk” and you’ll have an opportunity to freely liaise with someone who knows a lot about what’s going on in the world.
6. Paul KrugmanKrugman, the resident economic scholar at The New York Times and a leader of many left-of-center economic views, is a renowned scholar, commentator, and the author of dozens of economic books covering everything from income distribution and wealth inequality to taxation. His views on politics and the economy, expressed in his regular columns, are usually at odds with his academic colleagues on the right, but his insights are a must consideration.
7. Tyler Cowen

Cowen, a professor of economics at George Mason University, writes daily on his blog “Marginal Revolution”where he opines on all things political and newsworthy that affect the global financial world. Cowen is a self-professed liberal on social issues but a free marketer when it comes to the economy.  What does that mean? His latest book Big Business: A Love Letter To An American Anti-Hero gives you a pretty good idea where he stands.

Obviously, there are hundreds of other talented and smart economists worldwide who may be better suited to your tastes.  But these are the guys I like, mainly because they speak in plain English, offer diverse viewpoints, and are good at explaining what’s going on in the world.  As a business owner with many things to worry about, I need that kind of education. Don’t like my choices? Fair enough. But find a few to follow. You have too many people relying on your decisions to run your business in economic darkness.

Source: Gene Marks (https://www.marksgroup.net/) is a small business consultant and author of The Small Business Desk Reference, The Complete Idiot’s Guide to Successful Outsourcing, and Outfoxing the Small Business Owner.