Pre-MBA Business Books: Saïd Business School Recommendations I

Economists Robert Shiller and George Akerlof delve into the darker side of the free market economy in this entry to our list of business books recommended by faculty at Saïd Business School. Phishing for Phools examines how sellers systematically manipulate and take advantage of people's psychological weaknesses.

“[These] two Nobel laureates examine what economics says differently about capitalism and the world if you relax one of the assumptions of classical economics by allowing agents to make poor decisions, at least some of the time. They apply the resulting insights to marketing and politics, among other topics. The citation and attribution are not quite perfect in this book, but it's well worth the read,” says Wilson.

In The Lean Startup, Eric Ries relates the lessons he learned through his first trials and failures as a startup founder, and as a software engineer responsible for a sizeable product launch that ultimately failed.

“The Lean Startup is a modern bible for aspiring entrepreneurs. Lots of practical advice that is surprisingly congruent with academic thinking too,” says Thomas Hellmann, professor of entrepreneurship and innovation at Saïd Business School.

New York Times columnist, Andrew Ross Sorkin relates how some of the most powerful figures in global finance and politics ultimately decided the fate of the world economy in the late 2000s. He recounts how the drama of the economic crisis unraveled, and tells of the greed, fear, egoism and drive for self-preservation that drove many individuals in Wall Street, Washington and beyond to make the erroneous choices they made.

“This is a great account of the events during the financial crisis that culminated in the bankruptcy of the Lehman Brothers,” says Amir Amel-Zadeh, associate professor of accounting at Saïd Business School.

The Myth of the Rational Market chronicles the century-long making of the modern financial industry, as well as the rise and fall of efficient market theory, from Wall Street’s formative days, through the Great Depression and on to the financial crisis of 2008.   

“Justin Fox provides the historical origins of the models and theories of finance that MBAs are taught in business school and puts them in context. Both Too Big to Fail and The Myth of the Rational Market read more like thrillers and are great reads for those who want to understand financial markets and risk taking. They are packed with lessons to be learned by future business leaders,” says Amel-Zadeh.

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These are just six business books from Saïd Business School's top pre-MBA reading suggestions. Tune in for more of its professors' recommendations in the next chapter in TopMBA.com’s series.  

Images: Why Nations Fail; Who Gets What and Why; Phishing for Phools; The Lean Startup; Too Big to Fail; The Myth of the Rational Market