QUESTION: It would be really kind of you if you could tell me the names of some good books on Econometrics,Macro & Micro Economics for students who do not have a background in Mathematics so that they can grasp the concepts clearly,easily and efficiently.

Thank you.

ANSWER: Hi "annabellchris"!

Good understanding of introductory economics does not require too much mathematics. However, you need to have an elementary level of mathematics --that is to say, you should have at least Grade X level mathematics, and that any school graduate is expected to have. So I would say "students who do not have background in mathematics" had better take up at least a short course in basic algebra and the most elementary differential calculus if they have to grasp the concepts clearly, easily, and efficiently. This is more so for econometrics than for micro- or macroeconomics.

You have not mentioned anything about your level of mathematics. Since you are interested in having some good grasp of econometrics, microeconomics and macroeconomics, I presume you have at least school-level elementary algebra and also the rudiments of geometry. If you have that, and if you want the lest of mathematics in micro- and macroeconomics, I would say you better start with "Economics" by Paul A. Samuelson. One British book, Economics by Stanlake and Grant (which is sometimes used at O'Level) may also serve your purpose.

As regards econometrics, you simply cannot do without algebra and statistics. In almost all cases you would need linear algebra and statistical concepts to begin with. The simplest book I can think of for those students who would not even go for linear algebra but would have the minimum level of algebra and statstics Is: Econometrics by Damodar Gujarati.

This is all I can tell about "the least mathematical books" on economic theory and econometrics. I hope this serves your purpose. If you have further questions, I shall try to answer. My final say: Never be scared of mathematics; break any concept into its component parts; things will become easy. Stick to it, and you will soon start liking it.

---------- FOLLOW-UP ----------

QUESTION: Thank you sir.I would like to know if there are any good online resources on microeconomics,econometrics and stats that I can consider for learning basic differential calculus and algebra of the level required tomaster concepts in economics?

Thank you for showing further interest.

I suggest you log in to Khan Academy.[By the way, even Bill Gates's son learned from this website.] There are many videos they help you with from which you can learn the rudiments, and even some complicated concepts, of mathematics and economics.

This will lead you on to several webpages. In due course you will learn how to surf better according the pace you need.

I hope this helps you.

Best of luck!


All Answers

Answers by Expert:

Ask Experts


Eklimur Raza


It appears some students in this website are confused about elasticity of demand and the slope of the demand curve when they are trying to figure out why rectangular hyperbola comes up in case of unitary demand curve. First, they don't know that RH can be depicted in a positive quadrant of price,quantity plane. Secondly, they make the mistake that the slope of RH is constant at -1. Two points could help them: first, e=1 at each and every point of the RH, because the tangent at any point shows lower segment=upper segment (another geometric definition of e); yet slopes at different points,dQ/dP, are different; second, e is not slope but [(Slope)(P/Q)]in absolute terms. Caveat: only if we measure (log P) along the horizontal axis and (log Q) up the vertical axis, can we then say slope equals elasticity --in which case RH on P,Q plane is transformed into a straight-line demand curve [with slope= -tan 45 deg] on (log Q),(logP) plane, and e= -d(log Q)/d(log P). [By the way, logs are not used in college textbooks --although that is helpful in econometric estimation of elasticity viewed as an exponent of P, when demand equation is transformed into log-linear form.] I have not found the geometrical explanation I have given in any textbook followed in undergraduate and college classes in Canada (including the book followed in a university where I taught for a short time and in the book followed in George Brown College, Toronto, where I teach.


About 11 years' teaching economics and business studies, and also English, history and elementary French.Practical experience in a development bank, working with international donor agencies like the World Bank and the ADB. Experience in free-lance journalism, including Canada's "National Post."

I teach micro- and macroeconomics at George Brown College (continuing education), Toronto, ON, Canada.

Many articles and editorials, on different subjects, in English newspapers. Recently an applied Major Research Paper, based on a synthesis of the Solow growth model and the Lewis two-sector model, has be accepted by Ryerson University, Toronto. Professors Thomas Barbiero and Eric Cam, Ryerson University, accepted the paper.

Master degree in Interantional Economics and Finance and diploma with honours in Business Administration from Canada.

Awards and Honors
Received First Prize in an inter-university Literary Contest.

©2016 All rights reserved.