Prof. Courtney Collins

Courtney Collins (Ph.D., Texas A&M) is Assistant Professor of Economics at Rhodes College in Memphis, Tennessee. Her research interests include economics of education and public economics. In 2012, Dr. Collins received the Mercer University Stetson School of Business and Economics Distinguished Faculty Award.

Were there any particular books that were important to your development as an economist or that you would recommend to aspsiring economists?

One of the first “econ books” I read as a college student was William Easterly’s An Elusive Quest for Growth.  Easterly, who previously worked as an economist at the World Bank, discusses poverty levels and economic growth in lesser-developed countries and the various strategies that have been used to help stimulate development—many of which have failed.  His key argument highlights one of the first rules of Econ 101—that incentives matter.  He contends that policymakers too often ignore this simple reality, and that if we want to implement plans that work, we should be serious about evaluating the incentives our “solutions” create and really consider how they might alter behavior.  I remember reading this book as a student and being incredibly excited about seeing economics at work in the real world and realizing how economic policies affected real people. 

A couple of other books that really influenced my understanding of economics and public policy as a young economist were Milton Friedman’s classic Capitalism and Freedom and A Conflict of Visions, by Thomas Sowell.  Capitalism and Freedom helped me begin to map out the relationship between economics and politics and to start to think about the scope of local, state, and federal government.  Friedman examines several big-picture policy issues—like education, international trade, and welfare programs—and discusses how the role of the government in these areas affects economic and political freedom.  This book also reinforced for me the idea that there’s a difference between the intent and the effect of a policy—and that intentions don’t always translate into results.  

A Conflict of Visions explores the idea that many of the political divisions that continually arise in policy debates can be traced back to key differences in the way individuals think about human nature.  Sowell describes two “visions”—one centered on the idea that humans are basically flawed and limited (the “constrained vision”) and the other centered on the idea that humans are basically virtuous and “perfectible” (the “unconstrained vision”).  He then explains how these conceptions of the world color the way people think about institutions and policies.  I liked the book not only because Sowell’s dichotomy of political differences seemed to accurately reflect what I had observed in reality, but also because he provided what seemed—at least to me—to be a believable and well-reasoned explanation of why.  (Sowell has written dozens of books, many of which are aimed specifically at explaining economic ideas simply and intuitively to non-economists.  Economists are not always highly praised for their stellar ability to speak to “normal humans,” but Sowell is an exception.  For students interested in a clear, intuitive introduction to foundational economic principles and why they matter, his book Basic Economics is a great place to start.) 

And, a few honorable mentions.  I read several books like Freakonomics (Steven Levitt and Stephen Dubner) and The Economic Naturalist (Robert Frank) that helped me understand that economics has something to say about a really wide range of topics.  I started college with a pretty narrow understanding of what economics is, and I remember being continuously surprised as that perspective expanded.  I realized that economics provided me with the tools and the vocabulary to investigate and discuss all kinds of interesting questions, many of which I never would have initially described as “economics.”  Books like these helped give me an idea of what those questions looked like and encouraged me to use economics as a framework to help answer them.    

Finally, Ayn Rand’s Atlas Shrugged gets the prize for “most unexpectedly enjoyable.”  Like many undergrads familiar with opportunity cost, I was more than a little wary of allocating my scarce extra time towards reading what appeared to be a 1000-plus page economic treatise.  I hadn’t even finished the first chapter before I realized that this was a really engaging, relevant book—and that it was well worth my time. 

Caveat Lector: Are there any books you would perhaps warn young economists about?

I think I’d probably give a more general warning that it’s important to read critically—to try to read both with an open mind and a degree of skepticism.  Be aware of the assumptions an author is making.  Try to think about whether those assumptions are realistic and, if not, how that might affect the conclusion of his argument.  Economists, as you probably already know, make a lot of assumptions.  Some of them are fairly innocuous simplifying assumptions that are used to make a problem more straightforward or easier to analyze.  Usually, adjusting those types of assumptions to make them more realistic doesn’t substantively change the main conclusions drawn by the economist.  But sometimes authors make assumptions (either explicitly or implicitly) that, when adjusted to match reality, drastically alter the outcome of a line of reasoning.  This might happen, for instance, when an author neglects how individuals or groups of individuals might change their behavior in responding to incentives created by a particular policy.  Training yourself to watch out for this will help you, learn to weigh the credibility of a given argument.   

I also think it’s important to learn to filter.  You’re not going to agree with every idea presented in every book, article, or essay—but that doesn’t mean you shouldn’t read them or that you can’t glean really useful information from them.  It’s important to read books and articles that run counter to your own beliefs, and even work that isn’t particularly well-argued—so that you can learn to recognize holes in economic reasoning.    

Do you have any concluding advice to give to students like me?

Be curious!  Ask questions.  Talk to economists, if you know any, or to other econ students.  Read as much as you can.  As you probably know, in addition to books, there are a ton of other great resources available for aspiring economists. Planet Money, Econ Talk, and Freakonomics Radio are all terrific podcasts that report on a wide range of econ-related issues. The American Economic Association, in its compilation of student resources (https://www.aeaweb.org/resources/students), includes a list of blogs, in addition to other information about economic research, econ-related careers, and opportunities for students interested in learning more.        

For students who are considering graduate study in economics, I’ll also mention that it’s a good idea to learn a little about the overlap between economics and math.  Economic theories are built on a foundation of math, and gaining an understanding of the types of mathematical tools used in economic analysis will be helpful as you progress in your study of econ.  If you’re a student who isn’t particularly excited about math, don’t let this dissuade you from learning more about econ.  (There’s A LOT you can do with economics without needing a PhD!)  But, for students who are trying to get a head start in exploring all of their options, it will be useful to learn about how math can be used in econ.

Et cetera: If you could only choose one for your final meal, would you choose Texas-style, Memphis-style, or South Carolina Lowcountry-style barbecue?

I was born in Charleston, and—despite a deep love and appreciation for Memphis, Texas, and both their culinary contributions—I’m still a South Carolinian at heart.  (One of my favorite non-economist authors, Pat Conroy, has a lot to say about the power of “an early inoculation of the sights and smells of the Carolina lowcountry.”)  But, as long as my final meal includes a glass of sweet tea, I’ll be good to go.