I studied economics, but I never had the feeling of understanding much about the economy. Most of economics, including microeconomics and macroeconomics always

I studied economics, but I never had the feeling of understanding much about the economy. Most of economics, including microeconomics and macroeconomics always seemed to me completely detached from reality. Theories for developing poor countries seem to follow fashions that change every ten years. But there are a few topics where I felt the knowledge was interesting and relevant. This was 15 years ago and in german, but I'll try to find the right words in english. National accounting: how gross domestic product, the balance of payments etc... are calculated. The creation of money: how central banks create money and control inflation. This is probably the only theory on which all, well most, economists agree. Economic history: this is the most down to earth subject, the one that relies most on evidence. It's where you will find accounts about industrialization and crashes that micro- and macroeconomics almost never consider, because they're too busy dreaming about equilibriums. History of economic theory: For every topic there are a thousand contradicting opinions. It's dismaying if you want to find an answer to a question, but it's fascinating if you look at it like a history of thought. Then it becomes interesting in the same way as philosophy. Finance: the rocket science behind valuing options, exotic financial products, Black, Scholes and Merton's nobel prize and the crash of LTCM. This looks like hard science, there's a lot of math, but it all rests on shaky assumptions. If a model gives you a different value than the market, it's more likely you found a flawed model than a mispriced security. Here I actually have a very readable book to recommend: Capital ideas, by Peter Bernstein. And last but not least, one of the most enlightening sources, although systematically biased in favour of free markets and international trade: the economist, I mean the magazine.