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There was a point at the start of this book when I thought I wasn’t going to make it to the end – or even past the start. It was when the market economy was described as The World of Truth. ‘Oh god’, I thought, ‘this can only mean one thing’But I was wrong. This was a much better book than I thought it was going to end up. It was quite slow at the start when he was talking about Starbucks and pricing policies – but my interest picked up when he discussed two computer printers made by IBM in There was a point at the start of this book when I thought I wasn’t going to make it to the end – or even past the start.
It was when the market economy was described as The World of Truth. ‘Oh god’, I thought, ‘this can only mean one thing’But I was wrong. This was a much better book than I thought it was going to end up. It was quite slow at the start when he was talking about Starbucks and pricing policies – but my interest picked up when he discussed two computer printers made by IBM in which the only difference between them was that a chip was added to the cheaper one to make it run more slowly. That is, of the two printers the expensive one was cheaper to produce and was then nobbled to make it run more slowly and this surreal exercise was so as to create a price comparison between the two models.After explaining why the market is magnificent he does then modify this by explaining that the market does have problems and blind spots and some ways incentives can be created to force the market to address these blind spots. There is an interesting discussion of game theory and a very comprehensive discussion of externalities which I found fascinating.I kept comparing this book with Sowell’s Basic Economics. Both writers are very keen ‘the market is great’ types – but Harford is much less of a fundamentalist than Sowell.I’m looking at getting hold of a Teaching Company introduction to Economics.
I need to learn more about comparative advantage as advanced by Ricardo. Basically, the idea is that free trade doesn’t do all the bad things people think it does, because free trade encourages countries to focus on their comparative advantage. This was something that Sowell also discussed, but I found him so rabidly pro-market and pro-free trade that all I could hear was his playing with numbers. The idea is actually quite an interesting one.Let’s say workers in the US can make both shoes and televisions, as can workers in Australia. The US workers can make 1000 shoes in an hour and 50 televisions.
The workers in Australia can make 500 shoes and 5 televisions in an hour. Ricardo says that even though the US workers can make more of both products than the Australian workers can they would be better off making just televisions and trading with Australia for shoes – as Australia has a comparative advantage in making shoes over Australia making televisions and if both countries do what they do ‘best’ then both will be better off. It doesn’t seem to make sense – but both Sowell and Harford show clearly that when countries play to their comparative advantages they are, in fact, better off.In both books this also leads to the idea that I should give up my self imposed ban on Nike products – as despite the horrible, sweatshop conditions that Nike creates and profits from, those conditions are better for the workers in third world countries than the existing conditions outside of those workshops are.
I’m going to have to read more about this.Harford isn’t as smug as Sowell, but that has meant he has made me think about things much more than Sowell was ever likely to. For example, he talks about the nexus between environmental destruction and economic progress. This is something my friends and I talk about quite often over an Indian lamb curry. The problem is that we know that we consume a disproportionate share of the world’s resources. We know that the rest of the world can’t possibly share our lifestyle. So, then what? Should we actively stop the third world from developing?
Are we ever likely to live simpler, more environmentally sustainable lives in the West? Well, it seems very unlikely. Where Sowell simply denies there is a problem, Harford proposes ways of addressing these issues which are not just saying ‘there’s no place like the market’ over and over again while clicking your heels together.Central to these are ways of manipulating the ‘pure’ operation of the market so as to take into consideration market failures, such as ecological collapse.
He proposes that this be done by putting a value on the production of CO2 or other pollutants and allowing the market to then adjust to that cost.As he says at the end of the book – morally, development seems to be the only possible solution. I just wish I could believe that when confronted with a choice between a bigger television set and the end of the world that people would make the right choice. Given the number of SUVs on the streets (and despite the cost to run them) I have no reason for any such confidence.I really need to read a leftwing guide to basic economics that deals with these issues in a comprehensive way. Harford says he's going to tell you how the world really works, how economics provides insight into our activity.
What he really tells you is how awesome the world would be if it was run by economists and everybody always acted rationally, if by 'rationally' you mean the economics jargon of 'assigning a monetary value to every single action/object in life' and not the common usage of 'according to the rules of logic'.You can also find out how poverty is easy to fix (you just move the starting Harford says he's going to tell you how the world really works, how economics provides insight into our activity. I'm a sucker for pop books about economics, and this is the best of the breed - better, even, than that NYT bestseller Freakonomics. Because Harford, unlike Levitt, actually explains the reasoning and the data he used to follow a problem from its formulation through to its conclusions. He also addresses classic economic problems-why is it hard to buy a used car? Why do all the restaurants in Times Square suck? Etc., as compared to why you should name your child 'Tova'. His chapter on I'm a sucker for pop books about economics, and this is the best of the breed - better, even, than that NYT bestseller Freakonomics.
Because Harford, unlike Levitt, actually explains the reasoning and the data he used to follow a problem from its formulation through to its conclusions. He also addresses classic economic problems-why is it hard to buy a used car? Why do all the restaurants in Times Square suck? Etc., as compared to why you should name your child 'Tova'. His chapter on health care and why it's so difficult to get a system that works is one of the clearest explanations of the problems and potential solutions that I've read anywhere. A long time ago I did an economics degree. Like most of the stuff I studied on my various degrees it has mostly passed back out of my brain through a lack of active use.
I found this book to be a useful reminder of some basic economics packaged up in easy to understand every day concepts. I put this in that category of making complicated subjects easy to understand. Nicely written and not to difficult to follow.The book was published in 2006 - and at some points it does feel a little quaint. A long time ago I did an economics degree. Like most of the stuff I studied on my various degrees it has mostly passed back out of my brain through a lack of active use. I found this book to be a useful reminder of some basic economics packaged up in easy to understand every day concepts. I put this in that category of making complicated subjects easy to understand.
Nicely written and not to difficult to follow.The book was published in 2006 - and at some points it does feel a little quaint. Questioning Amazon's $40 share price, and explaining that the claim that one day there will only be 4 major internet portals is nonsense because there is no barriers to entry seem slightly amusing now. (Does anyone even use the term 'internet portal' anymore?). On top of that, this is definitely in the school of free-market economics and if your philosophy/politics is more interventionist and less laissez-faire you might find a few arguments less convincing. Nevertheless a good read. Guitar hero linkin park ps2 jogos.
Rereading it several years later, and with a bit more background in econ, I still find it informational and entertaining, but it highlights some of the frustrations I have with econ: great for revealing insights, a struggle when it comes to applying it to public policy. Sweatshops are better than the alternative, and given time (decades) lead to prosperity, but people are still suffering today, right now, so how do you address that without throwing off the progress over time? (Note: I don't know Rereading it several years later, and with a bit more background in econ, I still find it informational and entertaining, but it highlights some of the frustrations I have with econ: great for revealing insights, a struggle when it comes to applying it to public policy. Sweatshops are better than the alternative, and given time (decades) lead to prosperity, but people are still suffering today, right now, so how do you address that without throwing off the progress over time?
(Note: I don't know either! I'm just saying.).Original review:For me, the standard in 'Economics for People Who Hate Economics' books is by Steven D. Levitt and Stephen J. Dubner, which opened my mind to all the things economists studied besides just GNP and GDP. This is another entry in the field, and I liked it as much or more than Freakonomics.Harford does a fantastic job of explaining basic economic theory in even more basic terms, using examples like Starbucks, the government of China, and traffic congestion to make his point. He's got a great sense of humor and a good turn of phrase. I still don't feel like I could carry on a conversation about economics, but after this book I feel like I could eavesdrop on one and follow along reasonably well.Now, can someone find me a book like this that makes statistics seem fun and comprehensible?
I would love you forever. From buying a used car to purchasing health insurance, Harford takes a look at a variety of situations that can have a real pratical impact on how we look at some of our everday activities. His take on health care, and how it is dealt with differently in Britain and the United States, was perhaps the most meaningful topic for me.Growing up, I constantly heard how poor the health care was in socialized medicine and how we should protect our market system. The problem is that our health care From buying a used car to purchasing health insurance, Harford takes a look at a variety of situations that can have a real pratical impact on how we look at some of our everday activities. His take on health care, and how it is dealt with differently in Britain and the United States, was perhaps the most meaningful topic for me.Growing up, I constantly heard how poor the health care was in socialized medicine and how we should protect our market system. The problem is that our health care system clearly isn't working for us. Millions of American citizens are uninsured and we still spend more money per citizen than Britain, and they offer universal health care.
How is that possible?Harford goes on to talk about how health care as a business, like the used car business, causes problems. Namely, the buyer doesn't know what he is buying. In health care, Blueshield is essentially a buyer who doesn't know if it is buying a lemon, an unhealthy person, or healthy person. This lack of knowledge screws up the pricing which has huge ramifications on our pocketbooks. Harford also talks about the problems associated with universal health care in Britain. All in all, you come out thinking that we still haven't figured out the ideal health care system.but that we definitely need to try another one.
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This book was a fantastic overview of (what I think is) basic economic theory, but told in a way that made it incredibly readable. Harford is a great writer and manages to frame his topics in a way that is both highly relevant to real life while being simple enough that anyone can understand. It ranges from the small (the economics of Starbucks and how to prevent traffic jams) to the huge (why poor countries stay poor and how china became rich).
I imagine that someone with a serious background This book was a fantastic overview of (what I think is) basic economic theory, but told in a way that made it incredibly readable. Harford is a great writer and manages to frame his topics in a way that is both highly relevant to real life while being simple enough that anyone can understand. It ranges from the small (the economics of Starbucks and how to prevent traffic jams) to the huge (why poor countries stay poor and how china became rich). I imagine that someone with a serious background in economics might not learn much, and therefore might not be impressed by this book, but for me it was perfect. A grown up Freakonomics for those who care more about the world around them and less about narrow topics like baby names and drug dealers.
I know what you are thinking; Am I interested enough in this topic to pay $21.00 for this book? Will the benefits I will enjoy in the pleasure of the reading experience and the knowledge I will gain outweigh the loss of money? Will the benefit to the economy of Canada from my cash injection into publishing industry outweigh the growth to my personal debt levels? Should I borrow a copy from the library?These are exactly the kinds of questions reading this will help you think your way through.It I know what you are thinking; Am I interested enough in this topic to pay $21.00 for this book? Will the benefits I will enjoy in the pleasure of the reading experience and the knowledge I will gain outweigh the loss of money? Will the benefit to the economy of Canada from my cash injection into publishing industry outweigh the growth to my personal debt levels?
Should I borrow a copy from the library?These are exactly the kinds of questions reading this will help you think your way through.It is as engaging a read as you are likely to find on the dismal science. Harford offers a decent little introduction to some of the more basic applications of economics. I finished it in two days and I read slowly. The Undercover Economist is a short, easy, but ultimately forgettable read.Perhaps it's my own fault for reading essentially the same narrowly focused nonfiction book on economics over and over and over again, but I literally received no new information here. Thomas Sowell's 'Basic Economics' covers the same ideas in more intellectual depth while Levitt's Harford offers a decent little introduction to some of the more basic applications of economics. I finished it in two days and I read slowly.
The Undercover Economist is a short, easy, but ultimately forgettable read.Perhaps it's my own fault for reading essentially the same narrowly focused nonfiction book on economics over and over and over again, but I literally received no new information here. Thomas Sowell's 'Basic Economics' covers the same ideas in more intellectual depth while Levitt's 'Freakonomics' covers similar ideas in a more exciting and novel way.It's hard for me to criticize or fault Harford because nearly everything he says is accurate and well put. His arguments that free markets consist of many people making voluntary choices that are mutually beneficial, that poor countries are poor because of unreliable government protection of property rights, that China's Great Leap Forward cost tens of millions of lives, that command economies are inherently inefficient without a price system, and that externalities are market failures which may sometimes justify government intervention are spot on. It's just that I've heard this story a thousand times before. He's pushing an open door with me.Kudos to Harford for speaking the truth and getting the message out there for those who haven't heard it.
If you haven't heard the message from Ayn Rand, Thomas Woods Jr., Thomas Sowell, John Stossel, Murray Rothbard, Ron Paul, Milton Friedman, Friedrich Hayek, or the countless other conservative and libertarian economists, this book may be worth your while. If you've read any of the above authors, you needn't waste your time here. Either way, I will summarize some of Harford's big points.1. Economic value arises out of the combination of usefulness and scarcity. As the population of England grew, fertile land became scarce and, therefore, more valuable.2. Coffee and sandwich prices are high in airports, terminals, and big cities because of the underlying scarcity of the land on which the shops are built.
When land is scarce, the landlords have bargaining power and can demand higher rent, which, in turn, requires the lessees to charge prices high enough to cover the higher rent.3. Traffic would be most efficiently decongested by putting an externality charge on each trip.
The trip is what adds pollution, noise, and cars to the road. By charging for that externality, actors can alter their behavior at the margin and decide every moment if they believe the cost is worthwhile. England has something similar to this by charging higher rates for road usage during rush hour.4. Poor countries are poor because of government corruption, stiflingly high taxes, and massive amounts of red tape.
It's a very simple point: the more hassle it is to start a business, the more one has to pay in taxes, and the less likely one is to be secure in his property, the less incentive there is to exert effort and produce. People respond to incentives.5. Some complain that a natural talent like Wilt Chamberlain or Tiger Woods is 'unfair' because those individuals are born with some talent that earns them many millions of dollars while others will never be as good even if they work extremely hard. The problem with taxing income is that if the athletes do not enjoy the sport, they will stop working. Thus, the tax would not be received and the fans would be deprived of watching the sport.
The solution, though completely impractical, would be to levy a large, one-time tax on those with talent. This would not alter their subsequent behavior and would result in a more even allocation of wealth. Of course, it's impossible to discern talent early enough to not alter behavior.6.
FDR levied an income tax of 79%-a level so high that only one individual paid it: John D. Some college degrees, like philosophy, that do not prepare a student with any tangible or technical skills nonetheless act as signals to employers that the holder of the degree is intelligent and hardworking.8.
There is a long-term pattern, shown by Yale economist Robert Shiller as stretching back to 1881, of stock prices hovering around a price-to-earnings ratio of 16. If the ratio is much below that, there is a signal to invest; if the ratio is much above that, there is a signal the economy is overheated and a crash may come soon.9. Sweatshops are a symptom, not the cause, of poverty for the countries that have them. In fact, sweatshops, while horrible, are better than the alternatives available to the workers and act as a rung on the ladder of a progressing economy. South Korea’s economy, which used to be home to countless sweatshops, has largely made the transition to a higher tech economy producing cars, computers, and other electronics.10. Tariffs are bad, free trade is good. In 1999, countries had the following average tariffs: U.S.
2.8%, European Union 2.7%, South Korea 5.9%, Argentina 10.7%, China 15.7%, India 29.5%, Cameroon 61.4%.Memorable Quotes:'All professions are conspiracies against the laity.' - George Bernard Shaw'Each model is useful for different things, but a 'model' that tried to describe the design, the engineering, the ecology, and the economics would be no simpler than reality itself and so would add nothing to our understanding.The truth is that it's simply not possible to understand anything complicated without focusing on certain elements to reduce that complexity.'
'It is not polite to say so, but it is obvious that paying people to be unemployed encourages unemployment.”“We learned in chapter 3 exactly why markets work: because our choices as consumers between competing producers gives them both the right incentives and the right information to produce the right amount of exactly what we want. And we’ve also learned that scarcity power, externalities, and inside information can each ruin the way markets do this.”“Hours are long. Wages are pitiful. But sweatshops are the symptom, not the cause, of shocking global poverty. Workers go there voluntarily, which means—hard as it is to believe—that whatever their alternatives are, they are worse. They stay there, too; turnover rates of multinational-owned factories are low, because conditions and pay, while bad, are better than those in factories run by local firmsThe solution to this poverty is not going to come by boycotting shoes and clothes made in developing countries. On the contrary, as countries like South Korea have opened up to multinational companies, slowly but surely they have become richer.”.
The first half of this book was great. Harford laid out some economic principles, then showed their real-life application. For example, due to problems with information quality on both sides of the deal, it's basically impossible to buy a decent used car at a reasonable price.However, the last part of this book was. The author veered in to a long discussion of why China is becoming such an economic powerhouse.
Then he asserts that it's ok we are losing jobs to China, and in fact we The first half of this book was great. Harford laid out some economic principles, then showed their real-life application. For example, due to problems with information quality on both sides of the deal, it's basically impossible to buy a decent used car at a reasonable price.However, the last part of this book was. The author veered in to a long discussion of why China is becoming such an economic powerhouse. Then he asserts that it's ok we are losing jobs to China, and in fact we are actually gaining jobs in the US.
All very rosy in a reaganomics sort of way. The problems he sidesteps is that all the jobs we are gaining in this country are crap. Wal-Mart, anyone?I feel like Harford read too much Ayn Rand, and developed this perfect idea of how the world works and why progress is wonderful for everyone. Especially here in 2011 it's pretty difficult to stomach his assertions that the world economy is making things better for everyone, especially in the light of disasters like the 2008 bank bailout.My recommendation: read the first half of this book for the interesting info about marginal rents and how to determine if markets are fair.
Then skip the rest of the book. Introducing the book to the Monthly Book Group, the proposer said he had chosen it because his wife was buying a book for a rail journey, and, as there was a two for one offer at the station, he chose this. No, despite the analysis of railway station coffee outlets in Harford’s opening chapter, he had not also succumbed to the temptation to buy an expensive coffee. (He had been brought up to believe that food and drink was something to be consumed at home, not purchased at inflated prices Introducing the book to the Monthly Book Group, the proposer said he had chosen it because his wife was buying a book for a rail journey, and, as there was a two for one offer at the station, he chose this. No, despite the analysis of railway station coffee outlets in Harford’s opening chapter, he had not also succumbed to the temptation to buy an expensive coffee. (He had been brought up to believe that food and drink was something to be consumed at home, not purchased at inflated prices outside the home, a view of continuing disappointment to his wife).The book had intrigued him, being an interesting and enlightening review of a wide range of subjects, even if it rather skimmed over some of them. Despite his business background it had shed new light on a range of commercial practices.
It was amazing that a cheaper HP printer was the more expensive one slowed down (and another member of the group with an electronics background could confirm a similar example of pricing practice for calculators with almost identical circuitry).All agreed it was written in engaging and eminently readable prose - with many entertaining anecdotes - despite dealing with a wide range of complex subjects. Most had enjoyed and welcomed the attempts to simplify economics, and found it persuasive on non-political microeconomic matters such as retail practice. It was also a pleasant change that here was an economist who offered firm views, rather than the normal “On the one hand, on the other hand”.However – as with attempts to write popular science books – it proved very difficult to treat complex issues satisfactorily in a simplistic, easy-reading style. And it was the big issues tackled in the second half of the book – political issues such as health care, failing countries in Africa, climate change, road pricing, and the need for more free markets – that proved red rags to some of our bulls.Or, more precisely, blue rags, to those brought up in the twentieth century Scottish tradition of distrusting the free market. What about the need for regulation of the free market – why did he not bring that out more strongly?
Didn’t the book lack balance – no mention here of Union Carbide in Bhopal! Was the cult of the free market not passing its zenith, as demonstrated by the current meltdown in the financial markets?Yet, for others, Harford’s recommendations were uncontroversial.
The points he was making about the role of the market in encouraging the more efficient use of resources and economic growth were widely accepted by economists. Climate change and excess traffic were indeed better tackled, in the main, by economic instruments, with regulation only forming a small part of the policy mix, as the recent UK Stern report on climate change had concluded.The difficulty was in persuading democratic governments and legislators of this, and it did not seem likely that Harford’s book was going to make it any easier. His dumbed-down versions of the theory of comparative advantage, of Ricardo on rent, of supply and demand, and of marginal decision-making were not going to make people leap to accept his later analyses of a random set of big policy issues.Indeed, it turned out that no member of the group had changed their mind about any of the political issues he discussed as a result of reading his book. Perhaps a rather less dumbed-down version – making more of use of graphs and numbers - would have had more impact. (And many big issues in economics – such as monetarism and supply side economics – were not touched on at all).
But maybe we had all such fixed views on political issues that we were impervious to other opinions. “Freakonomics”, the similar book by Steven Levitt, was less political, more original, and perhaps more successful in making you look at issues differently.Yet for everyone who disliked a particular chapter, it turned out that someone else really liked it. His analysis of why China had succeeded where Cameroon had failed annoyed several – for example because he had not brought out fully that China’s was a planned capitalist economy, or explored the one child policy, or acknowledged the scale of investment that might be needed in Cameroon.
Yet others were big fans of this section of the book, including a recent visitor to the failing economy of Burma who could recognise most of what Harford had found in Cameroon. Some thought his analysis of the health sector and insurance issues impeccable, while others strongly disputed it, and so on.Most found something intriguing in the book – such as the discussion of game theory – but what was new for one was old hat for another. And at times it seemed that we had been reading different books – some felt he failed to bring out the importance of the rule of law for allowing capitalism to work effectively, whereas others felt he brought it out particularly well.An oddity that everyone noticed was his tendency to write at some times as if he were American and addressing an American audience, and at some times as if he were British and addressing a British audience. This might reflect his own career background and the markets he hoped to sell in, but it produced a disconcertingly schizophrenic effect.
How many Tim Harfords were there? And it aggravated the feelings of those who felt he was already overly pro-American in his policy prescriptions – no mention, for example, of the indifference of the US Government to that country’s massive impact on climate change.But, reader, do not assume from the above that we had a calm, rational and well-structured discussion. The reality was a pinball-machine discussion, ricocheting violently between the price of tomatoes and democracies’ ability to tackle climate change, luridly illuminating Civil Service corruption and the failure of Russian capitalism, and then crashing from irrational packaging taxes to the Rangers/Hearts semi-final via education in India. Occasional efforts to refocus the discussion on the book were brushed aside as we plunged into highways and byways, and as serial shoppers revealed that their supermarket loyalties were of even greater importance than their loyalties to capitalism or socialism.Finally, however, we did reach two points of consensus.
One was that structuring governments around legislatures – whether in Scotland, the UK, or the EU – produced an insatiable and undesirable urge to legislate and regulate.The other was that more of us were now looking for own brand bargains on the bottom shelf of supermarkets. Not perhaps as world-changing an outcome as Tim Harford was hoping for from “The Undercover Economist”, but a more tangible product than from some other booksThis is an extract from a review at. Our reviews are also to be found at. Following my recent interest in books on the psychology of decision-making and behavioral economics, I thought it might be interesting to read up on some actual economics. I had gotten some of this out of Freakonomics and Superfreakonomics by Levitt and Dubner, but Tim Harford's Undercover Economist is a little less afraid to throw in actual economic theory and terms.
So you get explanations of 'perfect' markets, inefficiencies, externalities, and other economic jargon.Which isn't to say that Following my recent interest in books on the psychology of decision-making and behavioral economics, I thought it might be interesting to read up on some actual economics. I had gotten some of this out of Freakonomics and Superfreakonomics by Levitt and Dubner, but Tim Harford's Undercover Economist is a little less afraid to throw in actual economic theory and terms.
So you get explanations of 'perfect' markets, inefficiencies, externalities, and other economic jargon.Which isn't to say that the book isn't interesting. In fact, Harford has a great style, and like those other books he couches his discussion of economics in everyday things that we're all familiar with: buying a cup of coffee, health insurance, traffic, and orange juice. My favorite parts of the book were where he would look at very practical problems from a consumer's point of view, such as why you have to pay so much more for coffee in certain locations and why 'fancy' gourmet grocery stores will stock some of the same products as their bargain bin competitors, but use it to influence different purchasing patterns.But there's also larger scale discussions about China's economic recovery (which I found really fascinating), the influence of corruption on small countries, and globalization. It's interesting to see how an economist approaches these issues with an ultra rational approach to decision-making, and it's pretty shocking to see the extremes to which that kind of thinking can you lead you -some of Harford's propositions would nip problems like cross-town traffic or public health in the bud, but they may offend our sense of justice in the process. And Harford is grounded enough in reality to cop to that kind of thing, up to the point where you get just a little feeling of world weariness and cynicism. But not too much.
I laughed a little when i finished the book to realized that the book itself was a way to make me buy the book using its own strategy. In a sense, I meant to say that by putting the topic 'coffee' as a first topic it attracted my attention such as raising prices and sugar coating products to sell out to price sensitive customers who was willing to buy what was worth more than price.Tim harford nether less tackles the basics of economics in his book by showing us the first part of his book in a I laughed a little when i finished the book to realized that the book itself was a way to make me buy the book using its own strategy. In a sense, I meant to say that by putting the topic 'coffee' as a first topic it attracted my attention such as raising prices and sugar coating products to sell out to price sensitive customers who was willing to buy what was worth more than price.Tim harford nether less tackles the basics of economics in his book by showing us the first part of his book in a micro-economic introduction to the second half of a macro economic. From talking about coffee prices, why companies offer discounts to nearby employees all the way from health care and china 'getting rich'. The book was not a complex economic book to understand and anyone without a economic background could easily be drag in to economics and learn to question why prices are different in different places.Even though Harford book was very informative, well-written and entertaining.
I was hoping for a book that has a more information about mircoeconomics. Although many do argue that the topic about healthcare and china was underlooked the interesting part about' Why is wine always very expensive in restaurants? Because one of the big costs in a restaurant is table space. Restaurants would therefore like to charge customers for dawdling, but because they can't do that, they charge higher prices for products that tend to be consumed in longer meals, like wine, appetizers and desserts.' Should be something interesting to at least read about.
This was an admirable attempt by the author to make economic theory much more accessible to the casual reader of the subject. Harford does a very good job explaining some of the basic fundamental concepts (e.g., law of diminishing returns) and some much more complex ones (e.g., some of the principles of game theory).
The chapter on the auctioning of “air” (radio spectrum) was brilliant.However, the book, after a very strong first half, meanders in the last half and suffers from gross This was an admirable attempt by the author to make economic theory much more accessible to the casual reader of the subject. Harford does a very good job explaining some of the basic fundamental concepts (e.g., law of diminishing returns) and some much more complex ones (e.g., some of the principles of game theory). The chapter on the auctioning of “air” (radio spectrum) was brilliant.However, the book, after a very strong first half, meanders in the last half and suffers from gross oversimplification in its analysis of what makes some countries poorer than others. Assertions are made without adequate supporting evidence proffered to justify the author’s statements, e.g., Harford states that China must have a good education system since he was beaten at chess by a polite Chinese national! And to add insult to injury, in his comparison of rich versus poor countries – and the cause of their respective lots – he totally ignores imperialism, slavery and their cousin systematic racism! Shocking.Comparing Cameroon with China was not of much value to me - the two countries are galaxies apart in terms of intrinsic factors from which they would derive their respective 'comparative advantages' (a concept explained in the book).
It would have been better to do a comparison between Cameroon and other francophone African countries with a much more similar heritage, history, population size and reservoirs of natural resources.Half-way through the book I was certain I would have rated this 4 starsby its end I was struggling to justify why I should rate it at 3. What did for material science, for decision science and for roughly anything that caught his fancy so far, does for economics with this 'it's not boring, I swear' book. Starting with the laws of supply and demand, working through externality charges and the stock market and getting to foreign trade and taxation policies, is the perfect half-way point between 'Economics for Dummies' (I imagine) and every economics textbook What did for material science, for decision science and for roughly anything that caught his fancy so far, does for economics with this 'it's not boring, I swear' book. Starting with the laws of supply and demand, working through externality charges and the stock market and getting to foreign trade and taxation policies, is the perfect half-way point between 'Economics for Dummies' (I imagine) and every economics textbook ever (I guess, from the few I've unfortunately sampled). It does a great job at explaining terms and linking the concepts to real life, whether he's discussing the price of an espresso or the incredible rise of China's economics. Still, 4 stars because it did occasionally feel a bit 'I hold the absolute truth'-y. Apparently there's a sequel, so that's going on my wishlist.
An excellent book which is much in the same vein as Steven D. Levitt's Freakonomics, although perhaps a bit more geared towards mainstream topics. Harford throughout the course of this book, engages in insightful discussions on topics as wide ranging and diverse as 'Who pays for your coffee?'
To discussing the impacts of globalization and market based reforms in China. The book provides plenty of thoughtful(and thought-provoking) analysis and tries to propose effective and efficient solutions to An excellent book which is much in the same vein as Steven D. Levitt's Freakonomics, although perhaps a bit more geared towards mainstream topics. Harford throughout the course of this book, engages in insightful discussions on topics as wide ranging and diverse as 'Who pays for your coffee?'
To discussing the impacts of globalization and market based reforms in China. The book provides plenty of thoughtful(and thought-provoking) analysis and tries to propose effective and efficient solutions to the problems, from an economist's standpoint. Readers will find this book to be a highly informative and at the same time a thoroughly enjoyable reading experience. I gave up on this one.
I might have enjoyed it more if I hadn't already read a few books about behavioral economics, Nudge and Predictably Irrational. I'd also heard Dan Ariely interviewed several times. It would have made more sense to read this first, before those others, which, in some ways, debunk many assumptions in Undercover.I found his cutesy tone annoying as hell. But, bless him, he admirably keeps it up. Well, at least through the first six or so chapters that I read.Major points for I gave up on this one.
I might have enjoyed it more if I hadn't already read a few books about behavioral economics, Nudge and Predictably Irrational. I'd also heard Dan Ariely interviewed several times. It would have made more sense to read this first, before those others, which, in some ways, debunk many assumptions in Undercover.I found his cutesy tone annoying as hell. But, bless him, he admirably keeps it up. Well, at least through the first six or so chapters that I read.Major points for the nifty cover art, though.
Tim Harford is a member of the Financial Times editorial board. His column, “The Undercover Economist”, which reveals the economic ideas behind everyday experiences, is published in the Financial Times and syndicated around the world. He is also the only economist in the world to run a problem page, “Dear Economist”, in which FT readers’ personal problems are answered tongue-in-cheek with the Tim Harford is a member of the Financial Times editorial board. His column, “The Undercover Economist”, which reveals the economic ideas behind everyday experiences, is published in the Financial Times and syndicated around the world.
He is also the only economist in the world to run a problem page, “Dear Economist”, in which FT readers’ personal problems are answered tongue-in-cheek with the latest economic theory.-from the author's website. “Hours are long. Wages are pitiful. But sweatshops are the symptom, not the cause, of shocking global poverty. Workers go there voluntarily, which means—hard as it is to believe—that whatever their alternatives are, they are worse. They stay there, too; turnover rates of multinational-owned factories are low, because conditions and pay, while bad, are better than those in factories run by local firms. And even a local company is likely to pay better than trying to earn money without a job: running an illegal street stall, working as a prostitute, or combing reeking landfills in cities like Manila to find recyclable goods.”—.
Look out for Tim's next book, Fifty Inventions That Shaped the Modern Economy.A provocative and lively exploration of the increasingly important world of macroeconomics, by the author of the bestselling The Undercover Economist.Thanks to the worldwide financial upheaval, economics is no longer a topic we can ignore. From politicians to hedge fund managers to middle-class IRA holders, everyone must pay attention to how and why the global economy works the way it does.Enter Financial Times columnist and bestselling author Tim Harford. In this new book that demystifies macroeconomics, Harford strips away the spin, the hype, and the jargon to reveal the truth about how the world’s economy actually works. With the wit of a raconteur and the clear grasp of an expert, Harford explains what’s really happening beyond today’s headlines, why all of us should care, and what we can do about it to understand it better.; January 2014.
ISBN: 887. Read online, or download in secure ePub format. Title: The Undercover Economist Strikes Back. Author: Tim Harford.Imprint: Riverhead Books.
Subject categories.ISBNs. 405. 887In The Press'Every Tim Harford book is cause for celebration. He makes ‘the dismal science’ seem like an awful lot of fun.”– Malcolm Gladwell“With fascinating examples and vivid explanations, Tim Harford succeeds in turning macroeconomics into a gripping read.”—Simon Singh, author of Fermat’s Last Theorem'Tim Harford is perhaps our very best popular economics writer, and with this book he turns his attention to inflation, unemployment, business cycles, and macroeconomics, with lucid clarity and compelling insight.' —Tyler Cowen, author of Create Your Own Economy and The Great Stagnation'Tim Harford is a brave man to write a book about macroeconomics for the lay person; luckily, he is also a funny man.his perky style and chatty asides keep us grinning. and he has a knack for posing questions the average reader will have wondered about.' — Wall Street Journal'Harford has a knack for writing about economic issues in a clear and gripping way.'