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The Undercover Economist, Revised and Updated Edition: Exposing Why the Rich Are Rich, the Poor Are Poor - and Why You Can Never Buy a Decent Used Car!
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Review
"This is a book to savor." --The New York Times"Harford is smart. Scary smart. So smart he can illuminate, in clear, entertaining English, ideas and forces of mind-boggling complexity." --BusinessWeek "The Undercover Economist is a rare specimen: a book on economics that will enthrall its readers. Beautifully written and argued, it brings the power of economics to life. This book should be required reading for every elected official, business leader, and university student." --Steven D. Levitt, author of Freakonomics "For anyone schooled in blackboard economics, The Undercover Economist succeeds in taking the chalkdust out of the subject."--The Economist "Distinguishes itself from the pack... lively and insightful." --The Wall Street Journal
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About the Author
Tim Harford is a senior columnist for the Financial Times and author of several books. He is a visiting fellow at Nuffield College, Oxford, a senior visiting fellow at Cass Business School, and he lives in Oxford with his wife and three children.
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Product details
Hardcover: 304 pages
Publisher: Oxford University Press; Revised, Updated ed. edition (August 15, 2012)
Language: English
ISBN-10: 0199926514
ISBN-13: 978-0199926510
Product Dimensions:
9.4 x 0.9 x 6.3 inches
Shipping Weight: 1.5 pounds (View shipping rates and policies)
Average Customer Review:
4.1 out of 5 stars
284 customer reviews
Amazon Best Sellers Rank:
#83,306 in Books (See Top 100 in Books)
I remember one lesson from this book, which I read 10 years ago, that a coffee shop will often pay $1.00, $1.10 and $1.20 for three sizes or qualities of coffee, but will charge the consumer $2.00, $3.00, and $4.00 respectively. The customer then dictates the level of luxury (and profit) they desire, without the business having to do so. Even though I could figure as much, they put it in a way that changed my life and business approach, and they provided an example I often share. I would give this book five stars if I remembered another example!
Summary and review of The Undercover Economist by Tim Harford (Kindle edition)I bought this book as a layman trying to understand how economists think. The first few chapters were interesting, as the author attempts to explain basic notions such as “the world of truthâ€, marginal value, free trade, game theory, and more. The explanations were clear and the writing quite engaging. Things fall off in the final chapters, revealing some of the bigger problems with economic thought, or at least with this economist’s thinking. Specifically, chapter 8 attempts to discuss why poor countries are poor. Clearly the author is trying to show us that the reason is the lack of free markets and correct incentives. But that begs the question: Why are some countries able to get this right and others not? The author fails to provide an answer because he ignores an important factor: culture. Chapter 9 is even worse, as the author discusses the grand benefits of globalization. Sure, there are benefits, but he ignores the disadvantages and also the fact that these benefits are not spread evenly throughout society, at all - some sectors are getting killed. The author writes like someone who is so busy drinking Belgium draught beer in a pub in London and flitting about the world in pursuit of new sights and sounds, that he cannot hear nor see the suffering that is being caused to others ("sweatshops are great compared to the alternative", as he puts it). Perhaps such attitudes are why economists are considered to be soulless… The final chapter sets up China as a shining example of the successes of globalization. The really funny thing here is that the author completely ignores the fact that China’s success is built on a consistent policy of protectionism through subsidies, tariffs, and currency manipulation – the exact same things that the author spends the entire book condemning! So apparently, protectionism is great when it helps China but awful for everyone else?? I don’t know how else I’m supposed to understand this chapter.Bottom line: This is an inconsistent book by an economist who seems to be madly in love with himself. I’m sure there are better books to serve as an introduction to economics.
My 17 year old grandson told me of this book. He liked it and I read it to talk with him about it. I found it very delightful from the first page and have been discussing the issues the author raises with my mid 50 year old children. Can't recommend it enough. The author provokes thinking about our economic life and how it creates our world. It is easily read and understood.
Very interesting book, expecially the final chapters:--how China ascended from utter economic oblivion to being the 2nd largest world economy--why the poorest nations in the world are poor and may never changeIf you like this, be sure to listen to or read Tim Harford's "50 things..." https://www.amazon.com/gp/product/0735216134 . It is available as BBC podcasts or book. IMHO, it should be required reading/listening for everyone.
Tim does a fantastic job explaining important economic concepts and without the confusing charts, graphs and formulas you usually see in an economics course. You get some fascinating anecdotes about how economics plays out in everyday life. You will never look at a supermarket or Starbucks quite the same away again. Tim delivers on every provocative question he asks in this book and answers the all important question of what the major difference is between rich countries and poor countries.
This particular book changed my perspective on how to think. The analysis of normal things and phenomenon is so logical and intelligent. I absolutely love the way of logical deduction from Tim Harford. This book is also surprisingly easy to read. It doesn't have equations or graphs that a regular economy textbooks would have. You need to read this book if you haven't read it yet!
My book came in quickly and the hardcover was in top condition. I bought this book for my economics class, as we had an assignment regarding content in the book that relates to the subject matter we've covered in lecture. This book is very relevant to everything, and the way the material is presented makes it easy to comprehend. There are many "Aha!"moments throughout the book, and I can say I thoroughly enjoy it.
This book really helped sharpen my thinking on vital, everday economic realities. As you read and explore various situations that effect us all, you feel like a lot of foggy misconceptions are being shaved away and a laser clarity is put in their place. I wish everyone would read this book. We would have a lot smarter voting populace if they did.A lot of topics are covered, but none are removed from situations that intimately effect all of us. You get a lot of insight on how various retailers struggle to set the highest price (this chapter alone paid for the price of the book, because it has made me a smarter, better armed shopper.) You learn how the concept of "missing information" makes it hard to buy a good used car as well as for a free market system to create afforable health insurance (the relationship between used cars and health insurance was as eye opening as it was fascinating.) You also learn that ecnonomists have some very good solutions to handling traffic congestion and pollution, if only the politicians would learn and listen.This is just a sample of what is available, all written in a friendly, accessible style. No math, no graphs. Just a lot of clear reasoning and mind expanding information. Reading it was well worth my time. Hats off to the author.
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