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The Undercover Economist: Exposing Why the Rich Are Rich, Why the Poor Are Poor--And Why You Can Never Buy a Decent Used Car!
by
Tim Harford
“The economy [isn’t] a bunch of rather dull statistics with names like GDP (gross domestic product),” notes Tim Harford, columnist and regular guest on NPR’s Marketplace, “economics is about who gets what and why.” In this acclaimed and riveting book–part exposé, part user’s manual–the astute and entertaining columnist from the Financial Times demystifies the ways in which...more
Paperback, 288 pages
Published
January 30th 2007
by Random House Trade Paperbacks
(first published November 1st 2005)
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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 h...more
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 h...more
I did not like this book, but gave it 1 star because I did learn a few things about how the economy works between fits of rage and explitives. The author takes a very pro-big business, pro-globalization stance and explains why these institutions are crucial and beneficial to the world in a playful and humorous tone that falls flat most of the time. In his attempt to reach the non-economists and pull them into the dark side that is the abuse of third-world labor and privatized health care, he did...more
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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 m...more
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 m...more
Cory
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review of another edition
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review of another edition
Recommends it for:
anyone without an economics degree
Shelves:
books-i-have
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 backgroun...more
I'm a sucker for pop books about economics, and this is the best of the breed -- better, even, than that NYT bestseller Freakonomics. Why? 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 chapt...more
More entertaining, thoughtful, and relevant than Freakonomics. Freak tended to ramble and explain how economics helped explain random things like drug-dealing cartels and cheating on standardized tests, Undercover has a planned narrative from start to finish and helps explain important things like why things cost what they do and how third world countries grow. It's admittedly a pro-free markets tome, which shows through in the international development chapter, but soundly addresses a number of...more
Like a bad cup of coffee, I'm already struggling to force this down. As a former World Bank employee and Financial Times editor it will come as no surprise that Hardford thinks trade unions and free healthcare are bad, sweatshops are good and the free market will fix everything. There's something to be said for knowing your enemy, but The Undercover Economist's smug, patronising tone and Harford's self-avowed preference for armchair reasoning will have you grinding your teeth in frustration.
I grabbed this book from my local bookstore after being drawn in by the title. I've always had an interest in economics as whole, but never took the time to really dig myself into some reading material (besides the voluminous textbook I was forced to trudge through in college).[return][return]Mr. Harford does a satisfactory job of trying to explain the devil in the details behind many of society's microeconomic transactions. Like a few of the other reviewers, I did find the text to be a bit dry,...more
With humour, and style, Tim Harford introduces the reader to the not-so-esoteric word of economics. The awesome power of the market to not just create wealth and redistribute it, but to also dramatically improve people's lives in ways no other system can manage, whilst simultaneously improving efficiency and delivering information becomes shockingly clear, and surprisingly simple! There's a wealth of optimism and hope riding through these pages, not because Tim is an optimistic chap, but because...more
Tim Harford's book is a convincing argument for giving a f#ck about economists. Within "Undercover," Harford presents very solid arguments for globalization; which certainly spun much of my view of free trade on its head, an excellent example of why poor countries are poor via Cameroon, and very good explanations of market scarcity and the not-so-right-wing belief in 'externality charges' (taxes) and regulation to bring the market to heel.
**Spoilers, albeit non-fiction**
...more
**Spoilers, albeit non-fiction**
...more
Reviewed @ Girls Without a Bookshelf.
The truth is, in my eyes, economics is and will always be the best field of study ever. Complex, world-changing and integral to our daily lives, it has never been and will never be obsolete or far removed from our everyday actions and decisions. It may not have occurred to everyone how important economics is and how deeply it affects each individual until the onslaught of the recent recession, but regardless of how long your interest has been, The U...more
The truth is, in my eyes, economics is and will always be the best field of study ever. Complex, world-changing and integral to our daily lives, it has never been and will never be obsolete or far removed from our everyday actions and decisions. It may not have occurred to everyone how important economics is and how deeply it affects each individual until the onslaught of the recent recession, but regardless of how long your interest has been, The U...more
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 outsi...more
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 ...more
You can also find out how poverty is easy to fix (you just move the ...more
I have a soft spot for economics books, especially somewhat poppy ones. Mr Hartford strikes a perfect balance between poppy and teaching core principals. In fact I had a very hard time putting this book down.
What sets this book apart from other economics books is the examples. Mr Hartford's choices range from Starbucks (why coffee beans will always be cheap but coffee won't be) to the true cost of tariffs to health care reform. In fact his was the only argument for health saving acc...more
What sets this book apart from other economics books is the examples. Mr Hartford's choices range from Starbucks (why coffee beans will always be cheap but coffee won't be) to the true cost of tariffs to health care reform. In fact his was the only argument for health saving acc...more
i'll never look at my latte cup the same way again! He's a freakonomist with a more tempered attitude - but actually loftier targets - combined with the tipping point - we might know more about how to get things our way... other than persuasion - its basic assumption is that human being are calculating pragmatists (totally against my industry here!) and a simple policy tweaking will get everyone lined up to do what we want them to do the way we want them to do it...
This well-written, easy-to-read popular nonfiction book would be a good choice for anyone looking for a broad introductory overview of (or refresher on) contemporary economics. Harford tends towards a rosier-than-reasonable perspective on modern capitalism and is positively dismissive of some legitimate environmental concerns associated with globalization. Nevertheless, I found his book to be humorous and engaging. Great plane reading for wonky types.
Not as readable and visceral as Freakonomics, rather more of an Econ 101 primer. Harford makes global (and local) economics fairly easy to understand, although he acknowledges it's oversimplified. This means, of course, that you feel like you're not really getting the whole story on many topics.
For example: sweat shops are good for their employees, who have few other options... support them! And: regulations and government interference with markets are bad! I would have liked to hear a bit...more
For example: sweat shops are good for their employees, who have few other options... support them! And: regulations and government interference with markets are bad! I would have liked to hear a bit...more
Harford exposes the dark underbelly of capitalism in Undercover Economist. Compared with Steven Levitt's and Stephen J. Dubner's popular Freakonomics (*** July/Aug 2005), the book uses simple, playful examples (written in plain English) to elucidate complex economic theories. Critics agree that the book will grip readers interested in understanding free-market forces but disagree about Harford's approach. Some thought the author mastered the small ideas while keeping in sight the larger context
...more
Okay, so it's no Freakonomics. It's not nearly as readable or as wowing. However, I learned a lot and I've found myself reporting on things from this book in conversation a lot lately. Ask me about my "comparative advantage" and see for yourself. There's a lot of food for thought here.
I'm not an economist and I don't get a LOT of what this guy is talking about a lot of the time - but I got it some of the time, so his efforts at creating an accessible piece of economic writing are...more
I'm not an economist and I don't get a LOT of what this guy is talking about a lot of the time - but I got it some of the time, so his efforts at creating an accessible piece of economic writing are...more
I'll be brief: the first half of this book is good, the second half is disappointing.
In the first half, Tim Harford takes a fun look at various phenomena, such as the locations of coffee shops or why it is difficult to buy a used car, through an economic lens. Pretty interesting microeconomics. (And let's be honest: microeconomics is more interesting.)
The second half is a good bit more annoying -- it's macroeconomics, poorly explained. There are a lot of unfortunate stat...more
In the first half, Tim Harford takes a fun look at various phenomena, such as the locations of coffee shops or why it is difficult to buy a used car, through an economic lens. Pretty interesting microeconomics. (And let's be honest: microeconomics is more interesting.)
The second half is a good bit more annoying -- it's macroeconomics, poorly explained. There are a lot of unfortunate stat...more
I liked Freakonomics and bought this based in part on the endorsement of one of the co-authors of that book. Harford is a journalist with the Financial Times and what I got instead was a very plodding and pedantic treatment of basic economic orthodoxy. I really didn't learn anything. Many of the examples are dated or cliché. I found particularly disturbing his characterization of the market in China and Korea. China is still very much a planned economy and the transformation into a force of capi...more
This was a really straightforward and entertaining book which described basic economics in an understandable and interesting way. Competitive Advantage, externalities, cost benefit analysis are just some of those "buzz" phrases that are addressed.
I tried to read it a few years ago and didnt get much out of it, but now, having studied economics a little I think it makes much more sense. I'm not sure if this means that it really has a niche market (i.e. knows a bit about econom...more
I tried to read it a few years ago and didnt get much out of it, but now, having studied economics a little I think it makes much more sense. I'm not sure if this means that it really has a niche market (i.e. knows a bit about econom...more
I was surprised at how much economics Harford crammed into this book, a lot of which is interesting, useful stuff. Some chapters, like 'Why Poor Countries Are Poor,' were particularly interesting, while others (albeit only a few) were somewhat less riveting. The simple, if not simplistic, anecdotes and illustrations managed to keep up my general interest, although the much-used coffee price motif did get a bit irritating, and the author did not, in fact, always 'write like a dream' (see blurb of...more
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...more
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...more
The best bits are at the start (price targeting in coffee) and at the end (China's economic success). Best-selling, but not particularly brilliany by any means. The book's success - as it's author might testify - is probably down to the supply and demand ratio for economics books that aren't bloody dull.
Un libretto agile e gustoso che aiuta ad adottare ove utile un punto di vista economico su molti aspetti della realtà che ci circonda. E non si tratta di cinismo, ma di considerazioni pervasive, ragionevoli e spesso controintuitive e sorprendenti. Lo stile di Harford è tipicamente british, rapido, sapido e simpatico, ma sempre chiaro e preciso. Di rilievo i capitoli sul potere della scarsità, sul mercato ideale come riferimento per quello reale, sul perchè i paesi poveri sono poveri, sul libero ...more
This is, hands-down, the best book on economics I have read. It is also the ONLY economics book I have ever read, so as Harford himself would admit, he benefits from having a lot of scarcity power.
That being said, I think this book is a great introduction to economics and many of its pivotal theories (like Ricardo's theory of rents) for the uninitiated. By filling the book with easy-to-comprehend examples from the world around us, Harford actually makes this a fun ride. He illustr...more
That being said, I think this book is a great introduction to economics and many of its pivotal theories (like Ricardo's theory of rents) for the uninitiated. By filling the book with easy-to-comprehend examples from the world around us, Harford actually makes this a fun ride. He illustr...more
I felt this book is good in parts: it certainly shed light for me, the lowest of the low as far as economics is concerned. I learned about the inter-connectedness of many pieces of the international jigsaw I only suspected before. However, the section on stocks and shares totally lost me: I understand no more than before after reading that. And his section on world poverty and how wonderful globalisation is and how sweatshops show the benevolent nature of multi-national companies, was too capi...more
Informative & entertaining book on economics for the general reader. Harford is very much pro globalisation and believes in the benefits of international trade more than I did before reading this book & while he hasn't fully convinced me he has definitely made me rethink some of my preconceptions such as the evil of sweatshops and the belief that multinationals export pollution causing industries to the third world. Excellent sections describing Chinas economic development, the U.K.'s auction of...more
Very readable and informative overview of basic economic principles, as they appear in real life (such as market efficiency, scarcity power, price targeting, externalities, and asymmetrical information) - and a discussion of some more controversial issues, including globalization and game theory. He also discusses the strategy used by Deng Xiaoping to balance socialism and capitalism in expanding China's economy after the tragic failure of Mao's Great Leap Forward. He places a little too much ...more
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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 late...more
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“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.”
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