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The Undercover Economist: Exposing Why the Rich are Rich, the Poor are Poor--and Why You Can Never Buy a Decent Used Car! Paperback – Jan 30 2007
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From Publishers Weekly
Nattily packaged-the cover sports a Roy Lichtensteinesque image of an economist in Dick Tracy garb-and cleverly written, this book applies basic economic theory to such modern phenomena as Starbucks' pricing system and Microsoft's stock values. While the concepts explored are those encountered in Microeconomics 101, Harford gracefully explains abstruse ideas like pricing along the demand curve and game theory using real world examples without relying on graphs or jargon. The book addresses free market economic theory, but Harford is not a complete apologist for capitalism; he shows how companies from Amazon.com to Whole Foods to Starbucks have gouged consumers through guerrilla pricing techniques and explains the high rents in London (it has more to do with agriculture than one might think). Harford comes down soft on Chinese sweatshops, acknowledging "conditions in factories are terrible," but "sweatshops are better than the horrors that came before them, and a step on the road to something better." Perhaps, but Harford doesn't question whether communism or a capitalist-style industrial revolution are the only two choices available in modern economies. That aside, the book is unequaled in its accessibility and ability to show how free market economic forces affect readers' day-to-day.
Copyright © Reed Business Information, a division of Reed Elsevier Inc. All rights reserved. --This text refers to an out of print or unavailable edition of this title.
—Steven Levitt, author of Freakonomics
"A playful guide to the economics of everyday life, and as such. . . something of an elder sibling to Steven Levitt’s wild child, the hugely successful Freakonomics."
"A book to savor."
—The New York Times
"The Undercover Economist is a book you must pick up if you want a fresh perspective on how basic ideas in economics can help in answering the most complex and perplexing questions about the world around us."
“[Harford] is in every sense consumer-friendly. His chapters come in bite-size sections, with wacky sub-headings. His style is breezy and no-nonsense. . . . The Undercover Economist is part primer, part consciousness raiser, part self-help manual.” --Times Literary Supplement
"Anyone mystified by how the world works will benefit from this book – especially anyone confused about why good intentions don’t, necessarily, translate into good results."
—The Daily Telegraph (UK)
"Harford writes like a dream – and is also one of the leading economic thinkers of his generation. From his book I found out why there’s a Starbucks on every corner, what Bob Geldof needs to learn to make development aid work properly, and how not to get duped in an auction. Reading The Undercover Economist is like spending an ordinary day wearing X-ray goggles."
—David Bodanis, author of E=mc2 and Electric Universe
"Popular economics is not an oxymoron, and here is the proof. This book, by the Financial Times columnist Tim Harford, is as lively and witty an introduction to the supposedly 'dismal science' as you are likely to read."
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Top Customer Reviews
Using ten themes, Mr. Harford provides a popular platform for the latest thinking on economics.
In Who Pays for Your Coffee? he looks at how a desire for quick access to caffeine allows landlords along commuter routes to charge high rents for take-out coffee locations.
In What Supermarkets Don't Want You to Know? he explores how item choices and pricing are used to create the appearance of competitiveness while encouraging the price insensitive to pay as much as they like. He also explains the theory of why you pay so much more for fancier coffee drinks . . . and even possibly for fair trade coffee.
Perfect Markets and the "World of Truth" considers how economic policy can influence how people make decisions and allocate resources more efficiently such as by raising taxes on fuel while subsidizing the poor with a "head start".
Crosstown Traffic looks at the ways that social problems can be solved by a judicious use of fees, such as by charging for the right to pollute.
The Inside Story examines how imperfect information causes costs and prices to soar . . . as those who know what's good and bad take advantage of those who don't. People sell used cars that are lemons and hold on to ones that are peaches. Those who need health insurance because they are sick buy it while those who are well avoid the cost.
Rational Insanity describes talks about irrationality in economic decisions such as the recent Internet bubble.
The Men Who Knew the Value of Nothing is about describes the brilliant and not so brilliant auctions that economists set up to sell radio spectrum for new services around the world.Read more ›
This book is essentially an introduction to micro and macro economics, with a greater emphasis on microeconomics I would say. For those who have never studied economics it will require more concentration than a relaxing pulp fiction novel but as you get into the groove of Harford's writing style you will find that the book flows nicely and is easy to follow. People who have taken economics will understand things more clearly and pick up some interesting, practical examples for explaining economic theory; Harford spares us any discussion of manufacturing and selling widgets, for example and is effective in avoiding the one product universe to explain supply and demand.
This book moves beyond an introductory economics course in that it uses more qualitative elements to explain why things are the way they are. In my experience (as an economics major), undergraduate economics tends to analyze the world using equations and simple graphs.Read more ›
On the other hand, this is no college textbook. It is much more fun to read and much more accessible. There are no formulas or math. The concepts are explained in simple English, and then immediately applied to everyday life situations such as the price of coffee at Starbucks, health care and traffic. Whether or not you know anything about economics, you won't be bored.
Most importantly, this book helps people think in rational terms about hot-button issues like free trade and the environment. The author has his own views -- we all do -- but his approach to issues is rational. He encourages us to think critically, rather than simply reacting emotionally. For that reason, if no other, this is a worthwhile book and the world would be a better place if everyone read it.
Note: my undergraduate degree is in economics, although that was a long time ago and I have not studied economics, nor used it in my job, for about 20 years.
Most recent customer reviews
While I don't personally like how the author chooses to accept altruism and the general notion of the "greater good" in his arguments, I absolutely love the economic side... Read morePublished on March 25 2013 by Kushal Sharma
The author manages to make the subject easy and entertaining. I actually enjoyed every chapter of the book. Read morePublished on Oct. 6 2010 by A. Lallo
Alas, I had to stop reading part way through -- the book is merely a collection of undergraduate thought experiments regarding eocnomics of everyday activities -- a bunch of... Read morePublished on Sept. 20 2008 by Gord McKenna
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