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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!, by Tim Harford
Ebook Free The Undercover Economist: Exposing Why the Rich Are Rich, the Poor Are Poor--and Why You Can Never Buy a Decent Used Car!, by Tim Harford
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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.
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From Bookmarks Magazine
Harford exposes the dark underbelly of capitalism in Undercover Economist. Compared with Steven LevittÂ’s and Stephen J. DubnerÂ’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 HarfordÂ’s approach. Some thought the author mastered the small ideas while keeping in sight the larger context of globalization; others faulted Harford for failing to criticize certain economic theories and to ground his arguments in political, organizational structures. Either way, his case studies—some entertaining, others indicative of times to come—will make you think twice about that cup of coffee.Copyright © 2004 Phillips & Nelson Media, Inc.
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Product details
Hardcover: 288 pages
Publisher: Oxford University Press; 56255th edition (November 1, 2005)
Language: English
ISBN-10: 0195189779
ISBN-13: 978-0195189773
Product Dimensions:
9.2 x 1.1 x 6.3 inches
Shipping Weight: 1.2 pounds (View shipping rates and policies)
Average Customer Review:
4.1 out of 5 stars
285 customer reviews
Amazon Best Sellers Rank:
#278,585 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!
Despite its age, this book is a must read for those that have an interest in economy and how the world really works. Very easy to read with no technical language that will challenge many preconceived ideas.
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.
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