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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! (Hardcover) (Hardcover)
by Tim Harford
| Category:
Non-fiction, Business, Economics, Market |
| Market price: ¥ 268.00
MSL price:
¥ 248.00
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| Stock:
Pre-order item, lead time 3-7 weeks upon payment [ COD term does not apply to pre-order items ] |
MSL rating:
 Good for Gifts |
| MSL Pointer Review:
This book works well as a layman's introduction to economics and grips readers interested in understanding free-market forces . |
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Author: Tim Harford
Publisher: Oxford University Press, USA
Pub. in: November, 2005
ISBN: 0195189779
Pages: 288
Measurements: 9.4 x 5.9 x 1.3 inches
Origin of product: USA
Order code: BA00894
Other information: ISBN-13: 978-0195189773
Language: American English
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Rate this product:
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- MSL Picks -
Economics is a subject that is equally loved and ridiculed. Thanks to the innumerable economic theories that are often at loggerheads with each other, over the years this wonderful science has succeeded in distancing itself from the common man. Harford does an excellent job in demystifying Economics and delivers an exciting and informative insight into this subject through day to day examples.
"Economics is about choices" is perhaps the most wonderful and simple statement that is proven beyond doubt by the time you finish reading this book. Markets and their efficiencies or lack of it due to three main factors - Scarcity Power, Insufficient information and Externalities - is another area where the foundation of economic theory is well laid out and explained with excellent down to earth examples in the initial chapters. Numerous theories including the ones that received Nobel prizes are quoted with such simplicity that one does not need a formal education on Economics to appreciate the core concepts behind them.
The breadth of topics and examples covered is really fascinating - pricing a cup of coffee, selling a pre-owned car , bidding for telecom licences, free trade, pollution and prosperity to name a few. Here again there is no compartmentalisation in terms of "Micro" or "Macro" Economics. It is Economics, plain and simple. Sharp, frank and bold , the impartial economic analysis of key issues facing us in our daily lives is what this book is about.
China for example is often criticised for encouraging sweat shops. But then, a twelve hour day in a factory and earning wages is better than no work at all. As a next logical step, labour markets will force increase in wages and working conditions improve. The story of a lady who left her job in a factory and started her own business ( a beauty clinic) with her choice of working hours is a happy ending. Now it is up to you to exercise your choice of buying a copy of this marvellous book.
, if you know nothing at all about the discipline. If you do know a bit about the field, it's less valuable but still a fun read.
Economics is a subject that is equally loved and ridiculed. Thanks to the innumerable economic theories that are often at loggerheads with each other, over the years this wonderful science has succeeded in distancing itself from the common man. Harford does an excellent job in demystifying Economics and delivers an exciting and informative insight into this subject through day to day examples.
"Economics is about choices" is perhaps the most wonderful and simple statement that is proven beyond doubt by the time you finish reading this book. Markets and their efficiencies or lack of it due to three main factors - Scarcity Power, Insufficient information and Externalities - is another area where the foundation of economic theory is well laid out and explained with excellent down to earth examples in the initial chapters. Numerous theories including the ones that received Nobel prizes are quoted with such simplicity that one does not need a formal education on Economics to appreciate the core concepts behind them.
The breadth of topics and examples covered is really fascinating - pricing a cup of coffee, selling a pre-owned car , bidding for telecom licences, free trade, pollution and prosperity to name a few. Here again there is no compartmentalisation in terms of "Micro" or "Macro" Economics. It is Economics, plain and simple. Sharp, frank and bold , the impartial economic analysis of key issues facing us in our daily lives is what this book is about.
China for example is often criticised for encouraging sweat shops. But then, a twelve hour day in a factory and earning wages is better than no work at all. As a next logical step, labour markets will force increase in wages and working conditions improve. The story of a lady who left her job in a factory and started her own business ( a beauty clinic) with her choice of working hours is a happy ending. Now it is up to you to exercise your choice of buying a copy of this marvellous book.
Target readers:
General readers, especially the people interested in the economics.
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Tim Harford writes the Financial Times Magazine "Dear Economist" column, in which he draws upon the latest economic theories to provide tongue-in-cheek answers to readers' personal dilemmas. He also works at the World Bank, where he is the lead writer for the Chief Economist of the International Finance Corporation. Formerly an economics editorial writer at the Financial Times, Harford has served as both an economist for a major oil company and an economics tutor at Oxford University. He lives in Washington DC.
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From publisher:
An economist's version of The Way Things Work, this engaging volume is part field guide to economics and part expose of the economic principles lurking behind daily events, explaining everything from traffic jams to high coffee prices. The Undercover Economist is for anyone who's wondered why the gap between rich and poor nations is so great, or why they can't seem to find a decent second-hand car, or how to outwit Starbucks. This book offers the hidden story behind these and other questions, as economist Tim Harford ranges from Africa, Asia, Europe, and of course the United States to reveal how supermarkets, airlines, and coffee chains-to name just a few-are vacuuming money from our wallets. Harford punctures the myths surrounding some of today's biggest controversies, including the high cost of health-care; he reveals why certain environmental laws can put a smile on a landlord's face; and he explains why some industries can have high profits for innocent reasons, while in other industries something sinister is going on. Covering an array of economic concepts including scarce resources, market power, efficiency, price gouging, market failure, inside information, and game theory, Harford sheds light on how these forces shape our day-to-day lives, often without our knowing it. Showing us the world through the eyes of an economist, Tim Harford reveals that everyday events are intricate games of negotiations, contests of strength, and battles of wits. Written with a light touch and sly wit, The Undercover Economist turns "the dismal science" into a true delight.
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| View all 11 comments |
Martin Wolf (MSL quote), USA
<2007-06-15 00:00>
Most people think economics is boring, difficult and irrelevant. In fact, economics is fascinating, comprehensible and highly relevant. As Tim Harford demonstrates brilliantly in this enjoyable book, the powerful underlying ideas of economics can, in the hands of the right person, illuminate every aspect of the world we inhabit. |
Steven Levitt (MSL quote), USA
<2007-06-15 00:00>
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. |
Jagdish Bhagwati (MSL quote), USA
<2007-06-15 00:00>
If you need to be convinced of the ever-relevant and fascinating nature of economics, read this insightful and witty book by Tim Harford. Using one interesting example after another, The Undercover Economist demonstrates how economic reasoning-often esoteric and dull, but totally accessible in Harford's hands-helps illuminate the world around us. Indeed, Harford's book is a tour de force. |
The Economist (MSL quote), USA
<2007-06-15 00:00>
A playful guide to the economics of everyday life, and as such is something of an elder sibling to Steven Levitt's wild child, the hugely successful Freakonomics.... Harford does not take himself too seriously. He is at his best illuminating the economics of small things.... In general, as befits a covert operative, his tone is quizzical and low-key, rather than bombastic and judgmental. For anyone schooled in blackboard economics, The Undercover Economist succeeds in taking the chalkdust out of the subject. |
View all 11 comments |
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