“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 money works in the world. From why the coffee in your
cup costs so much to why efficiency is not necessarily the answer
to ensuring a fair society, from improving health care to curing
crosstown traffic–all the dirty little secrets of dollars and cents
are delightfully revealed by The Undercover Economist.
“A rare specimen: a book on economics that will enthrall its
readers . . . It brings the power of economics to life.”
–Steven D. Levitt, coauthor of Freakonomics
“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.”
–The Economist
“A tour de force . . . If you need to be convinced of the
everrelevant and fascinating nature of economics, read this
insightful and witty book.”
–Jagdish Bhagwati, author of In Defense of Globalization
“This is a book to savor.”
–The New York Times
“Harford writes like a dream. From his book I found out why
there’s a Starbucks on every corner [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 Electric Universe
“Much wit and wisdom.”
–The Houston Chronicle
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.
From Bookmarks Magazine
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 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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