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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 – 2006

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Product Details

  • Paperback: 276 pages
  • Publisher: Oxford (2006)
  • ASIN: B000T47MSA
  • Product Dimensions: 8 x 5.2 x 0.9 inches
  • Shipping Weight: 6.4 ounces
  • Average Customer Review: 4.1 out of 5 stars  See all reviews (214 customer reviews)
  • Amazon Best Sellers Rank: #4,011,328 in Books (See Top 100 in Books)

More About the Author

Tim Harford is the author of the bestseller The Undercover Economist and The Logic of Life and a member of the editorial board of the Financial Times, where he also writes the "Dear Economist" column. He is a regular contributor to Slate, Forbes, and NPR's Marketplace. He was the host of the BBC TV series Trust Me, I'm an Economist and now presents the BBC series More or Less. Harford has been an economist at the World Bank and an economics tutor at Oxford University. He lives in London with his wife and two daughters.

Customer Reviews

Most Helpful Customer Reviews

231 of 241 people found the following review helpful By Marty McFly on November 18, 2005
Format: Hardcover
If you read only one pop economics book this year, The Undercover Economist should be it. Harford, a columnist for the Financial Times among other distinctions, has written a book that could almost serve as a textbook for an Economics 101 course. But it's emphatically not dry or dull. Instead, what Harford has done is convey the excitement, the power, and the often counter-intuitive results of economic thought. In so doing, he has written more or less the economic equivalent to The Selfish Gene.

Many recent books (notably Freakonomics) have dealt with the more exciting realms of economic research, such as the application of certain economic models to what most people would consider non-economic behavior. And far more books have talked about "economics" in the context of even trendier ideas like globalization (think The World is Flat or even No Logo). Such books, however, are reflections of marginal (in the case of the former) or unsophisticated (in the case of the latter) economic schools of thought.

Harford presents the orthodoxy in all its glory, and reminds readers that economists really do see the world in a different--and fascinating--way. He explains simple, but often misunderstood, concepts like adverse selection (that is, why health insurance costs too much), as well as even simpler, but far more consequential, economic models, such as David Ricardo's explanation of why landowners, and not farmers, make money from rising crop prices. Along the way, he explains why the prices at Safeway and Whole Foods are about the same--and why the prices for items on the top shelf are higher than prices for the same goods on the bottom shelf.
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72 of 74 people found the following review helpful By Omer Belsky on September 19, 2007
Format: Paperback
Ever since the surprise success of "Freakonomics", a flood of economics books for the general public have been published, all trying to cash on the success of that peculiar best seller. According to the principles explained in Tim Harford's book, that is probably a mistake: profits come from scarcity - so further books about `the economics of everyday life' face diminishing returns. And yet, Harford offers several explanations as to why such books may continue to be published: one is that if everyone thinks that economics books are going to be best sellers, an editor who wouldn't publish economics books may lose her job. I'm merely speculating, of course, but this is what happened (with dotcom stocks instead of econ books) to Tony Dye, chief executive of Phillips & Drew (pp. 135-137).

Tim Harford's stuff, though, is worth reading. A regular contributor to slate.com and the financial times, Harford has the gift of explaining complicated economic ideas in accessible language.

Although the comparison to "Freakonomics" is made prominently by the book's cover (which in my version includes an endorsement from Freakonomist Steven Levitt himself, as well as a description as the "elder sibling" of Freakonomics by `The Economist'), `The Undercover Economist' is the better economics book. Freakonomics, after all, doesn't teach too much economics: beyond emphasizing that "people respond to incentives" (an important message, for sure) it answers such questions as whether Sumo wrestlers cheat (They do) and what name should you give your child (It doesn't matter).
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100 of 113 people found the following review helpful By H. Benjamin on November 3, 2005
Format: Hardcover
I just finished this book, which is a bit like a real life cheat-sheet. Give this guy the Nobel prize: he made economics INTERESTING AND FUN for me!!! A dreading challenge, believe me!

Economics is everywhere. We're surrounded by it, but most people do not think about it in they're daily lives. That's unfortunate: one would certainly learn to drive before standing behind the wheel of an automobile. So why not learn about the economic incentives that actually drive most of our own behavior before getting out and getting hit by that $2.90 latte?

Learning about those incentives is not only worth it, as the examples in this book prove again and again; it also helps you make sense of what is happening around you, and therefore make better, informed choices. If one understands how most things are driven by the invisible laws of trade, competition, inflation and cost/spending or tax incentives, then one has less chance to get abused by such a system. Even better: this book shows how to ride that system and take advantage of the inherent value one holds as a consumer.

I am finishing writing this review and am going out get a latte and do some grocery shopping. Now that I've read Tim Harford's book, I know where to go and how to make the best use of the scarce money I have (but I won't reveal the tricks here, as it would be like revealing a surprise end to a good book).

My bet is that I'll be able to save what I paid for the book by the time I log back in to Amazon to see if my review has been picked up or not!
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