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The Undercover Economist Paperback – January 30, 2007

by Tim Harford (Author)

241 customer reviews

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“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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Editorial Reviews

Review

"Required reading."
—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."
—The Economist

"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."
—Business Today

“[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."
—The Times

About the Author

Tim Harford is an editorial writer at the Financial Times, where he also writes the newspaper’s “Dear Economist” column and “The Undercover Economist” column, which also appears in Slate. He lives in London.

See all Editorial Reviews

Product details

Paperback: 265 pages
Publisher: Random House Trade Paperbacks; Reprint edition (January 30, 2007)
Language: English
ISBN-10: 0345494016
ISBN-13: 978-0345494016
Product Dimensions: 5.2 x 0.6 x 8 inches
Shipping Weight: 7.5 ounces (View shipping rates and policies)
Average Customer Review: 241 customer reviews
Amazon Best Sellers Rank: #36,875 in Books (See Top 100 in Books)
- #42 in Books > Business & Money > International > Economics
- #116 in Books > Business & Money > Biography & History > Economic History
- #503 in Books > Business & Money > Economics

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Kevin Harville

I remember one life-changing thing from this book...

December 6, 2017

Format: HardcoverVerified Purchase

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!

4 people found this helpful

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Kathleen Casey

Terrific book about our economy written to be entertaining but not condescending and is highly informative.

April 2, 2017

Format: PaperbackVerified Purchase

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.

3 people found this helpful

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Rob P.

Very good economics for lay persons (or econ nerds), and fun to read!

May 15, 2018

Format: HardcoverVerified Purchase

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 change

If 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.

One person found this helpful

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Xiaolong Cui

Probably the best book I have read in my entire life!

February 8, 2017

Format: PaperbackVerified Purchase

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!

One person found this helpful

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Amazon Customer

Excellent

January 26, 2006

Format: HardcoverVerified Purchase

This book really helped sharpen my thinking on vital, everday economic realities. As you read and explore various situations that effect us all, you feel like a lot of foggy misconceptions are being shaved away and a laser clarity is put in their place. I wish everyone would read this book. We would have a lot smarter voting populace if they did.

A lot of topics are covered, but none are removed from situations that intimately effect all of us. You get a lot of insight on how various retailers struggle to set the highest price (this chapter alone paid for the price of the book, because it has made me a smarter, better armed shopper.) You learn how the concept of "missing information" makes it hard to buy a good used car as well as for a free market system to create afforable health insurance (the relationship between used cars and health insurance was as eye opening as it was fascinating.) You also learn that ecnonomists have some very good solutions to handling traffic congestion and pollution, if only the politicians would learn and listen.

This is just a sample of what is available, all written in a friendly, accessible style. No math, no graphs. Just a lot of clear reasoning and mind expanding information. Reading it was well worth my time. Hats off to the author.

12 people found this helpful

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Vincent Poirier

Good illustration of marginal return and why it matters

September 24, 2006

Format: HardcoverVerified Purchase

The Undercover Economist works well as a layman's introduction to economics, 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.

Hartford discusses at length and with many examples key concepts such as marginal return and comparative advantage. One of the more enlightening chapters is about how new technologies that make the whole world richer can also make investors poorer by causing an investment bubble with unrealistically high expecations for returns. Hartford is writing of 19th century railroads, emphasizing that the internet did not change economic theory at all, that it is today as strongly governed by economic laws as were the railroad entrepreneurs of 150 years ago.

The Undercover Economist compares well with Steven Levitt's Freakonomics. Where Freakonomics presents interesting problems with counterintuitive solutions, Hartford sticks closer to plain vanilla economics and uses everyday happenings to illustrate his points. It also compares well with Steven Landsburg's Armchair Economist (1993) in that they both present standard economics. I prefer Landsburg's book (slightly) because it covers more ground (e.g. indifference curves) but Hartford's book is more topical and up to date.

Vincent Poirier, Tokyo

10 people found this helpful

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Everyday Examples that Bring Economics to Life for All

March 12, 2006

Format: HardcoverVerified Purchase

Tim Harford has written a clever book on understanding how economics plays out in our everyday lives. Harford uses everyday examples that bring economics to life for all:

With coffee being a commodity, how was Starbuck's able to get a premium price?

How does "first degree price discrimination" play into our lives?

Is organic food priced higher because it costs more to produce?

Who excels at the really great pricing tricks?

What happens when drivers do not pay the true cost of their actions?

How you can put simple observation to work for you?

Harford also highlights some universal truths that are worth noting. He also provides a framework to understand not only how to improve our lives individually, but also, collectively:

Taxes and their influence on behavior

Health insurance and its dependence on mutual ignorance to be profitable

Self-centered motives that can work for everyone

This is a fun, well written, and enlightening book. "The Undercover Economist" is a non-academic work; written for all - trained and untrained - who have an interest in how economics influences individuals and society.

3 people found this helpful

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Helge Ogrim

Really, really fun on economics

May 23, 2017

Format: Kindle EditionVerified Purchase

The most entertaining book on economics I think I've read. There is probably more to some of the issues that Harford choses to provide, but that's all good. His explanations for coffee prizes, rent inside Londons's green belt, rush time transportation and supermarket packaging are both illuminating and fun. Enjoy!

One person found this helpful

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