Skip to main content

The Undercover Economist by Tim Harford : Economics for the rest of us


Economics seems to be full of jargon, but once you get drill down to the fundamentals,  it is about who gets what.(or at least thats what Tim Harford says)
The Undercover Economist is what a book about a complex subject should be. Its clear, lucid, well written and once you read it you will never look at the world the same way again.
He talks about how companies price their goods(Different from how you think it works). Who gains most when Starbucks sells you a coffee near a metro station and he talks about the power of scarcity.  He takes problems and manages to distill their essence so that at once you understand how things work. He talks about why poor countries remain poor and how China became rich. He deals with why its hard to buy a good used car. There is a section on auctions that is breathtaking.
Economic terms come and go but they don't fly over your head. I actually understood most of what was being conveyed. Its really an effortless read. Now that I have had a chance to think about it, the thing that Harford does really well is talk about when Economists get things wrong sometimes to the detriment of the profession and the government. He does this most memorably with the auctions section where he talks about why certain auctions failed.
Tim Harford takes a subject which I quite frankly thought to be a purely academic one, breathes new life into it and turns it into an absolute page turner.

You can buy The Undercover Economist here.

Comments

Popular posts from this blog

Murgi’s fun facts

This one goes out to Mrigank Gupta aka Murgi. Murgi is such an awesome dude that even Chuck Norris and Rajnikanth can’t hold a candle to him. Below are Some facts that are indeed facts When Murgi was an infant he changed his own diapers Murgi was born toilet trained Murgi is actually the eldest in his house. He let the others enter this world before him When Murgi was born he got his own birth certificate from the doctor’s office Murgi never sits idle. He is just pretending to be like us Murgi never listens to excuses on the phone. He simply tells you what to do and disconnects. When Murgi will finally take a vacation the world will stop spinning While Chuck Norris counted to infinity twice, Murgi had already finished counting thrice and was solving everyone else's problems. Natural selection does not apply to Murgi. (Courtesy Ikka) Murgi caught an electron at rest.(Courtesy Ikka) When Arthur Eddington was asked if he really believed there were just three peop...

Places to eat in Kanpur

Our real exploration of Kanpur began in our 5th year when we had our stipend to spend so hopefully this article will prove helpful to all the foodies out there. Surprisingly(and I really mean this) there are a number of terrific places to eat in Kanpur. Hopefully this article will prove helpful to many who are looking forward to spend their stipends. By far the best way to reach places to eat in Kanpur is to catch the bus that the institute provides. The bus runs everyday(except Sunday) at 8:00 pm and 9:00 pm. The bus returns at around 10:15 pm. Murgi(Our food and snacks Coordinator, every wing should have one) always takes the phone number of the conductor so that he can stay updated about where the bus is and so that the return is convenient. The bus service is really a life saver and unless you have a bike should be the first option. It is also better to roam during weekdays than weekends simply because there is lesser ruckus everywhere. Going to a restaurant on a weekend is an ab...

The travails of a frustrated compiler

I was thinking about what would happen in case a compiler becomes sentient. Rather than just translating code it would be able to understand things but I suppose because the programs are written by humans are so often wrong the best part would be the error messages. Here are a few I could think of "Hello World again and again. Do you know how many times I have had to print that bloody nonsense. You can do anything else, print your name for gods sake but it always has to Hello fucking World." "Look Lad, not so fast, take a step back, a deep breath and your fingers away from the keyboard, and now think for a second" "Son, you have been trying to do this for an hour now. Honestly speaking you are not cut out to be a programmer. I would suggest you look for the nearest river or the tallest building or best of all find something you are better at" "Does any decent person code at this time in the morning. How would you feel if I dragged you out of your slee...