---
product_id: 8193081
title: "The Undercover Economist"
price: "£18.86"
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reviews_count: 8
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region: United Kingdom
---

# The Undercover Economist

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The Undercover Economist [Harford, Tim] on desertcart.com. *FREE* shipping on qualifying offers. The Undercover Economist

Review: An extraordinary primer on the basics of economics written for the general public: Tim Harford is the Carl Sagan of economics - Mr. Harford is a renowned economist and a gifted writer and communicator, who successfully achieved in this short and well written book the difficult task of explaining to the general public the complexities of key economic principles in very simple terms. However, do not be confused, this book, though equally entertaining, is no Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything . The author's 2008 book, The Logic of Life: The Rational Economics of an Irrational World , is actually more Freakonomics style. Have you heard of price elasticity and price signals, scarcity power, market failures, marginal cost, externalities, asymmetric and imperfect information, moral hazard, stock prices and random walk, and game theory? Mr. Harford manages to explain the concepts behind this jargon in simple words with everyday life examples, allowing you to understand why the production cost of the cheapest oil fields in Saudi Arabia and Kuwait is just around $2 a barrel but we ended paying $50 (or up to $140 last year); why we pay $3 for a cappuccino but coffee growers in the third world just get a few cents for each cup; the rationale behind congestion pricing (the entire Chapter 4 is devoted to this controversial policy and how it also applies for curbing pollution); the economic reasons behind the failures of the US health insurance system; and the predictability of the stock market (the current financial crises proves Harford's point, who wrote about the "rational fools" in March 2005, and within the context of the dot-com bubble). In general terms, the first seven chapters provide the reader an opportunity to grasp key concepts and principles in the field of microeconomics. The three last chapters of the book take a different approach as the book turns more into the territory of macroeconomics, exploring equally interesting and up-to-date issues regarding economic growth, international trade, competition, the theory of comparative advantage, and of course, globalization. The reader is introduced to these concepts with a chapter on Cameroon, used as a case study to explain the reasons for poor countries being poor, and highlighting the role corruption, weak institutions, and trade barriers. The last chapter in contrast, presents how China was able to achieve explosive growth rates during the last three decades, growing faster than any country in history, rising from Mao's disastrous economic experiments through the power of market and prices. Chapter 9 is a must read, as he discusses the main issues regarding globalization in a nutshell. Here Mr. Harford courageously debunks several myths regarding the alleged negative environmental impacts and other associated evils of globalization. Not surprisingly he wisely chose the examples of Cameroon and China to support his point of view. This book comes very handy for the layman especially during these days of global economic crisis. I have a background on economics, and I do highly recommend it for anyone planning or having second thoughts about studying economics, the book will provide you with quite a general picture of what economics is really about. I also recommend it for those citizens interested in understanding a bit more about key economic principles, its everyday application, and who do not want to be easily fooled by politicians, interest groups, the media, nor even by many of the so-called "experts" and "gurus". The world would be a better place if every voter in the planet could grasp the basic concepts presented in this book.
Review: Basic Economic Principles Applied to Real Life - The science behind this book is, in the end, a dumbed-down version of what you would learn in Economics 1 at any college or university. The author explains basic principals such as externalities and Adam Smith's "unseen hand"; there are no break-through insights here. On the other hand, this is no college textbook. It is much more fun to read and much more accessible. There are no formulas or math. The concepts are explained in simple English, and then immediately applied to everyday life situations such as the price of coffee at Starbucks, health care and traffic. Whether or not you know anything about economics, you won't be bored. Most importantly, this book helps people think in rational terms about hot-button issues like free trade and the environment. The author has his own views -- we all do -- but his approach to issues is rational. He encourages us to think critically, rather than simply reacting emotionally. For that reason, if no other, this is a worthwhile book and the world would be a better place if everyone read it. Note: my undergraduate degree is in economics, although that was a long time ago and I have not studied it, nor used it in my job for about 20 years.

## Technical Specifications

| Specification | Value |
|---------------|-------|
| Best Sellers Rank | #59,284 in Books ( See Top 100 in Books ) #37 in International Economics (Books) #107 in Economic History (Books) #1,110 in Success Self-Help |
| Customer Reviews | 4.4 4.4 out of 5 stars (1,791) |
| Dimensions  | 5.19 x 0.6 x 7.99 inches |
| Edition  | Reprint |
| ISBN-10  | 0345494016 |
| ISBN-13  | 978-0345494016 |
| Item Weight  | 2.31 pounds |
| Language  | English |
| Print length  | 265 pages |
| Publication date  | January 30, 2007 |
| Publisher  | Random House Trade Paperbacks |

## Images

![The Undercover Economist - Image 1](https://m.media-amazon.com/images/I/61ly5Q232lL.jpg)

## Customer Reviews

### ⭐⭐⭐⭐⭐ An extraordinary primer on the basics of economics written for the general public: Tim Harford is the Carl Sagan of economics
*by E***2 on April 13, 2009*

Mr. Harford is a renowned economist and a gifted writer and communicator, who successfully achieved in this short and well written book the difficult task of explaining to the general public the complexities of key economic principles in very simple terms. However, do not be confused, this book, though equally entertaining, is no Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything . The author's 2008 book, The Logic of Life: The Rational Economics of an Irrational World , is actually more Freakonomics style. Have you heard of price elasticity and price signals, scarcity power, market failures, marginal cost, externalities, asymmetric and imperfect information, moral hazard, stock prices and random walk, and game theory? Mr. Harford manages to explain the concepts behind this jargon in simple words with everyday life examples, allowing you to understand why the production cost of the cheapest oil fields in Saudi Arabia and Kuwait is just around $2 a barrel but we ended paying $50 (or up to $140 last year); why we pay $3 for a cappuccino but coffee growers in the third world just get a few cents for each cup; the rationale behind congestion pricing (the entire Chapter 4 is devoted to this controversial policy and how it also applies for curbing pollution); the economic reasons behind the failures of the US health insurance system; and the predictability of the stock market (the current financial crises proves Harford's point, who wrote about the "rational fools" in March 2005, and within the context of the dot-com bubble). In general terms, the first seven chapters provide the reader an opportunity to grasp key concepts and principles in the field of microeconomics. The three last chapters of the book take a different approach as the book turns more into the territory of macroeconomics, exploring equally interesting and up-to-date issues regarding economic growth, international trade, competition, the theory of comparative advantage, and of course, globalization. The reader is introduced to these concepts with a chapter on Cameroon, used as a case study to explain the reasons for poor countries being poor, and highlighting the role corruption, weak institutions, and trade barriers. The last chapter in contrast, presents how China was able to achieve explosive growth rates during the last three decades, growing faster than any country in history, rising from Mao's disastrous economic experiments through the power of market and prices. Chapter 9 is a must read, as he discusses the main issues regarding globalization in a nutshell. Here Mr. Harford courageously debunks several myths regarding the alleged negative environmental impacts and other associated evils of globalization. Not surprisingly he wisely chose the examples of Cameroon and China to support his point of view. This book comes very handy for the layman especially during these days of global economic crisis. I have a background on economics, and I do highly recommend it for anyone planning or having second thoughts about studying economics, the book will provide you with quite a general picture of what economics is really about. I also recommend it for those citizens interested in understanding a bit more about key economic principles, its everyday application, and who do not want to be easily fooled by politicians, interest groups, the media, nor even by many of the so-called "experts" and "gurus". The world would be a better place if every voter in the planet could grasp the basic concepts presented in this book.

### ⭐⭐⭐⭐ Basic Economic Principles Applied to Real Life
*by O***R on November 2, 2008*

The science behind this book is, in the end, a dumbed-down version of what you would learn in Economics 1 at any college or university. The author explains basic principals such as externalities and Adam Smith's "unseen hand"; there are no break-through insights here. On the other hand, this is no college textbook. It is much more fun to read and much more accessible. There are no formulas or math. The concepts are explained in simple English, and then immediately applied to everyday life situations such as the price of coffee at Starbucks, health care and traffic. Whether or not you know anything about economics, you won't be bored. Most importantly, this book helps people think in rational terms about hot-button issues like free trade and the environment. The author has his own views -- we all do -- but his approach to issues is rational. He encourages us to think critically, rather than simply reacting emotionally. For that reason, if no other, this is a worthwhile book and the world would be a better place if everyone read it. Note: my undergraduate degree is in economics, although that was a long time ago and I have not studied it, nor used it in my job for about 20 years.

### ⭐⭐⭐⭐⭐ CD verson was very insightful and great fun!
*by A***O on June 6, 2007*

First I will point out that I never had a course in econ, so that may be part of the reason I found this work to be so wonderful. In the CD version Robert Ian MacKenzie reads the book so that you think some devilish man is taking great delight in revealing to you the wicked ways of how the world works. Trickery and trust issues are a big part of this. The author, through MacKenzie, points out that the difference in a few cents worth of ingredients differentiates a product sold for about one dollar from one, more special, sold for three dollars. I do agree with another reviewer that the used car argument made by the author is not that tight. But an important concept is being advanced nonetheless. One of the many good takeaways for me is the economists' notion of truth, wherein the truth is determined by what people do and not what they say. What is important to people is shown by what they freely choose when they have the chance, and may have little to do with what they want their government to do or provide for them. It clearly is pro-capitalist, and well defends that view. E.g., while not being in favor of harsh conditions, it notes that sweatshops are not the problem but rather a symptom of worse alternatives the workers in a sweatshop have available to them. Sweatshops didn't cause terrible poverty, but even sweatshops make the lives of workers better. Overall I found this to be great fun to listen to. Intellectually, it is a powerful source of information and ideas to anyone who is not familiar with economics (I can't speak for those who are).

## Frequently Bought Together

- The Undercover Economist
- The Armchair Economist: Economics and Everyday Life
- Freakonomics Revised and Expanded Edition

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*Last updated: 2026-05-19*