The Undercover Economist

"The subtitle of this engaging and sometimes maddening book is “Exploring why the rich are rich, the poor are poor—and why you can never buy a decent used car.” Harford, who writes for the World Bank and the Financial Times of London, seems to want to explain to noneconomists some of the interesting theoretical conclusions that economists use to explain observed behavior and wealth patterns. The book’s subtitle no doubt was created to lure such readers, regardless of whether they have reliable used cars or not, to investigate Harford’s analyses. What readers will find within these pages is an entertaining stroll through some of standard economic theory’s more interesting, and controversial, generalities." Cato Journal

Tim Harford, a columnist at the Financial Times in London, discussed his recent book "The Undercover Economist: Exposing Why the Rich are Rich and the Poor are Poor—and Why You Can Never Buy a Decent Used Car!" in a program sponsored by the Science, Technology and Business Division. Harford is noted for his ability to relate the principles of economics to everyday life in a clear and entertaining style. "The Undercover Economist" takes up such issues as "who really makes money from fair trade coffee, why beer and fries are linked to globalization and how the Mafia makes money from laundries when street gangs pushing drugs don't." The Library of Congress

"The promise of 'The Undercover Economist' is that it will show you the world through the eyes of the economist. On the face of it that doesn't sound like a thrilling prospect. After all, economics is about abstract and arcane matters to do with exchange rate policies, interest rates and obscure aspects of something called monetary policy. The surprise of course is that the book does succeed, and that far from being a dull affair, seeing through the eyes of an economist is a pretty interesting experience after all." Londonbookreview.com

"How to explain the role of economics in society has been a challenge that economists have only recently taken up. In the US, one pioneer has been Steven Levitt with Freakonomics, packed with examples of why people behave as they do: why, for example, they become drug dealers when for most it is a poorly-paid and dangerous lifestyle. Now British economist Tim Harford has taken an even wider look at the practical ways in which economics affects our lives. As the cover on the US edition proclaims, it is a book 'exposing why the rich are rich, why the poor are poor - and why you can never buy a decent used car.'" Independent

"The subtitle of this engaging and sometimes maddening book is “Exploring why the rich are rich, the poor are poor—and why you can never buy a decent used car.” Harford, who writes for the World Bank and the Financial Times of London, seems to want to explain to noneconomists some of the interesting theoretical conclusions that economists use to explain observed behavior and wealth patterns. The book’s subtitle no doubt was created to lure such readers, regardless of whether they have reliable used cars or not, to investigate Harford’s analyses. What readers will find within these pages is an entertaining stroll through some of standard economic theory’s more interesting, and controversial, generalities. Harford is completely mainstream, always entertaining, but sometimes unhappily superficial." CATO JOURNAL

"The author is good at showing how such basic concepts apply across a complex modern economy. After observing that rents in London today are higher thanks to the surrounding Green Belt, which cuts off development, he notes that as an undercover economist, "you start to see 'green belts' of one kind or another all over the place." For instance, professional associations that restrict entry into, say, medicine serve as green belts that shield doctors from competition." The New York Times