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The Undercover Economist Strikes Back: How to Run - or Ruin - an Economy, by Tim Harford
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A provocative and lively exploration of the increasingly important world of macroeconomics, by the author of the bestselling The Undercover Economist.
Thanks to the worldwide financial upheaval, economics is no longer a topic we can ignore. From politicians to hedge-fund managers to middle-class IRA holders, everyone must pay attention to how and why the global economy works the way it does.
Enter Financial Times columnist and best-selling author Tim Harford. In this new book that demystifies macroeconomics, Harford strips away the spin, the hype, and the jargon to reveal the truth about how the world's economy actually works. With the wit of a raconteur and the clear grasp of an expert, Harford explains what's really happening beyond today's headlines, why all of us should care, and what we can do about it to understand it better.
- Sales Rank: #23726 in Audible
- Published on: 2014-01-16
- Released on: 2014-01-16
- Format: Unabridged
- Original language: English
- Running time: 448 minutes
Most helpful customer reviews
3 of 3 people found the following review helpful.
This book is not the worst, but there are other more meaty books
By Leib Gershon Mitchell
For what this is, you'd do just as well to pick up something a bit meatier.
This book is only suitable for people who have not taken a semester long course in Macroeconomics. If you have, then you can skip this.
As far as picking up something meatier, the books that I have in mind are any of three:
1. Basic Economics
2. Applied Economics: Thinking Beyond Stage One
3. Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
This book comes across as a bit too breezy and working a bit too hard to be funny/ approachable.
For people who have already read on this topic a bit (like the present reader), the book comes across as a shill for Keynesian economics. And even after all that, the author does a lot of hemming and hawing about how stable and predictable is the Keynesian multiplier. He spends the first third of the book building up the idea of inflation and nominal growth and real growth and then finishes by saying that "We don't really know what the multiplier is." Give me a break.
Later, he does actually get around to discussing some classical economics, but only after he has built up Keynes first.
Harford also spends time blowtorching James Rickards (whose books I have read/ am reading) and people who like the idea of the gold standard. In doing so, he goes over the same arguments that Krugman and other anti-gold people have been repeating against the gold standard camp. (He says that gold has nothing to do with the amount of goods and services produced in an economy, when the point that they were making was that gold is a way to constrain the amount of money that can be printed.)
For the record, a 4th book that is worth reading in addition to this is: Currency Wars: The Making of the Next Global Crisis.
Verdict: Qualified recommendation. This book can be useful for someone who has ZERO understanding of Economics, since if they know a little bit then it is better than nothing at all. (A copy of this for every member of Congress would not be bad.) But for people who study Economics as serious hobbyists, then this book is just not that useful.
0 of 0 people found the following review helpful.
Tim Harford is a terrific expositor of modern economics
By Bryan B.
Tim Harford is a terrific expositor of modern economics. I teach economics and have read all of his books and always learn something new and useful to incorporate in my classes. Most of Harford's books deal with microeconomic issues or economic development. This book focuses on macroeconomics, which is the study of the whole economy - the average level of employment and unemployment, the aggregate level of production (GDP), changes in the average level of prices (inflation) and policies to influence these variables. Excellent discussion of the controversies in macroeconomics. Harford is a very good writer and does a good job of explaining complex material. Very highly recommended.
0 of 0 people found the following review helpful.
Another great story
By batman
I had previously read Tim Harford's Undercover Economist and this is a great follow up. I don't know if you could pass a Economy 101 course with this book, but for the rest of us this gives a great explanation of how the economy works from the consumer's point of view. Of all the things in this book the one thing that stood out was the short discussion of education in the United States. Some great universities but the education of the masses is a total disaster. It's like the vast majority of Americans is being kept ignorant and stupid. The average American is being fed pablum on Television and they live in fear with the never ending portrait of crime and cops.
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