Oct 1, 2016

Dex's Book Review:The Undercover Economist

Tim Harford is a senior columnist at the Financial Times.He is a visiting fellow at Nuffield College,Oxford,and was the winner of the 2006 Bastiat Prize for economic journalism.

This book is recommended for people who do not have a degree in Economics.

In this book,Tim Harford introduces us the principles of economics which includes supply and demand interactions,globalization,GDP,
GNP,micro and macro economics and many other topics which are written in a Q & A format, with the questions being directed for a specific topic,easy to understand and yet can be witty.

Most topics of discussions are explain in non-technical terms like why poor countries remain poor  while China is prospering with continuous growth and why some countries are badly managed.

When a country is in financial constraints,is printing more money the solution?

  Is inflation good for the country's economy?

 What are the fiscal stimulus policies that are good for the country?

What are the benefits of introducing new currencies?

Let Tim Harford answer your questions and with some humor thrown in,this book will certainly enlighten you through the principles of economics in an entertaining way.

Some interesting quotes:

"An imbalance between rich and poor is the oldest and most fatal ailment of all republics." Plutarch
(Chapter 14: Inequality)

"Supply creates its own demand." Jean-Baptiste Say {Chapter 6: The prison camp recession)

"The average man won't really do day's work unless he is caught and cannot get out of it.There is plenty of work to do, if people would do it."  Henry Ford ( Chapter 8: Invention of unemployment}

"The most powerful force is compound interest."  Albert Einstein (Chapter 13: Can growth continue
 for ever)

"Let some people get rich first." Deng Xiaoping (Chapter 14: Inequality)

Rating: 8/10

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