the undercover economist strikes back


Most economists failed to warn adequately of the risks in the run-up to the last recession, and now are confused about the best prescription for pulling out of it.

The Inside Story Narrator Tim Harford presents you the hidden economic conspiracy and truths. In this book, Tim Harford has tried to do something much harder. Create a commenting name to join the debate, There are no Independent Premium comments yet - be the first to add your thoughts, There are no comments yet - be the first to add your thoughts. Printing money really did help, and rather than that fact being obvious, it should be profoundly surprising—a fact worth explaining. Harford explains the reason for that. Great introductory book on macroeconomics for people new to the subject. That's not much. But maybe, thanks to people such as Harford, the profession will gain a better-informed audience, and a more perceptive one for its real shortcomings. The existing Open Comments threads will continue to exist for those who do not subscribe to Independent Premium. I also found myself disagreeing with a bunch of them, and I give kudos to the writer for coming up with innovative stuff in a "basics" book rather than rehashing the familiar. You can write a book review and share your experiences. © 2008-2020,, Inc. or its affiliates, International Economic Conditions (Books). January 13, 2014 • Defining poverty is not straightforward, says Tim Harford, author of the new book The Undercover Economist Strikes Back. Read this book for class again, and I have to say, it sucked more than the first book. Likewise, all the congressional staffers in the babysitting co‑op would rather have been in a booming. Harford's first step is to fashion his text as a kind of 21st century Socratic dialogue, placing us ("you") as the putative decision-makers in our economy and then describing the various things that we can do. If they left the co‑op, they had to pay all.

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There are no maths or equations, the book uses quotes and (true) stories to illuminate the author's points.

This allows him to be chatty even when taking on inflation, deflation and stagflation. This is a striking story for many reasons. Welcome back. I decided to pick up this book because I liked his first one (The Undercover Economist), and was eager to learn more about this fascinating field. As a general proposition there is usually a conflict between the short-term and the long-term, in that short-term measures to cope with recessions may undermine long-term potential growth.

You can call up your central bank, the Federal Reserve or the Bank of England or wherever, and ask the governor to add a few zeroes to the sums of money held electronically in the central bank's accounts. Sometimes the "questions" were so few and far between that he might as well just have written normal prose and even in the parts that were more conversational I didn't think the format added much. How? I have made an effort to try to get a better sense of how monetary and fiscal policies are defined, what leads to recessions, do stimulus packages really help, and many such other questions. I saw this at an airport and thought id give it a try since it talks about macroeconomics, a subject i love, and studied at uni. I liked his book on microeconomics called “The undercover econ. I’m a fan of Tim Harford a/k/a “the Undercover Economist.” He’s an academic who has thrown his hat into the pop economics genre, but while he does use a conversational tone and give real life examples, he doesn’t dumb the concepts down. He is also the only economist in the world to run a problem page, “Dear Economist”, in which FT readers’ personal problems are answered tongue-in-cheek with the late. He must understand symbols and speak in words. It wasn't just the new parents who wanted to stay in and save up some scrip—everybody.

Macro-economists did not cause the banking crisis, for it was the job of bankers, accountants, politicians and lawyers to keep things safe.

page 5 | location 70-72 | Added on Tuesday, 16 December 2014 09:51:44. It definitely is not as good as the first undercover economist. The Undercover Economist Strikes Back NPR coverage of The Undercover Economist Strikes Back: How to Run - or Ruin - an Economy by Tim Harford. Please be respectful when making a comment and adhere to our Community Guidelines. It always tries to be fair-minded, careful to explain both a "Keynesian" and a "Classical" approach to the problems.

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their scrip back to the organizing committee.

These books are fun and accessible because the topics are all really about human nature and how people make choices. Previous page of related Sponsored Products. Still, it worked for Plato so you can't blame Harford for giving it a go. We know quite a lot about how individuals and companies respond to economic stimuli and books such as Freakonomics by Steven Levitt and Stephen Dubner have brought the subject to millions.

That was until I stumbled upon this gem from Tim Harford. I think I will have to re-read it to fully digest everything, but I'm looking forward to it! While The Undercover Economist was mainly if not exclusively focused on microeconomics, Strikes Back focuses on macroeconomics only and therefore covers plenty of content that the original didn't. No Kindle device required. It’s the shortest and written in a Q&A style that anticipated my questions and threw in jokes here and there, but it was still the hardest to understand. It occasionally hints at preferred solutions, but the book is mainly concerned with explaining how things work, how things go work and how economic theorists have struggled to understand the underlying processes. (One of the Sweeneys was a mid-ranking Treasury official specializing in monetary research; both of them were members of the Capitol Hill Babysitting Co‑op.) Book review: The Undercover Economist Strikes Back, By Tim Harford, You may not agree with our views, or other users’, but please respond to them respectfully, Swearing, personal abuse, racism, sexism, homophobia and other discriminatory or inciteful language is not acceptable, Do not impersonate other users or reveal private information about third parties, We reserve the right to delete inappropriate posts and ban offending users without notification.

; What Supermarkets Don’t Want You to Know; Exposing Why The Rich Are And yet I think I can objectively explain why you might like this book. If College Text books on economics were written as well as this book. And—miracle of miracles!—the recession abated. super fun, and full of very interesting stories about this one self educated mechanical egineer that used hydrolics to produce a analogy of economics on a large scale.

It’s the shortest and written in a Q&A style that anticipated my questions and threw in jokes here an. That was until I stumbled upon this gem from Tim Harford. The takeaway from this book is different from his earlier works. In The Undercover Economist Strikes Back, he turns to the wider picture – to macroeconomics – to help us unpick and understand the complexities of major economies – putting YOU in the driving seat. Harford is a splendid interpreter of economics, and he does his best to make the subject real-world understandable, but because so much macroeconomics was new to me, I’ll be back.

You can print as much money as you like. from thin air (or more correctly, from thick sheets of paper); then the recession ended. A must for anyone new to economics. Reviewed in the United Kingdom on October 18, 2013. Joe Raedle/Getty Images Business school courses didn’t help either.

I think it mainly had to do with the style of writing chosen by the author, which went something like a question and answer thing, so he would pretend that it was a conversation between the reader and himself as the question answerer, but I found that really distracting and annoying at some times, because it felt like he was putting thoughts and words into my brain, which is frustrating because I do not have some of these questions and thoughts, I have other things on my mind, but he is putting these ideas there that are not mine and it feels like I am being forced to adopt them when I may not necessarily believe so. However, on the positive side, there are a good source of reference material provided from the footnotes for those that are more interested in areas covered which is good and informative. push and pull of things. This book is not yet featured on Listopia. Fast, FREE delivery, video streaming, music, and much more. Or both, but maybe at different times? . Indeed, by their wild assertions they bring a lot of it on themselves. This field has always eluded me. So, um, in order to obviate this problem and effectively revalue the leaf, we are about to embark on an extensive defoliation campaign, and um, burn down all the forests. But there's a twist in this tale, so if you think you have heard the story already, you may have a surprise in store. Goodreads helps you keep track of books you want to read.

And as for the concern that growth cannot continue forever, he points out that the peak in energy consumption per person in the UK was back in 1973.

Great starter for anyone interested in macroeconomics. Tim Harford is a member of the Financial Times editorial board. Absolutely Brilliant. The underlying resources in the economy are no different. Download one of the Free Kindle apps to start reading Kindle books on your smartphone, tablet, and computer. In Tim Harford’s new book The Undercover Economist Strikes Back, he sets out to explain how the whole world economy works. Are you sure you want to mark this comment as inappropriate? Readers should note that … His column, “The Undercover Economist”, which reveals the economic ideas behind everyday experiences, is published in the Financial Times and syndicated around the world.

It's so easy, it's cheating. The Q/A format was a fresh and unique way of making sense of the rather 'difficult to get your head around' things within economics.

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