The Undercover Economist
by Tim Harford
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Book Summary Information
Author: Tim HarfordEdition: Paperback
Audio: English (Unknown); English (Original Language); English (Published)
Published: 2007-01-30
ISBN: 0345494016
Number of pages: 265
Publisher: Random House Trade Paperbacks
Book Reviews of The Undercover Economist
Book Review: "Why are some countries poor?" is the most interesting question.
Summary: 4 Stars
I had mixed feelings throughout the book. The book started out really well and captivating, but kind of stalled as I continued reading on. I almost gave up reading it, having set a rule to myself that I should not force myself finishing a book I am no longer captivated by. I am glad I broke my own rule this time. The book got really interesting after reading half of it.
The book starts off by asking, "Who pays for your coffee?" A cup of coffee served at a Starbucks outlet goes through an international chain of events before reaching you. A Starbucks cup of coffee is more expensive than the competition. Why? Why is there a Starbucks on every corner? Though those questions were interesting, I found the chapter on Starbucks and coffee a bit too long.
The economics behind airline fares was very interesting. Ever wondered why most airlines operate three passenger classes: Economy, Business, and First Class? According to the author, some airlines use very tight seats in economy class to force passengers to upgrade to Business and First Class. Most of an airline's profit comes from First and Business class passengers.
The book got really interesting at chapter 8, "Why poor countries are poor." This chapter really captivated me and showed me how a few people (mainly a president and his entourage) could cause the misery of millions. The story of Cameroon and its poverty is fascinating and sad. This chapter alone makes this book a required reading.
The last chapter of the book is about how China grew rich. I have read many books on China's success story, but this chapter added information I had not read before. Cameroon's president destroyed his country and brought poverty to his people. China's leaders, though at first destroyed their economy, quickly learnt from their mistakes and became the fastest growing economy in the world! Their success story shows that any country, with the right leaders, could prosper and grow. Countries are poor not because of their national resources, but because of corrupt leaders. Power corrupts; absolute power corrupts absolutely! There is no excuse today for any country to be poor, other than to have its leaders to blame.
I have always loved economics, and on my `O' Levels had the highest grade in my class. Economics is fun and easy to understand, and this book makes the subject matter easy to grasp.
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