Monday, June 8, 2015

The Undercover Economist Strikes Back - How to run - or ruin - an economy by Tim Harford

I picked up this book from Popular Bookstore a couple of days after I had a chat with an economist who is the husband of a good friend of mine. He made economics sound so interesting and after flipping through the book to get a sense of it, I thought I'd get it.

Tim Harford makes macroeconomics a fun thing to read. That's a pretty difficult thing to do considering that I got a D in "Introduction to Economics" in a cross faculty module back in university. Using a conversational, question-and-answer style of writing, the reader is gradually inducted into the world of macroeconomics.

A wide variety of real-world examples illustrating various concepts in economics are used in this book and this makes abstract ideas easier to grasp. I had found myself immensely enjoying the economics education.

Things got rather difficult midway through the book with all the talk on currency that I couldn't really wrap my mind around. Or perhaps it was an overload of information. Still, I gleaned some useful lessons out of it.

I guess the main things learnt were that there are two main branches in economics - Classical and Keynesian and the impact both have on the world in the past and present.

I would recommend this book to the layman who has more than a passing interest in economics and is a little stupefied when reading newspaper reports on GDP and the economy. This book goes a long way to help you make sense of them.


P.S. For microeconomics, you can check out his earlier book, "The Undercover Economist". I've not read that book yet, and will do so once I get my hands on a copy. 

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