Sometime back I finished reading the book "The Undercover Economist" by Tim Harford. Forgot to write about it. Only got time now to post about it.
This book gives a good idea of basic economics in a very applied manner making it very interesting to read. Instead of reading about demand and supply of some fictitious goods etc. you read about some real world stories that immediately appeal to your common sense.
The author goes through most of the micro-economic concepts quite systematically and explains the basic ideas like scarcity, monopoly etc. without using any technical jargons. He goes on to describe other market failures like externalities, asymmetric information, adverse selection, etc. by using such understandable examples as driving and traffic congestions, used car market, and health insurance.
He then goes on to more macro-economic issues attempting to give an explanation for poverty, development, etc.
The author does all this without getting all technical or dry and keeps the narrative flowing and the tone is distinctly humorous and light-hearted.
A great read for anyone who wants to understand basic economics or even for those of us who want to learn some easy ways to explain the basic economic concepts to others.
I received this book as a gift from Sankar. Thanks to him for choosing such an appropriate and thoughtful gift.
