Undercover Economist 2e C

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With over one million copies sold, this engaging volume is a fantastic guide to fundamental economic principles, akin to an economist's version of The Way Things Work. It serves as both an introduction to Economics 101 and an exploration of the economic forces behind everyday events, from traffic jams to coffee prices. The revised edition addresses the banking crisis and recent economic turbulence, making it essential for anyone curious about the wealth gap between nations, the search for decent second-hand cars, or strategies to outsmart coffee chains. Tim Harford, a senior columnist for the Financial Times, draws on his extensive experience to examine how various industries, including supermarkets and airlines, extract money from consumers. He debunks myths surrounding major issues like healthcare costs and explains how certain environmental laws can benefit landlords. Harford also clarifies why some industries enjoy high profits for benign reasons while others may have more dubious motives. Covering concepts such as scarce resources, market power, efficiency, and game theory, he illustrates how these forces shape our daily lives, often unnoticed. With a light touch and sly wit, Harford transforms "the dismal science" into an engaging exploration of the intricate negotiations and contests that characterize our world.