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The Logic of Life: Uncovering the New Economics of Everything [Paperback]

Tim Harford
3.9 out of 5 stars  See all reviews (34 customer reviews)

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Paperback, 25 Jan 2008 --  
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Book Description

25 Jan 2008
THE UNDERCOVER ECONOMIST showed how ordinary economics explained everyday curiosities, such as the price of a cup of coffee and the traffic jam on the way to the supermarket. THE LOGIC OF LIFE shows how the new economics of rational choice theory explains much, much more. Drug addicts and teenage muggers can be rational. Suburban sprawl and inner city decay are rational. Endless meetings at the office and the injustices of working life? Rational. Economics explains why your boss is overpaid, whether we should build more prisons, and whether a city like New Orleans can recover from disaster. THE LOGIC OF LIFE introduces you to engaging stories and characters linked together in a bold narrative sweep. The book starts with the most intimate decisions - to have sex, to take drugs, to lead an honest life - then zooms out to discuss the logic of the family, of neighbourhoods, large corporations, cities themselves. This is the new economics of everything you never thought was economics, and it will help you see the world in a new way.

Special Offers and Product Promotions

  • If you enjoy Tim Harford's The Logic of Life or his Undercover Economist column in the Financial Times, you must try his new book, Dear Undercover Economist ...
    Dear Undercover Economist


  • Watch the author talk about this book in Windows Media Player format: dial-up | broadband.



Product details

  • Paperback: 288 pages
  • Publisher: Little, Brown & Company; Export ed. edition (25 Jan 2008)
  • Language: English
  • ISBN-10: 031602757X
  • ISBN-13: 978-0316027571
  • Product Dimensions: 15.3 x 23.4 cm
  • Average Customer Review: 3.9 out of 5 stars  See all reviews (34 customer reviews)
  • Amazon Bestsellers Rank: 945,500 in Books (See Top 100 in Books)

More About the Author

Tim Harford is a member of the Financial Times editorial board. His column, 'The Undercover Economist', which reveals the economic ideas behind everyday experiences, is published in the Financial Times and Slate. He is also the only economist in the world to run a problem page, 'Dear Economist'. Tim presented the BBC television series 'Trust Me, I'm an Economist' and now presents the BBC radio series 'More or Less'. His writing has appeared in Esquire, Forbes, New York magazine, the Washington Post, and the New York Times. Tim won the 2006 Bastiat Prize for economic journalism and is also an award-winning speaker.

Product Description

Amazon Review

Author Q&A with Tim Harford

Tim Harford

So are you an economic missionary, or is this just something that you love to do?

It began as something that I love to do--and I think I am now starting to get a sense of it being a mission. People can use economics and they can use statistics and numbers to get at the truth and there is a real appetite for doing so. This is such a BBC thing to say--there’s almost a public service mission to be fulfilled in educating people about economics. When I wrote The Undercover Economist, it was all about my pure enthusiasm for the subject; the book is full of stuff I wanted to say and that is always the thing with the books: they are always such fun to write.

Do you think that people these days are generally more economically literate?

People are now aware of economics for various reasons. There are the problems with the economy--there is always more interest in economics when it is all going wrong.

Where is the border line in your new book between economics and sociology?

I don’t draw a border line, and particularly not with the new book. The Undercover Economist was basically all the cool economics I could think of and The Logic of Life was me investigating a particular part of economics. All of the references in The Logic of Life were academic economics papers that I had related--and hopefully made more fun. This new book, Adapt, is very different. I have started by asking what is wrong with the world, what needs fixing, how does it work--and if economics can tell us something about that (which it can) then I have used it. And if economics is not the tool that you need--if you need to turn to sociology or engineering or biology or psychology--I have, in fact, turned to all of them in this book. If that’s what you need, then that’s where I have gone. So I have written this book in a different way: I started with a problem and tried to figure out how to solve it.

What specific subjects do you tackle?

To be a bit more specific, the book is about how difficult problems get solved and I look at quick change; the banking crisis; poverty; innovation, as I think there is an innovation slow-down; and the war in Iraq. Also, I look at both problems in business and in everyday life. Those are the big problems that I look at--and my conclusion is that these sorts of problems only ever get solved by trial and error, so when they are being solved, they are being solved through experimentation, which is often a bottom-up process. When they are not being solved it is because we are not willing to experiment, or to use trial and error.

Do you think companies will change to be much more experimental, with more decisions placed in the hands of employees?

I don’t think that is necessarily a trend, and the reason is that the market itself is highly experimental, so if your company isn’t experimental it may just happen to have a really great, successful idea--and that’s fine; if it doesn’t, it will go bankrupt. But that said, it is very interesting to look at the range of companies who have got very into experimentation--they range from the key-cutting chain Timpson’s to Google; you can’t get more different than those two firms, but actually the language is very similar; the recruitment policies are similar; the way the employees get paid is similar.

The “strap line” of the book is that “Success always starts with failure.” You are a successful author… so what was the failure that set you up for success?

I was working on a book before The Undercover Economist… it was going to be a sort of Adrian Mole/Bridget Jones’ Diary-styled fictional comedy, in which the hero was this economist and through the hilarious things that happened to him, all these economic principles would be explained--which is a great idea--but the trouble is that I am not actually funny. My first job was as a management consultant… and I was a terrible management consultant. I crashed out after a few months. Much better that, than to stick with the job for two or three years-- a lot of people say you have got to do that to “show your commitment.” Taking the job was a mistake--why would I need to show my commitment to a mistake? Better to realise you made a mistake, stop and do something else, which I did.

That idea that “failure breeds success” is central to most entrepreneurs. Do you think we need more of it in the UK?

I think that the real problem is not failure rates in business; the problem is failure rates in politics. We have had much higher failure rates in politics. What actually happens is politicians--and this is true of all political parties--have got some project and they’ll say, “Right, we are going to do this thing,” and it is quite likely that idea is a bad idea--because most ideas fail; the world is complicated and while I don’t have the numbers for this, most ideas are, as it turns out, not good ideas.

But they never correct the data, or whatever it is they need to measure, to find out where their idea is failing. So they have this bad idea, roll this bad idea out and the bad idea sticks, costs the country hundreds, millions, or billions of pounds, and then the bad idea is finally reversed by the next party on purely ideological grounds and you never find out whether it really worked or not. So we have this very, very low willingness to collect the data that would be necessary to demonstrate failure, which is the bit we actually need.

To give a brief example: Ken Livingstone, as Mayor of London, came along and introduced these long, bendy buses. Boris Johnson came along and said, “If you elect me, I am going to get rid of those big bendy buses and replace them with double-decker buses.” He was elected and he did it, so… which one of them is right? I don’t know. I mean, isn’t that crazy? I know democracy is a wonderful thing and we voted for Ken Livingstone and we voted for Boris Johnson, but it would be nice to actually have the data on passenger injury rates, how quickly people can get on and off these buses, whether disabled people are using these buses… the sort of basic evidence you would want to collect.

Based on that, are you a supporter of David Cameron’s “Big Society”, which in a sense favours local experimentation over central government planning?

Well, I have some sympathy for the idea of local experimentation, but what worries me is that we have to have some mechanism that is going to tell you what is working and what is not--and there is no proposal for that. Cameron’s Tories seem to have the view that ‘if it is local then it will work.’ In my book, I have all kinds of interesting case studies of situations where localism really would have worked incredibly well, as in, say, the US Army in Iraq. But I have also got examples of where localism did not work well at all--such as a corruption-fighting drive in Indonesia.

Is the new book, Adapt, your movement away from economic rationalist to management guru? Are you going to cast your eye over bigger problems?

The two changes in Adapt are that I have tried to start with the problem, rather than saying, “I have got a hammer--I’m going to look for a nail.” I started with a nail and said, “Ok, look, I need to get this hammered in.” So I have started with the problem and then looked anywhere for solutions. And the second thing is that I have tried to do is write with more of a narrative. This is not a Malcolm Gladwell book, but I really admire the way that people like Gladwell get quite complex ideas across because they get you interested in the story; that is something that I have tried to do more of here. I am not too worried about it, because I know that I am never going to turn into Malcolm Gladwell--I am always going to be Tim Harford--but it doesn’t hurt to nudge in a certain direction.

On Amazon, we recommend new book ideas to people: “If you like Tim Harford you may like…”, but what does Tim Harford also like?

I read a lot of books, mostly non-fiction and in two categories: people who I think write a lot better than I do, and people who think about economics more deeply than I do. In the first category I am reading people like Michael Lewis, Kathryn Schulz (I loved her first book, Being Wrong), Malcolm Gladwell and Alain de Botton. In the second category, I read lots of technical economics books, but I enjoy Steven Landsburg, Edward Glaeser (who has a book out now which looks good), Bill Easterly… I don’t necessarily agree with all of these people!

When I am not reading non-fiction, I am reading comic books or 1980s fantasy authors like Jack Vance.

Click here to read a longer version of this interview.

--This text refers to an alternate Paperback edition.

Review

'The chapter "Why is Your Boss Overpaid?" is in itself worth the price of this book' - Sunday Telegraph 'This is no minor thesis . . . If you loved [The Tipping Point and Freakonomics] you'll love this' - Financial Times


Customer Reviews

Most Helpful Customer Reviews
54 of 59 people found the following review helpful
5.0 out of 5 stars You're not as stupid as you look 4 Feb 2008
Format:Hardcover
Just finished "The Logic of Life", the second book by Tim Harford of "Undercover Economist" fame, and recommend it to anyone with an interest in economics and/or how the world works.

The book's essential premise is that you're not as stupid as you look: or, to put it another way, that human behaviour is the product of rational choices, however seemingly irrational, destructive or absurd the outcomes of those choices may be. The book then ranges across subjects as diverse as the causes of the industrial revolution, institutional racism and teen America's fondness for oral sex to prove the case. (Incidentally I tip my hat the poor sap who, one assumes, wagered that Tim couldn't work the phrase "teenage fellatrices" into the first few pages of a book of popular economics - and lost.
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19 of 21 people found the following review helpful
3.0 out of 5 stars Hmmm.... 6 April 2008
By tomsk77
Format:Hardcover
I quite enjoyed the Undercover Economist, but I was less impressed by Tim Harford's second book The Logic of Life. I guess it's primarily about asserting rational choice as a (the?) major force in human history and society. This comes at a time when behavioural economics is on the rise and challenging (successfully or otherwise) economic assumptions about rationality.

I think Harford does quite a good job at arguing back against the behavioural approach (though this isn't a stated objective). He makes the point early on that much of the research that suggests we make 'irrational' decisions comes from labatory experiments utilising more abstract ideas. However when we are in the real world (or in our comfort zone as Harford puts it) we are more likely to act rationally. Experience makes us more able to make the rational choice. In contrast when we are in a new and unusual situation - interestingly he uses the example of deciding how much to save for a pension - we find it much harder to act rationally.

He then goes on to apply the rational choice perspective to various different issues. The section on bosses' pay is interesting, and presents a fairly convincing argument both for why management pay is probably undeserved and why shareholders in companies with high pay may not bother to challenge it. I liked the comparison to splitting the bill at a meal. (He could have added the principal-agent problem of the investors not typically investing their own money).

I found the section on 'rational' racism particularly interesting/depressing.
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29 of 33 people found the following review helpful
Format:Hardcover
A lively and thought-provoking follow-up to Harford's debut book The Undercover Economist, which used textbook economics to throw new light on everyday life. In this second book Harford moves well beyond the textbook to take us on a tour of some cutting edge research and thinking that's emerging from what he calls a "new breed of economists". Among them is Steve Levitt, whose Freakonomics popularised the notion that economists can have interesting things to say about areas you wouldn't normally expect them to be poking their noses into - but Levitt is only one of many academic researchers who are cheerfully roaming over other people's turf from their economics labs, so Harford's book serves as a timely overview of a newly sexy subject.

The result is a startlingly diverse collection of insights and anecdotes which are all held together by one central premise - that you can explain a lot about life by starting from the simple assumption that people are fundamentally rational. This is not an uncontroversial assertion - among the "new breed of economists" are those melding economics with psychology into a fledgeling discipline of behavioural economics, which focuses on our irrational quirks. Harford's view is not to dismiss these human foibles, but to argue persuasively that they shouldn't be overstated, and that in most important situations we behave rationally - that is, subconsciously evaluating costs and benefits and responding to incentives - to a remarkable extent.

Harford's writing is a joy to read, especially when he's impishly puncturing pomposity - my favorite is the "why your boss is overpaid" chapter, which discusses several theories that could rationally explain the obscenely high wages commanded by modern CEOs (hint: none of them are "because they're worth it").
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Most Recent Customer Reviews
4.0 out of 5 stars Economics for the rest of us
I'm not an economist. I'd thought Economics was "all about money" .
Read this book after "the logic of life" ... Read more
Published 1 month ago by Graeme V.
5.0 out of 5 stars Brilliant Book
Brilliant snappy, quick and witty book that makes you look at the world a little bit differently. A great entry book into economic subjects.
Published 4 months ago by Ania
3.0 out of 5 stars Not as good as the first book
I'm a big fan of Tim Harford's first book and his columns in the FT, but I never got around to his second (this one). It's okay, but not as good as the first book. Read more
Published 7 months ago by someenglishrose
5.0 out of 5 stars love this book
Great Author, Great book! nuff said . . . . . . . . . . .. . . . .
Published 15 months ago by MR. A G SAO
5.0 out of 5 stars I couldn't put it down
This is a fascinating book, which explores some ideas through the lens of economics and rational thought. Read more
Published on 16 Feb 2012 by JonC
4.0 out of 5 stars Not bad and better than others by the same author
There has been a debate within economics circles between behavioural economists who have tempered models and premises about decision making with psychological research findings and... Read more
Published on 13 Sep 2011 by Lark
3.0 out of 5 stars Interesting ideas that make you think but unpersuasive
Well worth a read, it will make you think and it raises interesting ideas, but the author is a journalist and much of the material is a superficial and incomplete summary. Read more
Published on 31 July 2011 by Paul
5.0 out of 5 stars Better than I expected
I almost didn't buy this. I'd read and enjoyed the author's earlier book "The Undercover economist" and really liked it. The other customer reviews were putting me off though. Read more
Published on 7 Nov 2010 by Paul Jackson
5.0 out of 5 stars A refreshing way to look at why life is the way it is
A very interesting way to look at everyday problems. Recommended reading.
And the price and delivery by Amazon were first class.
Published on 25 Sep 2010 by Ian Stanley
4.0 out of 5 stars Not quite as good as freakonomics
Great book, kind of a freakonomics extra chapters version but not quite as well written.

I would still definitely buy it!
Published on 21 Jun 2010 by Mr. JJ OBEIRNE
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