69 of 72 people found the following review helpful
Not Dismal anymore,
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This review is from: The Undercover Economist (Hardcover)
This is a really good introduction to Economics.
As someone who's picked up Economics mostly by reading the business pages of the Independent it's been very useful.
The chatty style belies the fact there's lots of information to be learned from this book.
His central two points are that scarcity dictates price (supply and demand) and that prices are set according to the information available to both buyer and seller.
Along the way you'll find out why your morning coffee is priced the way it is and why it's hard to get a decent second hand car.
Although it's hard to believe in a book about economics, I found this to be a bit of a page turner and finished it in a bank holiday weekend.
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Showing 1-2 of 2 posts in this discussion
Initial post: 6 Oct 2014 11:54:42 BDT
William R. Woods says:
I have not read the book but experience suggests that scarcity does not dictate price but that prices increase to absorb the amount of money/credit available. We have got to the stage where a typical household has to have two wage earners to maintain a reasonable standard of living. This is not, for example, because food is scarcer than it used to be. I don't know enough about economics to know whether this makes me a monetarist or not!
In reply to an earlier post on 6 Oct 2014 14:24:57 BDT
Last edited by the author on 7 Oct 2014 12:11:48 BDT
A. I. Mackenzie says:
If you don't believe in Supply and Demand you aren't really doing economics at all, maybe reading the book would be useful!
The second point about two earners required is more to do with prices outstripping wages consistently since the 70s.
Food is scarcer because demand from developing nations has increased and there are more mouths to feed.
Monetarism is more to do with measures of how fast money moves through the system - so no real connection between it and previous points.
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