I’ve been following Tim Harford’s blog and I realised it’s been some time since I read one of his books. So I checked out one of his older books from the library and had a fun time revising the main topics of macroeconomic theory.

Written in a conversational style, The Undercover Economist Strikes Back provides a broad introduction to the history and theories of macroeconomics. Starting with the Philips machine (fun fact: I did not realise this was the same guy who came up with the Philips curve), Harford takes us through the benefits and drawbacks of monetary policy, what inflation is all about, how prison economies could work, the difficulties of defining poverty and unemployment, whether management really makes a difference, and how much attention we should pay to GDP and happiness indices.

As you can see, this is a broad range of topics, but Harford does a great job of introducing the most salient points so that the reader understand why a certain topic (say: inflation) is so complicated. The tone of the book is light and I think the text is accessible even for people who aren’t students of economics.

For the most part, what Harford is saying is in line with modern economic theory. The most controversial part of the book may be his disagreement with the emphasis on happiness indicators, but I think the people who tend to promote these new ways of evaluating a country aren’t economists. I think the only chapter where a reader may want to explore further would be the one on whether the economy can keep growing. His views on the possibility of infinite growth are basically what I’ve learnt in school, and I think reading a book like Post Growth by Tim Jackson would add an interesting new viewpoint to the topic.

Overall, this was a quick, fun read about the basics of one part of the field of economics. I’m planning to read his other books, like The Data Detective when I can get it on Kobo.

Featured Image: Photo from Kobo