The Undercover Economist
Exposing Why the Rich Are Rich, the Poor Are Poor - and Why You Can Never Buy a Decent Used Car!
by:
Tim Harford
in:
Economics
Summary:
The book demystifies the fundamental principles of economics through real-world examples, explaining how market forces shape everyday life and contribute to the wealth gap. It also delves into the concept of market efficiency and its paradoxes, such as the challenge of purchasing a reliable used car, known as the market for "lemons."
Key points:
1. Scarcity's Value: Scarcity makes things more valuable as people pay more for rare items, a core concept in economics.
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