The Undercover Economist (2006) (edit title/settings)

Ridiculously Simplified Synopsis edit see section history

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Summary edit see section history

People edit see section history

• David Ricardo: British classical economist together with Adam Smith , J S Mill and Malthus. He developed the theory of comparative advantage as the explanation for international trade and it's benefits
• Robert Nozick: Contemporary American philosopher. Proponent of free-market libertarianism
• Joseph Stiglitz: Nobel economist the overturned the classical assumption of perfect knowledge
• Mancur Olson: Economist working in the area of trade groups and associations
• J. Von Neumann: Mathematician who developed Game Theory to explain some aspects of business behavior
• George Akerlof: Nobel economist working in the field of market information and issues related to quality
• Mao: Chairman of the Communist Party of China
• Biya: Corrupt president of Cameroon
• Axel Leijonhufvud: Macro economist developing Keynesian theory
• Andrew Spence: Co winner of the Nobel prize with Stiglitz and Akerlof for work on how information flows affect the market, particularly the job market

Quotes edit see section history

• “Hours are long. Wages are pitiful. But sweatshops are the symptom, not the cause, of shocking global poverty. Workers go there voluntarily, which means—hard as it is to believe—that whatever their alternatives are, they are worse. They stay there, too; turnover rates of multinational-owned factories are low, because conditions and pay, while bad, are better than those in factories run by local firms. And even a local company is likely to pay better than trying to earn money without a job: running an illegal street stall, working as a prostitute, or combing reeking landfills in cities like Manila to find recyclable goods.”

• “<NYC's resolution banning sweatshop-made products> can only harm sweatshop laborers: they’ll be out of a job and—literally, for those in Manila—back on the trash heap. Of course, it will be good news for textile workers in rich countries, who’ll get the business instead….”

• “We need to understand that narrowly focused initiatives on “fair trade coffee” or “sweatshop-free clothes” will never make a substantial improvement to the lives of millions. Some, like the campaign to prevent New York City from buying uniforms from poor countries, will actively cause damage. Others, like the numerous brands of fair trade coffee, are likely to improve the income of a few coffee producers without causing a great deal of harm. But they cannot fix the basic problem: too much coffee is being produced. At the slightest hint that coffee farming will become an attractive profession, it will always be swamped with desperate people who have no alternative. The truth of the matter is that only broad-based development of poor countries will ever lift the living standards of the very poor, increase coffee prices, and improve wages and labor standards in shoe factories.”

Setting & Locations edit see section history

• China
• Cameroon
• United States
• London
• Britain
• Costa
• UK
• Hong Kong
• Shanghai
• Douala
• Bruges
• Washington
• India
• Taiwan
• New York
• Japan
• Zhengzhou
• Antwerp
• Manhattan
• Belgium
• Dalston
• Brazil
• United Kingdom
• South Korea
• England
• Singapore
• Nepal
• Germany
• Soviet Union
• Los Angeles
• Florida
• Tokyo
• Iowa
• Mexico
• France

First Sentence edit see section history

Series & Lists edit see section history

Authors & Contributors edit see section history

1. Tim Harford (Author)

First Edition edit see section history

Classification edit see section history

• Library of Congress: Add the Library of Congress Classification.
• Dewey: 330.90511

Notes for Parents edit see section history

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Subjects edit see section history

• Books › Nonfiction › Social Sciences › Sociology
• Books › Business & Investing › Economics
• Books › Business & Investing › Popular Economics

Links to Supplemental Material edit see section history

• Opinion - Freakonomics Blog - NYTimes.com

More Books Like This edit see section history

Books That Influenced This Book edit see section history