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Review: ‘The Undercover Economist Strikes Back’ by Tim Harford post image

Title: The Undercover Economist Strikes Back: How to Run — or Ruin — an Economy
Author: Tim Harford
Genre: Nonfiction
Year: 2014
Publisher: Riverhead Books
Acquired: From the publisher for review consideration
Rating: ★★★½☆

Review: I went to a public liberal arts college, which means I had the opportunity, through my general education requirements, to take classes across a variety of disciplines. Two topics I never managed to learn much about, to my ongoing and persistent regret, are statistics and economics. When I had the chance to snag a review copy of The Undercover Economist Strikes Back by Tim Harford, I jumped at the chance to learn about this topic from a noted expert in the field.

The Undercover Economist Strikes Back is, as the title suggests, is a companion to his first book, The Undercover Economist. That book focused on microeconomics, the study of decisions by individuals and firms. This book focuses on macroeconomics, which looks at the economy as a whole and what decisions can, potentially, steer national and global markets in one direction or another.

(In the interim, Harford has written three other books: The Logic of Life, Dear Undercover Economist and Adapt — all books I’m curious to read after enjoying this one so much.)

The book is framed like a conversation between the reader, posing as a leader looking to “poke around under the hood of our economic system,” and Harford, to find out how macroeconomics work and what might be done to make it work better. It’s a little strange, since the questions the “reader” poses were not always the questions I wanted to ask, but it does help to keep the book conversational and easy to follow — important factors when you’re talking about something as abstract and complicated as the economics of an entire country or planet.

What I liked most about the book, aside from the style, was that I didn’t think Harford was trying to persuade me to support one particular philosophy over another. Different responses (or decisions not to respond) to changes in the economy each have a basis in theory and past performances. The trick, as I understood it, is identifying which situation is applicable and what the best model is to try and tinker with a complicated, difficult to predict system. This section, in a chapter looking at different causes of a recession, illustrates that to me (the bold is the reader, the plain text is Harford’s response):

It feels like what you’re saying is that I should run my economy like a tough bastard right-winter during a boom, and like a bleeding-hear left-winger during a recession.

That’s not such a bad idea. A boom is a great time to trim spending, pay off debt, and try to make markets function better by reducing necessary regulations. These are all right-wing hobby-horses. A recession, however, is a terrible time to do these things. It’s better to keep spending, run up debt and launch big infrastructure projects.

Unfortunately, it seems we tend to get the opposite; in booms, we feel like we can afford to elect left-wing governments to improve labor protection and launch bit public-sector projects, often running up debt in the process; then when trouble hits, we elect right-wing government to slash the deficit, scrap investment projects and make a bonfire of labor protection regulation, all of which simple makes the recession worse.

Sections like that ensured that I finished the book feeling reasonably confident that I’d gotten a good overview of the principles of macroeconomics without bending towards the values of any political party or group — very refreshing. Although I wish I’d started with The Undercover Economist (microeconomics seems more manageable), I learned a lot from reading this book.

Other Reviews:

If you have reviewed this book, please leave a link to the review in the comments and I will add your review to the main post. All I ask is for you to do the same to mine — thanks!

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Getting Some Zzzzs: A Reading List

One thing that I think is interesting to watch is when a topic starts to show up in a bunch of books around the same time. There have been a glut of books recently about the impact of technology on our minds, for example, that all take on the topic from a slightly different angle (or slightly different level of hysteria about the impending demise of culture and thought).

Another trend I’ve seen in nonfiction lately is books about sleep, specifically concerns about how well we’re sleeping and what the impact of poor sleep can have on our minds and bodies. If this is a topic that interests you, you don’t have to look very far for an array of options to choose from. Here are five that I’m curious about:

the secret world of sleep by penelope lewisThe Secret World of Sleep by Penelope A. Lewis

By day, our brains can lead us astray. But by night, our brains are hard at work trying to help us get smarter and be more creative. In The Secret World of Sleep, neuroscientist Penny Lewis looks at the benefits that sleep can have on our brains that will improve our waking life — everything from practicing tasks we’ve learned to building connections between different concepts. Scientists hope that this research can show the connections between our waking and sleeping minds and help improve both.

dreamland by david k randallDreamland by David K. Randall

Journalist David K. Randall became curious about the science of sleep after he started sleepwalking. Similar to The Secret World of SleepDreamland looks at the research being done into how we behave at night. According to the book jacket, the book will answer questions like “Why did the results of one sleep study change the bookmakers’ odds for certain Monday Night Football games? Do women sleep differently than men? And if you happen to kill someone while you are sleepwalking, does that count as murder?”

the slumbering masses by matthew j wolf-meyerThe Slumbering Masses by Matthew J. Wolf-Meyer

Of the five books on this list, I think The Slumbering Masses is the most academic and most political. Published by the University of Minnesota Press, the book looks at the connections between sleep, sleeplessness and industrial capitalism in the United States. As we’ve become more concerned with the connections between sleep and health, happiness and productivity, Americans have become increasingly willing to pay for remedies that will ensure good sleep. But Matthew J. Wolf-Meyer argues that our current fixation with sleep has more to do with our habits of work that what is natural or biological.

the end of night by paul bogardThe End of Night by Paul Bogard

Although The End of Night is less explicitly about sleep than the other books on this list, I think there’s a strong connection between it’s themes and the idea of getting good sleep. In the book, academic Paul Bogard explores the impact of losing natural darkness in an age of artificial light. According to the book jacket, 75 percent of Americans’ eyes never switch to night vision and few of us experience true darkness. The book is a blend of personal narrative, natural history, science and history, which sounds pretty great.

the secret life of sleep by kat duffThe Secret Life of Sleep by Kat Duff

The Secret Life of Sleep is the last book on my list, but it’s the book that inspired me to collect a list of books about sleep. Coming out on March 18 from Simon and Schuster, Kat Duff’s book is another look at the health benefits of sleep. Duff is a licensed mental health counselor, which is a different perspective on this issue that the other authors on this list, too. The cover of this one freaks me out a little bit, but I’m still curious about it.

Do you have any favorite books about sleep to share? Read any of these that you can further recommend? I’d love to hear your thoughts in the comments!

 

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Currently | Super Bowl Sunday!

curently february 2.jpg

Time and Place // 9:00 a.m. on my couch, although I will have to switch to the computer soon.

Eating and Drinking // Chobani Peach Greek yogurt and black tea

Reading // I had a slow reading week. I’m in the middle of a book about the history of “irregular” medicine (think early herbalists and phrenology) called Marketplace of the Marvelous by Erika Janik for a paid review and just started Want Not by Jonathan Miles. But then I realized I’m basically caught up on book reviews, so I grabbed a short book — The Undercover Economist Strikes Back by Tim Harford — that I am going to try to finish today to help fill in the gap. I also got a ton of books from the library this week that I’m excited to try and read, including A Tale for the Time Being by Ruth Ozeki and Dept. of Speculation by Jenny Offill.

Watching // I got caught up with Arrow, and I’m still enjoying the show even if I don’t quite get what is happening this season (Moira for Mayor, representing the banking interests??) I’m excited that Roy is now on Team Arrow though. The boyfriend and I are still watching Deadwood and Community and I think we are going to try to start Orphan Black. 

Blogging // It’s amazing what a full weekend at home will do for my ability to blog frequently. I manged to put up three book-related posts this week: a reading list of books about crazy rich people, mini reviews of We Are Completely Beside Ourselves and The Emperor’s Children, and a wrap-up/look ahead post for January and February.

Promoting // One of my dearest friends, Katie, opened an Etsy shop this week called KJ is Crafty. Right now she is selling a beautiful, crochet infinity scarf — she made me on earlier this year and I can attest to how well-made it is. If you are in need of a cozy scarf, you should check out what she is selling or visit her blog for shop updates.

Loving // I’m excited to watch the Super Bowl with my friend Carrie tonight. I’m going to her house where there will be snacks, booze and some cuddle cats. 

Avoiding // I don’t want to look at my calendar for this week. Between some personal commitments and work obligations, I don’t think I have a free evening to myself until Friday. Ugh!

Waiting // I’m excited to watch the Super Bowl with my friend Carrie tonight. I’m going to her house where there will be snacks, booze and some cuddle cats. But I’ve got to get through a lengthy list of projects today before that can happen!

Anticipating // Yesterday I blogged about a project to help me through the doldrums of February, doing one new thing every day. I really excited about this and already looking forward to forcing myself to change up my routines to incorporate small changes. Yesterday, I made Olive Oil and Salt Bread from Mark Bittman’s How to Cook Everything which, although a little bland by itself, seems like a nice, basic biscuit-bread recipe that you could dress up with some additions or serve with a soup or chili. Yum!

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February: A Month of New Things

february 2014.jpgFebruary is my least favorite month of the year. In general, I am not a fan of winter (as anyone who reads this blog for more than a week surely knows), but I have reasons to appreciate every other winter month besides February. In November, the cold weather is new and exciting. In December, there’s the bustle of the holiday season. January is (for me) full of travel and setting new routines. And by March you can usually (usually!) start to see signs of spring coming.

But February? February is the worst. It’s still definitely winter, but there’s nothing “extra” to look forward to besides Valentine’s Day, which is a holiday I don’t like anyway. February is the shortest month of the year, but my gosh does it feel long to me.

Rather than sitting around and stewing about how unhappy I am about February, I decided to try something a little more proactive this year, a project to head off the doldrums that February inevitably brings – I am going to try one new thing every day this month.

To keep this from being stressful, the bar for what counts as a “new thing” is extremely low. Try a new sandwich at Subway. Bake a new kind of bread. Try a new recipe for soup. Read the first issue of a new comics series. Mix a new cocktail. Listen to a new podcast. See a new play or movie. There might be some bigger new things thrown in, but for the most part I just want to appreciate small changes to my routine that will create something different to look forward to each day.

Since this is the first day of February, the challenge starts now. The plan at the moment is to cook up a batch of olive oil salt bread from Mark Bittman’s How to Cook Everything, but I suppose that could change by this afternoon.

Tomorrow I’ll be watching the Super Bowl with my friend Carrie, which I haven’t done before, and trying a new recipe (TBD) for a snack to share. Simple, but just different enough that I’m already looking forward to it. Bring it on, February.

How do you keep yourself out of a February rut? What are some of your favorite (simple) new things to try?

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January 2014 Reading Wrap-Up and a Look to February post image

I started January reading ALL THE BOOKS, then slowed down pretty dramatically at the end of the month. After finishing five books in seven days, I only finished two for the entire rest of the month. I’m not to worried about it though, since I think the quality of the books I finished was pretty excellent. Here’s what I read this month:

  1. Cohen, Leah Hager: I Don’t Know (nonfiction)
  2. Fowler, Karen Joy: We Are All Completely Beside Ourselves (fiction)
  3. Dedman, Bill and Newell, Paul Clark Jr.: Empty Mansions (nonfiction)
  4. Swidey, Neil: Trapped Under the Sea (nonfiction)
  5. Leong, Tim: Super Graphic (nonfiction)
  6. Bailey, Catherine: The Secret Rooms (nonfiction)
  7. Messud, Claire: The Emperor’s Children (fiction)

My favorite book of the month was probably Empty Mansions, but I have a lot of good things to say about Trapped Under the Sea (out in late February).

A Look to February

I’ve got a lot of good options on my plate for the month of February. And I’m happy that they fit into a variety of different categories:

  • A book for One Little Word: A reread of Getting Things Done by David Allen
  • A March 2014 release for Bloggers Recommend: I’m thinking of Savage Harvest by Carl Hoffman (who wrote a book I loved, The Lunatic Express) or The Fishing Fleet by Anne de Courcy
  • A book for a book tour: Hope Street, Jerusalem by Irris Makler
  • A book for a challenge: Elizabeth the Queen by Sally Bedwell Smith for Nonfictionano’s President’s Day Reading Challenge
  • A book for a paid review: Marketplace of the Marvelous by Eric Janik
  • A book I missed reading in January: Cairo by Ahdaf Soueif
  • Another book by an author of color: Wave by Sonali Deraniyagala

I’m not sure how many I will get to read, especially if my library holds come in this month, but I’m optimistic that there are a lot of great options to choose from during this short month.

What books are you excited to read in February?

PHOTO CREDIT: ROB WARDE VIA FLICKR
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