Tim Harford

In this episode, we explore The Undercover Economist by Tim Harford — a witty, insightful, and accessible guide to the hidden economic principles that influence everything from your morning coffee to global trade. Harford, known as the “Undercover Economist,” reveals the unseen patterns of supply, demand, scarcity, and incentives that quietly shape our choices, markets, and societies. The Undercover Economist breaks down complex economic theories into everyday examples, showing how supermarket pricing, traffic jams, housing markets, and even your local café are all driven by powerful economic forces. Harford blends storytelling with sharp analysis, helping readers and listeners alike understand how the invisible hand of economics affects daily life. ✅ What you’ll learn in this summary: How scarcity and supply drive prices in surprising ways Why incentives shape human behavior, often with unintended consequences How global trade and markets impact local decisions Why coffee shops, supermarkets, and even car parks illustrate big economic ideas Practical tools to think like an economist in everyday life Why this book matters: Economics isn’t just about numbers — it’s about people, choices, and trade-offs. The Undercover Economist empowers you to see the world differently, making sense of policies, business strategies, and personal decisions through the lens of economics. Who should listen: Business leaders and professionals wanting sharper decision-making tools Investors and entrepreneurs curious about how markets really work Students and learners looking for a fun, accessible introduction to economics Fans of Malcolm Gladwell–style storytelling applied to money and markets Anyone who wants to understand the hidden logic behind everyday life ✅ Key Takeaways: Scarcity drives value — the rarest resources command the highest price. Incentives matter — people respond predictably (and sometimes badly) to them. Markets connect everything — your morning coffee links to global supply chains. Economic signals are everywhere — from supermarket shelves to parking fees. Think like an economist — to spot hidden patterns and make smarter choices. By the end of this episode, you’ll see that economics isn’t abstract or dull — it’s the invisible framework behind the choices, systems, and opportunities that shape our daily lives. Keywords: The Undercover Economist summary, Tim Harford book, economics explained, hidden economic forces, business book podcast, everyday economics, supply and demand, incentives, global trade, how markets work Hosted by Hannah Hally, The Business Book Club brings together three empowering podcast series — 5-Minute Book Summaries, Icons of Influence, and Leadership Unpacked — sharing practical lessons, success stories, and leadership insights from the world’s most inspiring thinkers. Explore more episodes and resources at www.thebusinessbookclub.online. Visit thebusinessbookclub.online to explore every episode, join our leadership community, and grow your business mindset.

Let's Talk - JAWS Episode 21: The Shark That Ate Hollywood: Jaws at 50 (Cautionary Tales with Tim Harford) Jason Connell and Sal Rodriguez discuss an exciting new podcast episode from Cautionary Tales with Tim Harford entitled: The Shark That Ate Hollywood: Jaws at 50. Episode: https://podcasts.apple.com/us/podcast/cautionary-tales-with-tim-harford/id1484511465?i=1000713119427 Official Sponsor: Narragansett Beer Recorded: 06-24-25 Studio: Just Curious Media Listen: Buzzsprout Apple Podcasts Spotify Amazon Music iHeartRadio Hosts: Jason Connell Sal Rodriguez #justcuriousmedia #letstalkjaws #mrjasonconnell #salvadorlosangeles #jaws #jaws2 #jaws3D #stevenspielberg #johnwilliams #peterbenchley #carlgottlieb #royscheider #richarddreyfuss #robertshaw #narragansettbeer #marthasvineyard #amityisland #universal #blockbuster #shark Send us Fan Mail Support the show

The undercover economist by Tim Harford Get the book: https://amzn.to/3VZSlVs “Economics is about the way people make choices in the face of scarcity.” An economist’s version of The Way Things Work , this engaging volume is part field guide to economics and part exposé of the economic principles lurking behind daily events, explaining everything from traffic jams to high coffee prices. The Undercover Economist is for anyone who’s wondered why the gap between rich and poor nations is so great, or why they can’t seem to find a decent second-hand car, or how to outwit Starbucks. This book offers the hidden story behind these and other questions, as economist Tim Harford ranges from Africa, Asia, and Europe to the United States, revealing how supermarkets, airlines, and coffee chains—just to name a few—are vacuuming money from our wallets. Harford punctures the myths surrounding some of today’s biggest controversies, including the high cost of health care; he reveals why certain environmental laws can put a smile on a landlord’s face; and he explains why some industries can have high profits for innocent reasons, while in other industries, something sinister is going on. Covering an array of economic concepts, including scarce resources, market power, efficiency, price gouging, market failure, inside information, and game theory, Harford sheds light on how these forces shape our day-to-day lives, often without our knowing it. Showing us the world through the eyes of an economist, Tim Harford reveals that everyday events are intricate games of negotiations, contests of strength, and battles of wits. Written with a light touch and sly wit, The Undercover Economist turns ‘the dismal science’ into a true delight. Here are five key lessons from The Undercover Economist by Tim Harford: * Scarcity and Trade-offs: Resources are always limited, so every choice involves a trade-off. Whether it’s time, money, or labor, understanding scarcity helps individuals and businesses make better decisions by evaluating what to prioritize. * The Importance of Incentives: People’s actions are shaped by incentives, which can be both positive and negative. For example, companies set prices based on how consumers will react to them, while governments use taxes and subsidies to influence behavior. * Market Power and Price Setting: Companies often have the power to set prices, and their ability to do so can create inequalities. Monopolies and oligopolies can charge higher prices for goods, affecting consumers’ spending habits. * Game Theory and Strategic Decisions: Economics often involves strategic thinking. Companies, governments, and individuals regularly make decisions based on how they expect others to behave. This can be seen in competitive pricing, negotiations, or policy-making. * The Hidden Costs of Everyday Life: Harford explains how seemingly simple things, like a cup of coffee or a traffic jam, are shaped by complex economic forces. Prices are influenced by supply and demand, and market failures can impact everyday experiences. This is a public episode. If you'd like to discuss this with other subscribers or get access to bonus episodes, visit nextbigwhat.substack.com/subscribe

This event was supported by Guinness Global Investors . For the final instalment of the Intelligence Squared Economic Outlook series for 2024, Financial Times columnist Tim Harford joined us to interrogate what the numbers are really telling us about the economy – and what those numbers tell us about what lies ahead. As the FT’s Undercover Economist, Harford demonstrates a remarkable ability to explain and communicate complex economic data in ways that are compelling and entertaining. This episode was recorded at The Tabernacle in London on Tuesday November 26, as Harford put our current economic challenges and opportunities into historical perspective and sought to map out the economic landscape we can expect in 2025. This is the second instalment of a two-part episode. If you'd like to become a Member and get access to all our full ad free conversations, plus all of our Members-only content, just visit intelligencesquared.com/membership to find out more. For £4.99 per month you'll also receive: - Full-length and ad-free Intelligence Squared episodes, wherever you get your podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series - 15% discount on livestreams and in-person tickets for all Intelligence Squared events ... Or Subscribe on Apple for £4.99: - Full-length and ad-free Intelligence Squared podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series … Already a subscriber? Thank you for supporting our mission to foster honest debate and compelling conversations! Visit intelligencesquared.com to explore all your benefits including ad-free podcasts, exclusive bonus content and early access. … Subscribe to our newsletter here to hear about our latest events, discounts and much more. https://www.intelligencesquared.com/newsletter-signup/ Learn more about your ad choices. Visit podcastchoices.com/adchoices Learn more about your ad choices. Visit podcastchoices.com/adchoices

This event was supported by ⁠Guinness Global Investors⁠ . For the final instalment of the Intelligence Squared Economic Outlook series for 2024, Financial Times columnist Tim Harford joined us to interrogate what the numbers are really telling us about the economy – and what those numbers tell us about what lies ahead. As the FT’s Undercover Economist, Harford demonstrates a remarkable ability to explain and communicate complex economic data in ways that are compelling and entertaining. This episode was recorded at The Tabernacle in London on Tuesday November 26, as Harford put our current economic challenges and opportunities into historical perspective and sought to map out the economic landscape we can expect in 2025. Learn more about your ad choices. Visit podcastchoices.com/adchoices

This event was supported by Guinness Global Investors . For the final instalment of the Intelligence Squared Economic Outlook series for 2024, Financial Times columnist Tim Harford joined us to interrogate what the numbers are really telling us about the economy – and what those numbers tell us about what lies ahead. As the FT’s Undercover Economist, Harford demonstrates a remarkable ability to explain and communicate complex economic data in ways that are compelling and entertaining. This episode was recorded at The Tabernacle in London on Tuesday November 26, as Harford put our current economic challenges and opportunities into historical perspective and sought to map out the economic landscape we can expect in 2025. This is the first instalment of a two-part episode. If you'd like to become a Member and get access to all our full ad free conversations, plus all of our Members-only content, just visit intelligencesquared.com/membership to find out more. For £4.99 per month you'll also receive: - Full-length and ad-free Intelligence Squared episodes, wherever you get your podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series - 15% discount on livestreams and in-person tickets for all Intelligence Squared events ... Or Subscribe on Apple for £4.99: - Full-length and ad-free Intelligence Squared podcasts - Bonus Intelligence Squared podcasts, curated feeds and members exclusive series … Already a subscriber? Thank you for supporting our mission to foster honest debate and compelling conversations! Visit intelligencesquared.com to explore all your benefits including ad-free podcasts, exclusive bonus content and early access. … Subscribe to our newsletter here to hear about our latest events, discounts and much more. https://www.intelligencesquared.com/newsletter-signup/ Learn more about your ad choices. Visit podcastchoices.com/adchoices Learn more about your ad choices. Visit podcastchoices.com/adchoices

This event was supported by ⁠Guinness Global Investors⁠ . For the final instalment of the Intelligence Squared Economic Outlook series for 2024, Financial Times columnist Tim Harford joined us to interrogate what the numbers are really telling us about the economy – and what those numbers tell us about what lies ahead. As the FT’s Undercover Economist, Harford demonstrates a remarkable ability to explain and communicate complex economic data in ways that are compelling and entertaining. This episode was recorded at The Tabernacle in London on Tuesday November 26, as Harford put our current economic challenges and opportunities into historical perspective and sought to map out the economic landscape we can expect in 2025. Learn more about your ad choices. Visit podcastchoices.com/adchoices

In this episode, we dive into The Undercover Economist by Tim Harford, a fascinating exploration of everyday economics hidden in plain sight. Created by Ankit Maheshwari, this podcast breaks down how Harford uses real-world examples to reveal the often unseen forces that shape our financial decisions and society. From understanding the subtle economics of a cup of coffee to uncovering how scarcity, pricing, and market forces influence everything around us, Harford's insights will change the way you view the world. We'll explore key concepts like scarcity power, price discrimination, and externalities, discussing how these principles play out in our lives and impact the economy on a grand scale. Whether you're an economics enthusiast or just curious about how money flows through society, this episode offers accessible insights that make complex economic ideas easy to understand. Tune in for a summary packed with practical takeaways, a deeper look into Harford’s clever storytelling, and tips on applying these economic concepts to everyday life. Perfect for listeners who want to gain a new perspective on the hidden mechanics of the world around us! Listen now to The Undercover Economist —you’ll never see your daily decisions the same way again.

The book information. Buy on Amazon: https://www.amazon.com/dp/B00546P9IS?tag=9natree-20 Read more: https://mybook.top/read/B00546P9IS/ #innovation #failure #adaptation #experimentation #resilience #complexproblems #feedbackloops These are takeaways from this book. Firstly, The Importance of Experimentation, Harford emphasizes that experimentation is not just about trying new things for the sake of novelty, but it is a vital process for discovering what works and what doesn't in any given context. By examining case studies from the development of the Spitfire fighter plane in World War II to the trial-and-error method behind the creation of the Google search algorithm, Harford demonstrates how experiments, no matter how small or seemingly insignificant, can lead to breakthrough innovations and solutions. He argues that without the willingness to experiment and accept the potential for failure, progress would be severely limited. This section of the book underscores the necessity of creating environments, whether in businesses or societies, where experimentation is encouraged and failure is seen not as a setback but as a step towards discovery. Secondly, Feedback and Adaptation, Harford asserts the critical role of feedback in the adaptation process. Once experiments are undertaken, it is through feedback that individuals and organizations can learn from their failures and successes. Harford draws on examples from the Vietnam War, comparing it to the adaptive strategies employed by insurgents in Iraq to illustrate how feedback loops have significant impacts on outcomes. Moreover, he explores how companies like Pixar have institutionalized feedback into their culture, enabling them to produce hit after hit. This chapter highlights that the key to successful adaptation lies in not just collecting feedback but in being open and responsive to it, allowing for continuous improvement and the ability to pivot strategies in accordance with changing circumstances. Thirdly, The Complexity of Problems, Tim Harford delves into the intricacies of solving complex problems in this segment, advocating for a multi-faceted approach rather than seeking simple, one-size-fits-all solutions. He introduces the concept of 'complex adaptive systems' through case studies that span from the collapse of Lehman Brothers to climate change initiatives. Harford argues that many of today's challenges are too complex to be solved by any single entity or through straightforward solutions. Instead, he proposes that recognizing the interconnectivity of factors at play and approaching problems from multiple angles is essential. Harford makes a compelling case for embracing complexity rather than oversimplifying issues, suggesting that a nuanced understanding of problems can lead to more effective and sustainable solutions. Fourthly, Decentralization and Empowerment, In this part of 'Adapt', Harford explores the power of decentralization and empowerment, particularly in organizational settings. He uses the U.S. Marine Corps as a prime example of how decentralizing decision-making can lead to greater adaptability and success on the battlefield. Furthermore, Harford discusses how companies like Google have benefited from empowering employees to pursue their ideas, leading to innovative products and services. This section emphasizes that by decentralizing authority and empowering individuals at all levels, organizations can become more nimble, adaptive, and capable of tackling challenges in innovative ways. Harford argues that in complex systems, control is less effective than empowerment, highlighting the need for adaptive leadership in the face of change. Lastly, The Role of Narrative in Adaptation, Harford introduces the concept of narrative as a tool for adaptation, arguing that the stories we tell ourselves and others can either foster or hinder our ability to adapt to change. He examines how narrative has been used in various contexts, from political campa

Access the full transcript for this episode “For a long time, I didn't want to write a book about statistics…But I felt that the two things that I could add, based on my BBC experience, was, one, a kind of psychological realism : a recognition that a lot of what we think is not really about, oh, you got confused between correlation and causation or something like that. The problem is you believe something because you wanted to believe it. The second thing that I wanted to introduce was just the idea that statistics can be a really positive thing , your data can be a positive thing…Even among people who are advocates for data science, it's very easy to fall into the trap of only talking about things going wrong, only talking about misinformation…I wanted to push back against that.” In this compelling episode, we engage in a dynamic conversation with Tim Harford , renowned economist, author of “ The Data Detective ,” and host of BBC’s “More or Less” podcast. Harford shares his journey from economist to BBC presenter, unveiling the inspiration behind "The Data Detective" and his distinctive approach to the subject. Delving into the challenges of building trust in statistics amid contemporary skepticism, Harford underscores the importance of trustworthy data connected to real-world issues. The conversation extends to the role of educators in promoting data literacy for society, with Harford advocating for the integration of statistical thinking across academic disciplines to highlight the positive impact of data. “So to educate us, I would say, are you teaching the three C's? Are you encouraging your students to be calm ? Are you educating them in the importance of context , as well as all the technical stuff? Like all the things around the technical stuff that make all the difference? And above all, are you fostering a sense of curiosity in your students? I'm sure most educators hope to do that. But it's always a good idea to remind ourselves.” This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit datascienceeducation.substack.com

When was the last time you read a grand statement, accompanied by a large number, and wondered whether it could really be true? Statistics are vital in helping us tell stories – we see them in the papers, on social media, and we hear them used in everyday conversation – and yet we doubt them more than ever. But numbers – in the right hands – have the power to change the world for the better. Contrary to popular belief, good statistics are not a trick, although they are a kind of magic. Good statistics are not smoke and mirrors; in fact, they help us see more clearly. Good statistics are like a telescope for an astronomer, a microscope for a bacteriologist, or an X-ray for a radiologist. If we are willing to let them, good statistics help us see things about the world around us and about ourselves – both large and small – that we would not be able to see in any other way. In How to Make the World Add Up, Tim Harford draws on his experience as both an economist and presenter of the BBC’s radio show More or Less. He takes us deep into the world of disinformation and obfuscation, bad research and misplaced motivation to find those priceless jewels of data and analysis that make communicating with numbers worthwhile. Harford’s characters range from the art forger who conned the Nazis to the stripper who fell in love with the most powerful congressman in Washington, to famous data detectives such as John Maynard Keynes, Daniel Kahneman and Florence Nightingale. He reveals how we can evaluate the claims that surround us with confidence, curiosity and a healthy level of scepticism. Using ten simple rules for understanding numbers – plus one golden rule – this extraordinarily insightful book shows how if we keep our wits about us, thinking carefully about the way numbers are sourced and presented, we can look around us and see with crystal clarity how the world adds up. Tim is an economist, journalist and broadcaster. He is author of The Next Fifty Things That Made the Modern Economy, Messy, and the million-selling The Undercover Economist. Tim is a senior columnist at the Financial Times, and the presenter of Radio 4’s More or Less, the iTunes-topping series ‘Fifty Things That Made the Modern Economy’, and the new podcast ‘Cautionary Tales’. Tim has spoken at TED, PopTech and the Sydney Opera House. He is an associate member of Nuffield College, Oxford and an honorary fellow of the Royal Statistical Society. Tim was made an OBE for services to improving economic understanding in the New Year honours of 2019. The music used in this episode is by Thula Borah and is used with permission.

Data has never been more readily available, yet the world seems more confusing than ever. In this episode, Satyen interviews Tim Harford, who’s on a mission to help everyone become a Data Radical. As a Senior Columnist for The Financial Times, author of The Data Detective , and host of the Cautionary Tales podcast, Tim joins us ready to change how we view numbers—and in turn, the world. Him and Satyen discuss everything from how he develops ideas for stories driven by data to fostering a spirit of curiosity in how we approach the world (and try to change it). -------- “Approach the world and numbers with a spirit of curiosity. Very often we don't behave like we like curiosity. We often like simple answers or we often like to just win an argument. But the world is a confusing place. The world is fascinating—I have questions and maybe the data can help me answer those questions. If that's the spirit with which you approach the data, then obstacles become intriguing. Mysteries become satisfying puzzles. Arguments turn into constructive, exploratory questions and it's just a lot more fun.” - Tim Harford -------- Time Stamps * (2:26) How an award-winning storyteller approaches his work * (8:13) Data brings people comfort and knowledge in times of crisis (like the pandemic) * (16:50) A glimpse into Tim’s book The Data Detective * (19:49) The importance of “the stuff around numbers” in increasing data literacy * (25:03) Approaching the world with humility and curiosity * (37:15) How you can be an undercover economist * (39:10) Satyen’s Takeaways -------- Sponsor This podcast episode is presented by Experian . Learn more: * Subscribe to the newsletter: https://www.alation.com/podcast/ * Alation’s LinkedIn Profile: https://www.linkedin.com/company/alation/ * Satyen’s LinkedIn Profile: https://www.linkedin.com/in/ssangani/ -------- Links Follow Tim on LinkedIn Check out Tim's Podcast Cautionary Tales Read Tim’s Book “The Data Detective”