The Undercover Economist

The success of Freakonomics was almost certainly the reason that this book got the green light from the publishers. That's not to say that it's bad, because it's not. Seemingly based on a column from the Financial Times, the author attempts to use economic theory to explain day to day things that we experience.

For example, he looks at the way the takeaway coffee market works, and examines how the pricing of these expensive beverages is determined (basically, it's our own fault that our disposable income means that we can spend two quid on a coffee at a station).

It's all fascinating stuff, and I definitely learnt quite a lot reading this book.

But I don't always agree with the author's views. For example, he's of the opinion that all those people working in Far-Eastern sweatshops were doing so out of choice, as they earn more and therefore have better lives as a result. Except it's not always their choice. Society might dictate that you have to work there - if your family says you do something, you do it. And there are well documented cases of bonded slavery where children are "sold" to factory managers who force the kids to work off the debt in a manner not dissimilar to loan sharks.

One or two differences of opinion aside, this is still a worthwhile book, and the examination of the game theory behind the infamous UK sell-off of 3G licences probably makes the book worth reading on its own.