Difference between revisions of "Economics"

From ScienceForSustainability
Jump to navigation Jump to search
Line 11: Line 11:
 
unintended consequences of regulations such as the Merton Rule,  
 
unintended consequences of regulations such as the Merton Rule,  
 
the effect of import tariffs on exports,  
 
the effect of import tariffs on exports,  
of trade and trade barriers on world development,  
+
of trade and trade barriers on world development and poverty,  
 
and more.
 
and more.
 
Of relevance to the issue of how we sustain human life on Earth, Harford addresses issues such as the environmental costs of transport of goods, the relationship between development and pollution and environmental degradation and climate change, whether free trade is better or worse for the world's poorest people, etc.
 
Of relevance to the issue of how we sustain human life on Earth, Harford addresses issues such as the environmental costs of transport of goods, the relationship between development and pollution and environmental degradation and climate change, whether free trade is better or worse for the world's poorest people, etc.

Revision as of 22:47, 23 February 2020


A possibly common perception of "economics" is that it is only concerned with money, that it is dull, and of relevance only to bean counters. Whether or not this is an accurate assessment of some sub-disciplines of economics, other aspects (generally classified as macroeconomics) are concerned with, or relevant to, broader issues of prosperity, political (in)stability, social justice, motivation, and even the survival of humanity. Some areas of study and application do not even concern money.

An accessible (and possibly amusing) explanation of some aspects of economics is given by Tim Harford in his book "The Undercover Economist".[1] Frequently using as an example the price of coffee in railway stations, Harford describes concepts such as the theoretical 'perfect market', 'efficiency' and fairness, 'externalities', imperfect markets such as used-car sales and the US health system, unintended consequences of regulations such as the Merton Rule, the effect of import tariffs on exports, of trade and trade barriers on world development and poverty, and more. Of relevance to the issue of how we sustain human life on Earth, Harford addresses issues such as the environmental costs of transport of goods, the relationship between development and pollution and environmental degradation and climate change, whether free trade is better or worse for the world's poorest people, etc.



  1. The Undercover Economist (ISBN 0-19-518977-9) (ISBN 0345494016) by Tim Harford published in 2005 by Little, Brown. See book description on Harford's website: [link]