The title describes the book: 23 things, some counterintuitive, some perhaps contentious, they you may not have realised about the economic system that the world runs on.
The presentation and organisation of this book is inspired partly by Dr Seuss, which is almost reason enough to buy it. There’s also a rather clever and useful section suggesting how to read the book with particular issues in mind: for example, if you don’t know what capitalism is, or if you think politics is a waste of time.
One of the most important points is that “capitalism” does not necessarily mean free-market capitalism; there are other kinds. This insight allows Chang to explain a lot of the issues with the current world economy, and to suggest ways of fixing problems like gross inequality and third-world poverty.
The Undercover Economist is full of useful explanations of many orthodox economic concepts. It explains why free markets are so powerful and what economic efficiency means. It also contains the most accessible explanation of the subprime mortgage crisis as I have ever read. But when all you have is a hammer, everything looks like a nail. For Mr Harford, like many others, markets are that hammer. He does a decent job of trying to address possible difficulties with market-based solutions, but he ignores some fundamental problems.