The Undercover Economist

Anecdotes are a literary device that utilizes personal and often individual accounts about individuals in order to explicate a larger point. Additionally, anecdotes can clarify the human experience and motivation behind a particular idea, especially in discussions of more abstract concepts like the economy.

Harford uses anecdotes, often about himself, in order to humanize the economic concepts he is trying to explain in The Undercover Economist. In other cases, he uses the work of different economists and the metaphors they use to describe their theories as jumping-off points for explaining concepts. One example of this is David Ricardo’s explanation of scarcity power in Chapter 1. Ricardo explains his idea by using the example of a farmer who wants fertile land for cultivation, thereby creating demand for land owned by a landlord. Harford then uses this example to show that the power of scarcity can switch from demand to supply, based on contextual factors.

Though anecdotes can be criticized for being reductive, they perform an important function in this book by humanizing theoretical economic concepts. Additionally, they make abstract concepts more concrete and memorable. This helps with Harford’s stated goal of making economics accessible and fun.