Sunday, April 20, 2008
the under cover economist
I have just read "the under cover economist" by Tim Harford.
This book is about the economics of everyday living. It deals
a lot with the price of coffee, an important issue if you spend
your life in dire need of hot caffeine fuel.
He made some good points about the price of goods in a supermarket. He
claimed that the price of basic things at a fancy supermarket (Marks
and Spencer or Waitrose) were pretty similar to those in a more basic
supermarket such as Morrisons. However, in Waitrose the basic food is
hidden by the more expensive stuff (freshly squeezed mango juice
e.c.t.). This example was used to illustrate the idea of "scarcity".
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books