Lately, I really like economics (by which I mean the interesting insights and mathematical/game theoretical puzzles certain economists put in their blogs and magazine columns). Slate has long been doing occasional economics columns in this style, so when they added undercover economist Tim Harford as a columnist, I was happy. But whereas someone like Tyler Cowen or Steven Landsburg can explain and explore an idea just deeply enough to be interesting in a short post or article, Harford's columns all seem to end just as he is about to start saying anything.
His recent column on buying a used car is a perfect example. He introduces an intriguing economics puzzle: that a certain amount of economic insight seemed to suggest that the used car market should utterly fail. But, of course, the market thrives. Here, you would think, is an opportunity to explore further why it should fail and why it might actually succeed. Does Harford do this? no, he goes off on a tangent about how this same analysis can be applied to other things (e.g., the job market) but not far enough down that path to explain that one either. Aside from a hurried paragraph at the end, he makes no attempt at answering why people continue to buy used cars. Perhaps he's hoping people will buy his book to find out the rest, but if this is a sample of how he writes, I wouldn't bother.
His recent column on buying a used car is a perfect example. He introduces an intriguing economics puzzle: that a certain amount of economic insight seemed to suggest that the used car market should utterly fail. But, of course, the market thrives. Here, you would think, is an opportunity to explore further why it should fail and why it might actually succeed. Does Harford do this? no, he goes off on a tangent about how this same analysis can be applied to other things (e.g., the job market) but not far enough down that path to explain that one either. Aside from a hurried paragraph at the end, he makes no attempt at answering why people continue to buy used cars. Perhaps he's hoping people will buy his book to find out the rest, but if this is a sample of how he writes, I wouldn't bother.


Comments
When you look at the history of economics as a "science," doesn't it seem glaringly obvious that it's about as much of a science as, say, psychoanalysis? Don't get me wrong, I love me some psychoanalysis and think it's thoroughly worth studying, but science?
Some of the basic principles of economics seem pretty broken. I think we need to reinvent it. Now that we've saved the Africans and Nepalis, let's start thinking about how to do this.
For me "pop" economics holds the same appeal as the libertarian blog -- the reliance on hard facts and logical conclusions, without appeals to emotion.
I agree that article was rather annoying. He doesn't draw any interesting conclusions from the concept of informational asymmetry. Imagine buying synths on ebay if we couldn't see pictures or get descriptions of the item condition -- ebay would cease to exist. But it does, so who cares?
One possibly-interesting conclusion is that people with cars worth more than the average market price will sell for less than their car is worth because the value in the pleasure of then purchasing a new car makes up the difference. It's the American way!