The book” Freakonomics” is by Steven D. Levitt and Stephen J. Dubner. The title, “Freakonomics”, is a combination of two words: Freak (which means quirky, unusual, or weird) and economics, but in the sense of economic related to economic activity; the economics that consumer, families and businesses encounter every day. The title reflects the author’s name of the method of economic analysis in aspects of everyday life that normally fall outside the scope of the work of economists. The author’s success is due to the fact that this is a fun book to read, with a little dose of humor. No one can resist investigating the answer to questions like, "What do common schoolteachers and sumo wrestlers have in common? “ Or “Why drug dealers live with their mothers? “. But beyond anecdotes, the case studies presented in the book show some controversial findings, such as linking the decrease in violence in the United States to the legalization of abortion .The really interesting thing is that the book shows the true activities performed by economists that the general public usually does not know about.
Most people have assumptions about what an economist does. If a survey was made that asked people to show an example of what an economist does, answers would be varied. Some would say that an economist is a person that knows tax and accounting, others would say maybe a project manager, and some would even say that it is a person who analyzes the financial markets and is able to predict the exchange rate of a currency or market price of a market value. In the best case, it would be a professional who analyzes economic data such as GDP, inflation, and unemployment to predict how the economy will behave. Very few people would be to think of an econ...
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... “Freakonomics” show that the old principles of economic research are still valid: curious social behavior, ask the right questions, get accurate data, and demonstrable conclusions.
Although the authors have referred to the book as a different type of book, outside the main role of economics, it is really the opposite: it is a book that gets to the root and the origin of economic theory. Again, it raises questions about what happens in society, analyzing peoples motivations based on data and the economic rationality of individuals, and drawing conclusions which are often considered counterintuitive or different than established knowledge. In fact, Steven Levitt ‘s academic career has been marked by success, and he has been recognized by numerous awards. This shows that when economics is shown in a way understandable to the public, the result can be a big bestseller.
Written by Steven D. Levitt and Stephen J. Dubner, Freakonomics is built upon three major philosophies: incentives are the fundamentals of life, experts on a subject use their knowledge as an advantage to serve their own wellbeing, and orthodox wisdom is wrong most of the time. This book goes into detail to explain the mindsets of humans, from school teachers to sumo wrestlers, through statistics. Levitt and Dubner claim that when the data is closely examined it can relate to more concepts than originally hypothesized. The style of this informative piece is very precise yet, at the same time, very concise and to the point. The tone carried throughout the book is informative and knowledgeable. The authors use distinct tactics to get points across
Freakonomics is an economist’s viewpoint on the events and issues that we encounter and hear about every day. Levitt uses his many years of experience as an economist to address topics ranging from abortion to the power of information. He looks at the statistics behind each topic and makes an informed analysis, generally not following popular belief about it. Levitt foresees and counters arguments that people may have against what he is stating. His counter arguments are filled with data and statistics to make them rock solid and very hard to dispute. Levitt’s approach on the world is very different from the average person’s, he looks at everything from what statistics and data tells him. He states “The conventional wisdom is often wrong…”
Summary In chapter one of Freakonomics, the beginning portion of the chapter discusses information and the connection it shares with the Ku Klux Klan and real-estate agents. The Ku Klux Klan was founded right after the Civil War, in order to persecute and subdue the slaves that were newly freed. The popularity of the Klan increased in the early 20th century, around the time of World War I. In the late 19th century, the Klan had only discriminated, persecuted, and subdued Blacks, but in the 20th century they did these things to Blacks, Jews, and Gypsies.
Renowned economist, Steven D. Levitt, and well-known journalist, Stephen J. Dubner, in their collaboration of the book, Freakonomics: A Rogue Economist Explores the Hidden Side of Everything, write in a mostly inoffensive style about extremely controversial topics. Levitt’s and Dubner’s purpose is to inform readers of frequently disputed topics from a purely economic standpoint. They use second person to directly speak to their readers, an impartial tone to show an unusual perspective, and contrast to provide both sides of an argument.
The book “Freakonomics” by Steven Levitt and Stephen Dubner is a dissection of anecdotes. The authors intensely dismantle ideas that are social norms, using economic and demographic data. The book has no central theme other than to “explore the hidden side of… everything.”pg.14 One chapter the subject will be on corruption in the sumo wrestling community, then another on how legalizing abortion lowers crime rates, then another on what effect parenting has on children. Chapter three explains why the popular idea that most drug dealers were rich is almost entirely false. The authors blame the media for this idea. When crack cocaine first started to appear en masse, the cops and the media put an emphasis on how unfair the fight was, because the
This chapter's main idea is that the study of economics is the study of incentives. We find a differentiation between economic incentives, social incentives and moral incentives. Incentives are described in a funny way as "means of urging people to do more of a good thing or less of a bad thing", and in this chapter we find some examples public school teachers in Chicago, sumo wrestling in Japan, take care center in Israel and Paul Feldman's bagel business of how incentives drive people and most of the time the conventional wisdom turns to be "wrong" when incentives are in place.
Common Sense Economics: What Everyone Should Know About Wealth and Prosperity, written by James Gwartney, Richard Stroup, Dwight Lee and Tawni Ferrarini, explains the foundation of economics and how it all works in all aspects of our lives from the role of the government trickling down to personal credit cards and savings. This book was written with clear language for the audience to understand and comprehend the large amount of information within its condensed size. The authors’ target audience for this book seemed to be for those individuals wanting to learn the mechanics of economy including economic growth and stability. Gwartney separates his book into four parts: Part I, Twelve Key Elements of Economics, Part II Seven Major Sources of Economic Progress, Part Three Economic Progress and the Role of Government, and Part IV Twelve Key Elements of Practical Personal Finance.
...age. Levitt explores this passage with the same approach that he uses to explore the hidden side of many other such examples in society that have been overlooked and accepted as conventional wisdom for far too long. Take the parents who feel confident that they have made the right decision to forbid their child to play at a friend?s house whose family owns a gun, but allows their child to play at a friend?s house that has a pool. Levitt shows that the child is about ten thousand times more likely to drown in the swimming pool than in a gun accident, but that the violent conventional mindset associated with guns wrongly portrays their potential of causing death. Through these examples, Levitt establishes Freakonomics as a way by which the reader should live their life, never totally accepting something until every stone has been upturned, eventually exposing its hidden
Incentives are a part of our daily lives, they guide people to do certain things and feel certain ways. Incentives are something that drives/motivates someone to do something. There are three different types of incentived, Economic, Socially, and Morally. Incentives are used to help guide people, but can also be used to trick and individual and be used as an advantage. They relate to the study of economics because incentives are able to influence how we purchase things. Incentives do matter because we care about what others think of us, money motivates us, and our morals control the way we act.
Freakonomics as a whole has portrayed the conception that people use information as incentives to do one of two things—right or wrong. Chapters such as one, two, and three describe how incentives push people to make lamentable choices, and in contrast chapters four, five, and six expound incentives in a more positive matter. In chapter two, it verbalizes “Experts of every kind are in the impeccable position to exploit you,” (page 67) which is a common theme found throughout your novel. The previous verbal expression transmuted my perspective, by providing multiple examples of experts apostatizing uneducated and uninformed Samaritans.
Levitt, Steven D., and Stephen J. Dubner. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. New York: Penguin Books Ltd, 2006. Print.
On the front cover of Freakonomics, the subheading reads, “A Rogue Economist Explores the Hidden Side of Everything,” which is the purpose of the book. The economist Steven Levitt and the author Stephen Dubner wrote this book using several rhetorical devices to achieve that purpose. A few of those devices, style, ethos, pathos, and logos, were prominent within the book and helped to convey the message and purpose well.
Revealing the hidden side of life in clarity, Freakonomics draws in all economists with unmentioned assumptions which are upheld with reasoned correlation, bonding subjects that unveil misconceptions, concluding on economic pattern limitations. Effectively, they lead their audience on their conviction route as smoothly as possible. Nice job on not screwing the map up. Allowing them to achieve their goals, this was to change people’s views. By the time a person puts down Freakonomics, they have been led to conviction about all their claims because Dubner & Levitt know that in order to change someone else’s way of thinking you must change your own.
The theory of economics does not furnish a body of settled conclusions immediately applicable to policy. It is a method rather than a doctrine, an apparatus of the mind, a technique for thinking, which helps the possessor to draw correct conclusions. The ideas of economists and politicians, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist." (John Maynard Keynes, the General Theory of Employment, Interest and Money p 383)
But if economic sociologist begins with the assumption that “history is not sufficient”, there will be plenty of reasons are left to explain. Economic sociologist have to explain not only why nations vary in modern world in their economic practices, but also why they have variation in multiple paths in the