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Freakonomics
Cover of Freakonomics
Freakonomics
A Rogue Economist Explores the Hidden Side of Everything
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Which is more dangerous, a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? How did...
Which is more dangerous, a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? How did...
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Description-

  • Which is more dangerous, a gun or a swimming pool? What do schoolteachers and sumo wrestlers have in common? Why do drug dealers still live with their moms? How much do parents really matter? How did the legalization of abortion affect the rate of violent crime?

    These may not sound like typical questions for an economist to ask. But Steven D. Levitt is not a typical economist. He is a much-heralded scholar who studies the riddles of everyday life—from cheating and crime to sports and child-rearing—and whose conclusions turn conventional wisdom on its head.

    Freakonomics is a groundbreaking collaboration between Levitt and Stephen J. Dubner, an award-winning author and journalist. They usually begin with a mountain of data and a simple question. Some of these questions concern life-and-death issues; others have an admittedly freakish quality. Thus the new field of study contained in this book: Freakonomics.

    Through forceful storytelling and wry insight, Levitt and Dubner show that economics is, at root, the study of incentives—how people get what they want, or need, especially when other people want or need the same thing. In Freakonomics, they explore the hidden side of . . . well, everything. The inner workings of a crack gang. The truth about real-estate agents. The myths of campaign finance. The telltale marks of a cheating schoolteacher. The secrets of the Ku Klux Klan.

    What unites all these stories is a belief that the modern world, despite a great deal of complexity and downright deceit, is not impenetrable, is not unknowable, and—if the right questions are asked—is even more intriguing than we think. All it takes is a new way of looking.

    Freakonomics establishes this unconventional premise: If morality represents how we would like the world to work, then economics represents how it actually does work. It is true that readers of this book will be armed with enough riddles and stories to last a thousand cocktail parties. But Freakonomics can provide more than that. It will literally redefine the way we view the modern world.

    Bonus material added to the revised and expanded 2006 edition

  • The original New York Times Magazine article about Steven D. Levitt by Stephen J. Dubner, which led to the creation of this book.

  • Seven "Freakonomics" columns written for the New York Times Magazine, published between August 2005 and April 2006.

  • Selected entries from the Freakonomics blog, posted between April 2005 and May 2006 at http://www.freakonomics.com/blog/.

 

Awards-

Excerpts-

  • Chapter One

    What Do Schoolteachers and Sumo Wrestlers Have in Common?

    Imagine for a moment that you are the manager of a day-care center. You have a clearly stated policy that children are supposed to be picked up by 4 P.M. But very often parents are late. The result: at day's end, you have some anxious children and at least one teacher who must wait around for the parents to arrive. What to do?

    A pair of economists who heard of this dilemma—it turned out to be a rather common one—offered a solution: fine the tardy parents. Why, after all, should the day-care center take care of these kids for free?

    The economists decided to test their solution by conducting a study of ten day-care centers in Haifa, Israel. The study lasted twenty weeks, but the fine was not introduced immediately. For the first four weeks, the economists simply kept track of the number of parents who came late; there were, on average, eight late pickups per week per day-care center. In the fifth week, the fine was enacted. It was announced that any parent arriving more than ten minutes late would pay $3 per child for each incident. The fee would be added to the parents' monthly bill, which was roughly $380.

    After the fine was enacted, the number of late pickups promptly went... up. Before long there were twenty late pickups per week, more than double the original average. The incentive had plainly backfired.

    Economics is, at root, the study of incentives: how people get what they want, or need, especially when other people want or need the same thing. Economists love incentives. They love to dream them up and enact them, study them and tinker with them. The typical economist believes the world has not yet invented a problem that he cannot fix if given a free hand to design the proper incentive scheme. His solution may not always be pretty—it may involve coercion or exorbitant penalties or the violation of civil liberties—but the original problem, rest assured, will be fixed. An incentive is a bullet, a lever, a key: an often tiny object with astonishing power to change a situation.

    We all learn to respond to incentives, negative and positive, from the outset of life. If you toddle over to the hot stove and touch it, you burn a finger. But if you bring home straight A's from school, you get a new bike. If you are spotted picking your nose in class, you get ridiculed. But if you make the basketball team, you move up the social ladder. If you break curfew, you get grounded. But if you ace your SATs, you get to go to a good college. If you flunk out of law school, you have to go to work at your father's insurance company. But if you perform so well that a rival company comes calling, you become a vice president and no longer have to work for your father. If you become so excited about your new vice president job that you drive home at eighty mph, you get pulled over by the police and fined $100. But if you hit your sales projections and collect a year-end bonus, you not only aren't worried about the $100 ticket but can also afford to buy that Viking range you've always wanted—and on which your toddler can now burn her own finger.

    An incentive is simply a means of urging people to do more of a good thing and less of a bad thing. But most incentives don't come about organically. Someone—an economist or a politician or a parent—has to invent them. Your three-year-old eats all her vegetables for a week? She wins a trip to the toy store. A big steelmaker belches too much smoke into the air? The company is fined for each cubic foot of pollutants over the legal limit. Too many Americans aren't paying their share of income tax? It was the economist Milton Friedman who helped come up with a solution to this one: automatic tax withholding from employees'...

About the Author-

  • Steven D. Levitt, a professor of economics at the University of Chicago, was awarded the John Bates Clark Medal, given to the most influential American economist under forty. He is also a founder of The Greatest Good, which applies Freakonomics-style thinking to business and philanthropy.

    Stephen J. Dubner, an award-winning journalist and radio and TV personality, has worked for the New York Times and published three non-Freakonomics books. He is the host of Freakonomics Radio and Tell Me Something I Don't Know.

Reviews-

  • Wall Street Journal

    "If Indiana Jones were an economist, he'd be Steven Levitt... Criticizing Freakonomics would be like criticizing a hot fudge sundae."

  • New York Times Book Review: Inside the List

    "Provocative... eye-popping."

  • Washington Post Book World

    "The guy is interesting!"

  • Entertainment Weekly

    "The funkiest study of statistical mechanics ever by a world-renowned economist... Eye-opening and sometimes eye-popping"

  • Malcolm Gladwell, author of Blink and The Tipping Point

    "Steven Levitt has the most interesting mind in America... Prepare to be dazzled."

  • People: Great Reads

    "Principles of economics are used to examine daily life in this fun read."

  • San Diego Union-Tribune

    "Levitt dissects complex real-world phenomena, e.g. baby-naming patterns and Sumo wrestling, with an economist's laser."

  • Philadelphia Daily News

    "Levitt is a number cruncher extraordinaire."

  • Financial Times

    "Levitt is one of the most notorious economists of our age."

  • Publishers Weekly (starred review)

    "Hard to resist."

  • Kurt Andersen, host of public radio's Studio 360 and author of Turn of the Century

    "Freakonomics is politically incorrect in the best, most essential way.... This is bracing fun of the highest order."

  • Fort Worth Star-Telegram

    "Freakonomics was the 'It' book of 2005."

  • Kirkus Reviews

    "An eye-opening, and most interesting, approach to the world."

  • Associated Press

    "An unconventional economist defies conventional wisdom."

  • The Daily Standard

    "One of the decade's most intelligent and provocative books."

  • Book Sense Picks and Notables

    "Freakonomics challenges conventional wisdom and makes for fun reading."

  • New York Times Book Review

    "The trivia alone is worth the cover price."

  • Business World

    "An easy, funny read. Many unsolvable problems the Americans have could be solved with simple means."

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A Rogue Economist Explores the Hidden Side of Everything
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