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Freakonomics (1 Viewer)

Kleck

Kleck

Footballguy
Amazon link

Anyone read this book?

Editorial Reviews

Amazon.com

Economics is not widely considered to be one of the sexier sciences. The annual Nobel Prize winner in that field never receives as much publicity as his or her compatriots in peace, literature, or physics. But if such slights are based on the notion that economics is dull, or that economists are concerned only with finance itself, Steven D. Levitt will change some minds. In Freakonomics (written with Stephen J. Dubner), Levitt argues that many apparent mysteries of everyday life don't need to be so mysterious: they could be illuminated and made even more fascinating by asking the right questions and drawing connections. For example, Levitt traces the drop in violent crime rates to a drop in violent criminals and, digging further, to the Roe v. Wade decision that preempted the existence of some people who would be born to poverty and hardship. Elsewhere, by analyzing data gathered from inner-city Chicago drug-dealing gangs, Levitt outlines a corporate structure much like McDonald's, where the top bosses make great money while scores of underlings make something below minimum wage. And in a section that may alarm or relieve worried parents, Levitt argues that parenting methods don't really matter much and that a backyard swimming pool is much more dangerous than a gun. These enlightening chapters are separated by effusive passages from Dubner's 2003 profile of Levitt in The New York Times Magazine, which led to the book being written. In a book filled with bold logic, such back-patting veers Freakonomics, however briefly, away from what Levitt actually has to say. Although maybe there's a good economic reason for that too, and we're just not getting it yet. --John Moe

From Publishers Weekly

Starred Review. Forget your image of an economist as a crusty professor worried about fluctuating interest rates: Levitt focuses his attention on more intimate real-world issues, like whether reading to your baby will make her a better student. Recognition by fellow economists as one of the best young minds in his field led to a profile in the New York Times, written by Dubner, and that original article serves as a broad outline for an expanded look at Levitt's search for the hidden incentives behind all sorts of behavior. There isn't really a grand theory of everything here, except perhaps the suggestion that self-styled experts have a vested interest in promoting conventional wisdom even when it's wrong. Instead, Dubner and Levitt deconstruct everything from the organizational structure of drug-dealing gangs to baby-naming patterns. While some chapters might seem frivolous, others touch on more serious issues, including a detailed look at Levitt's controversial linkage between the legalization of abortion and a reduced crime rate two decades later. Underlying all these research subjects is a belief that complex phenomena can be understood if we find the right perspective. Levitt has a knack for making that principle relevant to our daily lives, which could make this book a hit. Malcolm Gladwell blurbs that Levitt "has the most interesting mind in America," an invitation Gladwell's own substantial fan base will find hard to resist. 50-city radio campaign. (May 1)
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I have.One of the most eye-opening things I've read in a while. Good methods, and well outside the box. Entertaining, too.I don't agree with every one of its conclusions, but it's a fantastic read if you're looking for a little intellectual stimulation.

 
haven't read the book, but reading that reminds me of my high school econ class - that's the way my teacher taught it. still one of the best classes i ever took.

 
Sounds interesting. I'll have to check it out.How does McDonalds get away with paying less than minimum wage?J

 
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Sounds interesting. I'll have to check it out.

How does McDonalds get away with paying less than minimum wage?

J
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They don't. They get minimum wage.The reference was to crack dealers on the street, who make less than minimum wage (not much less, according to the book, basically equaling a job at Mickey's).

That part of the read was very :eek: . As was the discussion on teacher cheating in high-stakes testing. As was the most controversial part of the book...the link between abortion and the fall in crime rate.

 
Sounds interesting. I'll have to check it out.

How does McDonalds get away with paying less than minimum wage?

J
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I think that's really an error due to reviewer laziness...The essay breaks down how most low level drug dealers actually make less than minimum wage for the amoutn of time they work and the amount they actually get to keep (most goes up to the higher ups), and Levitt makes the comparison to McDonalds, where corporate execs make good money, but the fry cooks and cashiers make minimum wage...

 
I was pretty disappointed with this book. There are some interesting bits of information sprinkled here and there, but it is mostly filled with a series of anecdotes and very little real analysis of anything. The intro sets you up to be blown away by Levitt's universally-acknowledged genius, but the subsequent chapters were a real let down, consisting of little more than amusing stories about a drug gang's accounting information and the undermining of the KKK's secret passwords and so on. I couldn't even really see the relation of some of these things to economics -- statistics, perhaps? If there is really any radical economic analysis in Levitt's work, it is completely smothered by the writer's attempt to popularize it. It's a nice, mildly entertaining light read but not much substance IMHO.

 
Sounds interesting. I'll have to check it out.

How does McDonalds get away with paying less than minimum wage?

J
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I think that's really an error due to reviewer laziness...The essay breaks down how most low level drug dealers actually make less than minimum wage for the amoutn of time they work and the amount they actually get to keep (most goes up to the higher ups), and Levitt makes the comparison to McDonalds, where corporate execs make good money, but the fry cooks and cashiers make minimum wage...
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Thanks TU.That's the kind of thing I hate. Once a guy says McD's pay less than minimum wages, I pretty much discount the rest of the review. But I hear others say it's good so that's cool.

J

 
Freakanomics Blog

Here is a blog that the book's author updates...

It is pretty interesting as well...

As far as the book goes, it is a very interesting and compelling read...

Even friends who abhor economics or have no real knowledge of it have found the book fascinating...

Definitley worth a read...

 
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It's a very good read -- there is some debate about whether it's actually economics, but it is clearly applying rigorous research to contemporary social issues and coming up with surprising insights. Plus, it's a very easy read -- basically a series of chapters that read like magazine articles -- put together, so it's not like you're making a giant investment of time or brainpower to pick it up.Good tidbits include stuff on how a name like "Madison" comes from nowhere to become the most common girls' name in the country, and how a kid whose family owns a pool is 2,000 times more likely to suffer a fatal accident than is a kid whose family owns a gun.

 
I was pretty disappointed with this book. There are some interesting bits of information sprinkled here and there, but it is mostly filled with a series of anecdotes and very little real analysis of anything. The intro sets you up to be blown away by Levitt's universally-acknowledged genius, but the subsequent chapters were a real let down, consisting of little more than amusing stories about a drug gang's accounting information and the undermining of the KKK's secret passwords and so on. I couldn't even really see the relation of some of these things to economics -- statistics, perhaps? If there is really any radical economic analysis in Levitt's work, it is completely smothered by the writer's attempt to popularize it. It's a nice, mildly entertaining light read but not much substance IMHO.
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I disagree with this conclusion. Having read the book very recently, I was impressed. In the intro, they let you know right off that bat that there is NO UNIFYING THEME of the book. You shouldn't expect something that builds to some gigantic breakthrough conclusion. What did impress me was the manner in which the author is able to abstractly analyze situations and come up with measurable ways to find not just correlations, but influences. That is what economics is about...finding what actions directly influence other actions. Whether it be in a marketplace, in a school district, or in a drug-selling gang.

I believe it can be had at most Barnes and Nobles for 30% off. For me, it was a great bathroom read I got through in about two weeks, or maybe a little less. Highly recommended.

 
This is an absolutely excellent book. Shick, you would get a lot out of it, as would other logical thinkers.

In my opinion, his book is about applying unemotional logic to social situations. It is like combining Sociology with Economics.

His basic theme of the book, discussed in the first chapter, is the EVERYBODY responds to incentives. And the rest of the book is finding those incentives in everyday life.

One of his first examples: No child left behind -- If you tie an economic insentive to teachers (raises, salary bonuses, better resources) to student test scores, then the teachers (as a group, not individually) will respond to the insentives. Most respond by "teaching to the test," which is not illegal, but it certainly is directly at odds with the intent of the law (heck, I'd do it if my job was on the line). Some teachers actually either helped the kids cheat (giving more time in test, etc.) and some teachers actually cheated themselves by changing student test scores. He actually proved this by applying an algorithm to certain classes in Chicago.

Anyway, the book is generally a discussion of cause and effect of all sorts of incentives -- including incentives for Sumo wrestlers to "cheat" by throwing matches. In the Sumo wrestler case, the cheating was directly related to the scoring system, which encouraged it.

He also studies cause-and-effect of actions taken, such as abortion being legalized (which led to Bennet a couple of months ago missing the nuances of Levitt's theory and saying something idiotic).

So it is an outstanding book, and I highly recommend it (even though it is a little to "pop academics" for me.

 
It was an outstanding read, IMO, with some very interesting insights culled from large sets of data. Very well presented at a magazine article level, as discussed above. But if you look in the notes you will see that the "anecdotes" are based on published or to-be-published economic papers. Read it, Shick! You'll enjoy it.

 
This is an absolutely excellent book. Shick, you would get a lot out of it, as would other logical thinkers.

In my opinion, his book is about applying unemotional logic to social situations. It is like combining Sociology with Economics.

His basic theme of the book, discussed in the first chapter, is the EVERYBODY responds to incentives. And the rest of the book is finding those incentives in everyday life.

One of his first examples: No child left behind -- If you tie an economic insentive to teachers (raises, salary bonuses, better resources) to student test scores, then the teachers (as a group, not individually) will respond to the insentives. Most respond by "teaching to the test," which is not illegal, but it certainly is directly at odds with the intent of the law (heck, I'd do it if my job was on the line). Some teachers actually either helped the kids cheat (giving more time in test, etc.) and some teachers actually cheated themselves by changing student test scores. He actually proved this by applying an algorithm to certain classes in Chicago.

Anyway, the book is generally a discussion of cause and effect of all sorts of incentives -- including incentives for Sumo wrestlers to "cheat" by throwing matches. In the Sumo wrestler case, the cheating was directly related to the scoring system, which encouraged it.

He also studies cause-and-effect of actions taken, such as abortion being legalized (which led to Bennet a couple of months ago missing the nuances of Levitt's theory and saying something idiotic).

So it is an outstanding book, and I highly recommend it (even though it is a little to "pop academics" for me.
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This is a fair analysis of the book. I guess it was all just a tad too obvious and dumbed-down for my tastes. :shrug:
 
Good tidbits include stuff on how a name like "Madison" comes from nowhere to become the most common girls' name in the country, and how a kid whose family owns a pool is 2,000 times more likely to suffer a fatal accident than is a kid whose family owns a gun.
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I need to remember to pick the book up in a decade or two to find out if the predicted "common names" become common.By all accounts, they should...but man, there's some weird ones in there.

 
I was pretty disappointed with this book. There are some interesting bits of information sprinkled here and there, but it is mostly filled with a series of anecdotes and very little real analysis of anything. The intro sets you up to be blown away by Levitt's universally-acknowledged genius, but the subsequent chapters were a real let down, consisting of little more than amusing stories about a drug gang's accounting information and the undermining of the KKK's secret passwords and so on. I couldn't even really see the relation of some of these things to economics -- statistics, perhaps? If there is really any radical economic analysis in Levitt's work, it is completely smothered by the writer's attempt to popularize it. It's a nice, mildly entertaining light read but not much substance IMHO.
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I think it is very important to recognize what this book is and what it is not...It is meant to be an accessible, interesting collection of essays that share a few themes and are basically devoted to challenging traditional methods of analysis and uncovering the "hidden side of everything" (as the book's subtitle explains)...It is not meant to be an economics textbook, and there is little detailed economic methodology or advanced analysis contained within...

But I strongly disagree that there was not much substance or that there was no tie to economics...

Just off the top of my head, here are some of the themes that are VERY relevant to the study of economics:

Information Asymmetry

How Incentives Govern Behavior

The Power of Statistics and Correlations

 
I was pretty disappointed with this book. There are some interesting bits of information sprinkled here and there, but it is mostly filled with a series of anecdotes and very little real analysis of anything. The intro sets you up to be blown away by Levitt's universally-acknowledged genius, but the subsequent chapters were a real let down, consisting of little more than amusing stories about a drug gang's accounting information and the undermining of the KKK's secret passwords and so on. I couldn't even really see the relation of some of these things to economics -- statistics, perhaps? If there is really any radical economic analysis in Levitt's work, it is completely smothered by the writer's attempt to popularize it. It's a nice, mildly entertaining light read but not much substance IMHO.
Click to expand...
I think it is very important to recognize what this book is and what it is not...It is meant to be an accessible, interesting collection of essays that share a few themes and are basically devoted to challenging traditional methods of analysis and uncovering the "hidden side of everything" (as the book's subtitle explains)...It is not meant to be an economics textbook, and there is little detailed economic methodology or advanced analysis contained within...

But I strongly disagree that there was not much substance or that there was no tie to economics...

Just off the top of my head, here are some of the themes that are VERY relevant to the study of economics:

Information Asymmetry

How Incentives Govern Behavior

The Power of Statistics and Correlations
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Fair enough, and I guess for someone who has never thought about these things the book would be eye-opening. I was bored, what else can I say?
 
Another :thumbup: for this book. There isn't a lot of hardcore discussion of statistical analysis, if that's your thing, but it's a great exercise in really digging into social situations to identify where the incentives lie. Plus, the part on children's names is really interesting; you can see how "Brittany" and "Heather" were big among the higher classes 30 or so years ago, and are now the most common names among the lower class white girls. He was making a point about how people can and do make assumptions about other people based solely on their names.

 
Shick!,

Freakonomics is absolutely fantastic. It's the kind of book that you won't want to put down, and at the same time it's all non-fiction. Someone complimented it by saying something along the lines of "it's not really economics so much as looking at the world analytically, which is far more important."

:thumbup: :thumbup:

 
I was pretty disappointed with this book. There are some interesting bits of information sprinkled here and there, but it is mostly filled with a series of anecdotes and very little real analysis of anything. The intro sets you up to be blown away by Levitt's universally-acknowledged genius, but the subsequent chapters were a real let down, consisting of little more than amusing stories about a drug gang's accounting information and the undermining of the KKK's secret passwords and so on. I couldn't even really see the relation of some of these things to economics -- statistics, perhaps? If there is really any radical economic analysis in Levitt's work, it is completely smothered by the writer's attempt to popularize it. It's a nice, mildly entertaining light read but not much substance IMHO.
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I disagree with this conclusion. Having read the book very recently, I was impressed. In the intro, they let you know right off that bat that there is NO UNIFYING THEME of the book. You shouldn't expect something that builds to some gigantic breakthrough conclusion. What did impress me was the manner in which the author is able to abstractly analyze situations and come up with measurable ways to find not just correlations, but influences. That is what economics is about...finding what actions directly influence other actions. Whether it be in a marketplace, in a school district, or in a drug-selling gang.

I believe it can be had at most Barnes and Nobles for 30% off. For me, it was a great bathroom read I got through in about two weeks, or maybe a little less. Highly recommended.
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I like the line of this reply. When I read the book, the single biggest thing I took away from this book is that I need to ask more "interesting" questions when analyzing things for both work and personal reasons. The obvious implication for that is you have to find an interesting way to quantify the parameters of the interesting questions.
 
I read this book during the same one week span as I read "The Tipping Point" by Malcolm Gladwell. They complement one another very well.

 
I have not read it but will ask for it for Xmas. I have heard nothing but great reviews about it.

 
I was pretty disappointed with this book. There are some interesting bits of information sprinkled here and there, but it is mostly filled with a series of anecdotes and very little real analysis of anything. The intro sets you up to be blown away by Levitt's universally-acknowledged genius, but the subsequent chapters were a real let down, consisting of little more than amusing stories about a drug gang's accounting information and the undermining of the KKK's secret passwords and so on. I couldn't even really see the relation of some of these things to economics -- statistics, perhaps? If there is really any radical economic analysis in Levitt's work, it is completely smothered by the writer's attempt to popularize it. It's a nice, mildly entertaining light read but not much substance IMHO.
Click to expand...
I disagree with this conclusion. Having read the book very recently, I was impressed. In the intro, they let you know right off that bat that there is NO UNIFYING THEME of the book. You shouldn't expect something that builds to some gigantic breakthrough conclusion. What did impress me was the manner in which the author is able to abstractly analyze situations and come up with measurable ways to find not just correlations, but influences. That is what economics is about...finding what actions directly influence other actions. Whether it be in a marketplace, in a school district, or in a drug-selling gang.

I believe it can be had at most Barnes and Nobles for 30% off. For me, it was a great bathroom read I got through in about two weeks, or maybe a little less. Highly recommended.
Click to expand...
I like the line of this reply. When I read the book, the single biggest thing I took away from this book is that I need to ask more "interesting" questions when analyzing things for both work and personal reasons. The obvious implication for that is you have to find an interesting way to quantify the parameters of the interesting questions.
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:yes: The overarching theme is the different ways of looking at things--the abortion debate, drug dealers, etc. I read the book a few months ago and loved it. Very interesting stuff.

 
Freakonomics is a great book. :thumbup: As others have said, it's like a series of magazine articles and it's very interesting to see some detailed analysis of social issues. Well worth the read.

 
It's definitely a good read. I'd recommend it to pretty much anyone. (The author's next project: Pokernomics.)

BTW, if you liked Freakonomics, you'd probably also like The Armchair Economist (Landsburg) and Hidden Order (Friedman). Like Freakonomics, they both use economic analysis to explore issues not commonly thought of as falling under the economics umbrella, and are very readable and interesting.

 
Also recommend The Wisdom of Crowds...

Very interesting book as well...
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:goodposting: just finished that one. The part at the beginning, about how the "average of the crowd" turns out better than any one "expert"... i used that idea for a work experiment, and it worked just like the book predicted.

Would be a good counter to the elitism found in the FFA. You know, about how the masses are idiots, and that we should restrict the right to vote.

 
It's definitely a good read. I'd recommend it to pretty much anyone. (The author's next project: Pokernomics.)

BTW, if you liked Freakonomics, you'd probably also like The Armchair Economist (Landsburg) and Hidden Order (Friedman). Like Freakonomics, they both use economic analysis to explore issues not commonly thought of as falling under the economics umbrella, and are very readable and interesting.
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I'm going to check out the Landsburg title. That's the third time I've heard someone recommend it.
 
So it is an outstanding book, and I highly recommend it (even though it is a little to "pop academics" for me.
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You prefer the academics where they use the word "too"?
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I'm sure it was a typo.
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You know, I never quite know how to respond to those posts. Being a bit of a grammar snob myself, I understand the desire to point out the shortcomings of other people's posts. Of course, because I don't have a small penis, I refrain. . .
 
So it is an outstanding book, and I highly recommend it (even though it is a little to "pop academics" for me.
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You prefer the academics where they use the word "too"?
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I'm sure it was a typo.
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You know, I never quite know how to respond to those posts. Being a bit of a grammar snob myself, I understand the desire to point out the shortcomings of other people's posts. Of course, because I don't have a small penis, I refrain. . .
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Grammar is one thing, and I understand the grammar snobs who do that (I don't do it, but to each his own).But to me, that was just a typo from typing too fast (he missed the end parentheses as well).

 
So it is an outstanding book, and I highly recommend it (even though it is a little to "pop academics" for me.
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You prefer the academics where they use the word "too"?
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I'm sure it was a typo.
Click to expand...
You know, I never quite know how to respond to those posts. Being a bit of a grammar snob myself, I understand the desire to point out the shortcomings of other people's posts. Of course, because I don't have a small penis, I refrain. . .
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Grammar is one thing, and I understand the grammar snobs who do that (I don't do it, but to each his own).But to me, that was just a typo from typing too fast (he missed the end parentheses as well).
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Oh, the parentheses was on purpose. I have a hard time finishing thin
 
It's definitely a good read. I'd recommend it to pretty much anyone. (The author's next project: Pokernomics.)

BTW, if you liked Freakonomics, you'd probably also like The Armchair Economist (Landsburg) and Hidden Order (Friedman). Like Freakonomics, they both use economic analysis to explore issues not commonly thought of as falling under the economics umbrella, and are very readable and interesting.
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Just ordered "Hidden Order"
 
Just finished this - very entertaining. I'd recommend it to anyone like myself that's a bit of a novice in economics or statistics. He returns to the point that correlation is not causation (I would have thought it the central theme but for the fact they were so proud the book had no central theme) so frequently it may bore/annoy someone thoroughly educated in this field. Also an excellent reminder to take with a grain of salt what gets published from 'experts' (many have been caught making up data).Very thought-provoking :thumbup:

 
An economics professor I work with on occasion has highly recommended it to me, but I haven't read it yet. I'd be interested to know of Ivan or any of his colleagues have read it and have any thoughts on it.

 
An economics professor I work with on occasion has highly recommended it to me, but I haven't read it yet. I'd be interested to know of Ivan or any of his colleagues have read it and have any thoughts on it.
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Interesting, I just finished my first Economics course in my MBA program and my professor also highly recommended this book. EGL, I noticed your location says South Bend, I happen to be getting my MBA at IUSB, no chance you are there?
 
An economics professor I work with on occasion has highly recommended it to me, but I haven't read it yet. I'd be interested to know of Ivan or any of his colleagues have read it and have any thoughts on it.
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I'm probably going to pick this up this afternoon while I do some Christmas shopping. I don't normally read a lot of economics in my spare time, but this is one of those books like The Lexus and the Olive Tree or The Armchair Economist that I should probably take a look at.
 
An economics professor I work with on occasion has highly recommended it to me, but I haven't read it yet.  I'd be interested to know of Ivan or any of his colleagues have read it and have any thoughts on it.
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Interesting, I just finished my first Economics course in my MBA program and my professor also highly recommended this book. EGL, I noticed your location says South Bend, I happen to be getting my MBA at IUSB, no chance you are there?
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That's exactly where he's at IIRC.
 
An economics professor I work with on occasion has highly recommended it to me, but I haven't read it yet. I'd be interested to know of Ivan or any of his colleagues have read it and have any thoughts on it.
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I'm probably going to pick this up this afternoon while I do some Christmas shopping. I don't normally read a lot of economics in my spare time, but this is one of those books like The Lexus and the Olive Tree or The Armchair Economist that I should probably take a look at.
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Thanks for the other titles, Ivan. I hadn't heard of those. I wish I found more time for reading. Too many titles out there that I'd like to take a look at.

 
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