Freaky Economics Essay - 1321 Words

Economics; is an important subject to understand the workings of finances. The common definition of economics is the social science that analyzes the production, distribution and consumption of goods. Freakonomics, the title of this book has the reader wondering what this book is about. From the title and even the cover picture it is clear it is not your average text book on economics. Yet, the authors have collected data and analyzed it to come to their conclusions on some unusual hypotheses. The photo on the cover is actually a good visual of the books content, it looks like apple on the outside but is an orange on the inside, signifying there is a hidden side of everything, just as the book subtitle reads. Authors Steven Levitt†¦show more content†¦Ã¢â‚¬Å"The study of incentives is how people get what they want, or need, especially when other people want or need the same thing.† (16) An incentive is simply a means of urging people to do more of a good thing a nd less of a bad (17). An interesting concept the author points out is â€Å"Morality, represents the way that people would like the world to work-whereas economics represents how it actually does work† (11). The authors several times oddly bring up that there is no unifying theme to the book, giving the impression the book is not well thought out. Regardless, there are some things that tie the unusual examples together, one being the theory of incentives as being the motivator. The other unifying thread is that conventional wisdom is often wrong, that when looking at situations, layers need to be peeled off and knowing what to measure and how to measure it allows for better understanding (12-13). The introduction is the last section of the book that doesn’t leave the reader somewhat confused regarding what they are reading, and if it really does relate to economics or is just quirky stories. It is interesting to see the development of their theory about incenti ves, as they investigate what makes something so attractive that sometimes people are willing to cheat and behave unethically to attain the incentive. Levitt is able to support his hypothesis that incentives urgeShow MoreRelatedEssay on Triumph of The Nerds859 Words   |  4 Pagesindustry. The inception of an innovation, aimed at proliferating the productivity of the contemporary technology on a global scale, encouraged the nerds to establish digital empires that continue to thrive today. Computer Giants contributed in the economic boom, thereby increasing the employment, sales, and the commercial demand in the market. The crucial and the careless mistakes or simply ignorance; economically affected the Giants in negative way and the industry in positive ways. 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