Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything by Steven D. Levitt, Stephen J. Dubner Summary and Reviews
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Book Reviews of Freakonomics [Revised and Expanded]: A Rogue Economist Explores the Hidden Side of Everything
Book Review: What the economics field needed. Creative entertainment.
Summary: 4 Stars
Although I abhorred economics while in school, I've become fascinated with both micro- and macro- disciplines in the last five years or so. The upside to the desire to learn about economics is simple: there are a plethora of books, articles, newsletters, and other rags extolling every imaginable corner of economics. That said, discerning the valuable sources from the chaff is the key, and frankly, the only real way to know is to pick up the book, read it, and evaluation. Well, I can tell you without equivocation that FREAKONOMICS fits the mold of excellence
FREAKONOMICS, authored by Steven Levitt and Stephen Dubner, reflects economics from a contrarian perspective, or perhaps, as the title infers a "freak's" perspective. Levitt attacks economic platitudes by asking questions that are, well, freaky. Why do drug dealers still live with their moms? Does a good first name contribute to success in life? The questions only get better.
Levitt is anything but conventional. He opens the book by espousing his overview of economic theory, a theory he seemingly chides, yet respects, for he sees economics as "a study of incentives - how people get what they want or need, especially when other people want or need the same thing." Unorthodox to be sure, but spot on as well. While Levitt's genius is obvious, his social conventions are similar to those of Don Imus. For instance, Levitt floats the proposition that violent crime in the `90s is directly related to the result and instance of legalized abortion in the `70s. Huh? Well, don't laugh; he provides arguably compelling evidence in support of this theory.
Despite his lack of ostensible sensitivity, Levitt rates high as an erudite economist, and, without doubt, has written a very entertaining book on a subject that can be as dry as the Mohave. And, why not? Levitt has the dubious honor of owning both Harvard and MIT degrees...pretty heady by any standard
Levitt and Dubner have created a book that will be widely heralded and hated. The purists will see it as a rogue attack on a venerable discipline while the unconventional will hail it as genius. Regardless one's position, it is wonderful in its creativity, and thought-provokingly fabulous. The reader need not have any prerequisite knowledge of economics; in fact, that might pose more barriers than less. Regardless, FREAKONOMICS is warmly recommended for economic knowledge and highly recommended for creative content.
Book Review: Awaiting Steven's next book!
Summary: 5 Stars
I would never read a book on economics........or so I thought! The name and short review attracted me like a magnet. It was going to delve into human nature and formulate intriguing observations.
Steven Levitt uses statistics combined with state-of-the-art technological analysis tools to generate distinctive answers that question traditional reasoning and wisdom and compel readers to open their minds and think outside the box.
I'm grateful for having read this book. I hope to question every given that comes into my mind.
Book Review: You'll never learn so much in so short a time
Summary: 5 Stars
So what if a reviewer says it only took them 3 hours to read it. I bet they learned more in those 3 hours than they did doing a lot of other stuff.
This book is not meant for economists. If you were a real economist, you wouldn't be reading this because 1)it's simplified and you could be reading the peer-reviewed journal articles instead or 2) you already read those articles.
What this book does, and it does a great job of, is making public a lot of really fun research that Levitt has done in the past, most of which academics knew about.
If you want some substantial economic theory with seminal ideas, don't look at Levitt, cause he spent a summer on the couch and couldn't think of one.
But, beyond the economics the book also brings you the person behind the ideas. Chapters usually have a little snippet about Levitt's personal life. You get the sense that he is very happy about what he does, which adds a human dimension to a book about numbers.
I don't think enough credit has been given to Stephen Dubner, Levitt's coauthor. He really is an amazing writer and without him, there would be no Freakonomics.
Book Review: Where's the Beef?
Summary: 2 Stars
The tragedy here is that Levitt wasted a potentially great book title, and now nobody can ever call a book "Freakonomics" again. If you are an undergrad econ or business student with a few courses under your belt, "Freakonomics" will come off as a lightweight book. "An Economist's View of the World" by Stephen Rhoads is a much better execution of the same concept; if Freakonomics leaves you wanting more, that would be a good place to go next. It has a LOT more substance than Levitt's book, while remaining mostly accessible to a nontechnical audience. As other reviewers have mentioned, this is a very short book by the time you remove all the dead weight and fluff -- I read the whole thing in about three hours.Book Review: A celebration of the unexpected
Summary: 5 Stars
Levitt and Dubner show us creative ways to apply the principles of economics -- a science not of money but of supply, demand and incentives. I don't understand reviewers who question whether it's "really" economics.
These authors illustrate the way economists think -- which means looking at aggregate trends and understanding correlations. They also teach us to question "conventional wisdom," an overrated product of commonsense.
Generally, their ideas make sense and I can't help wishing politicians would take note. However, it's important to understand the limits of aggregated data. You will find individual exceptions and, to buy into the argument, you have to work within their definitions of inputs and outcomes.
So when the authors look at factors contributing to school success, they define success by specific test scores. When they explore results of school choice program, they measure success by graduating on time -- not by the child's ability to enter college, let alone a good college.
Regardless, I loved this book. Microeconomics was one of my favorite graduate school classes and it was fun to see some academic topics (such as information asymmetry) applied to novel and diverse contexts.
The book reads like a suspense novel so reading Freakonomics is like eating dessert that tastes like a fudge brownie but really turns out to be good for you. I just wish the publisher had allowed or invented a better title. Nothing freaky here -- just good theory and solid method applied in ways that will soon become commonplace.