TOP DRAWER BOOK REVIEW
by
HL Carpenter

 

Freakonomics
by Steven D. Levitt and Stephen J. Dubner
ISBN 0-06-073132-X
242 pages; hardcover; $25.95
William Morrow, New York, 2005

This book was ranked #1 on the Wall Street Journal’s Best Selling Books list the week it was reviewed.

The boring description of economics is that it’s the study of the allocation of resources. Steven Levitt, an economist with a Ph.D. from MIT, puts the same definition in more personal, and therefore more interesting, terms: He says economics is the study of incentives, or how people get what they want or need.

Dr. Levitt has made a career of applying his interesting definition to interesting – if somewhat freaky - questions. Such as: What impact did legalized abortion have on the crime rate? What makes a perfect parent? What do sumo wrestlers and teachers have in common?

His goal is to challenge conventional wisdom, as well as the facts and figures spouted by ‘experts’. Dr. Levitt thinks both are overrated, and so he uses the techniques of an economist to seek out and support less visible but still viable explanations for beliefs we take for granted. For instance, he says money is not the sole reason politicians win elections. Instead, what matters is who the politician is. This concept plays a role in the definition of a perfect parent, too.

You may not agree that legalized abortion lowered the crime rate, or that sumo wrestlers and teachers have similar incentive to cheat. But that kind of skepticism is a good thing, since the purpose of Freakonomics is to encourage thinking beyond the ordinary. After all, as Dr. Levitt points out, experts are often wrong – and he himself is an expert.

If you prefer to accept what you’ve always heard as truth, save yourself some time and leave this book on the shelf. But if you enjoy the occasional foray from your familiar rut, Freakonomics offers a tempting journey.

 

Review originally published January 2006.