Book Review
Freakonomics: A Rogue Economist Explores the Hidden Side of Everything
by Steven D. Levitt and Stephen J. Dubner. Published by William Morrow, 2005
Economics has been called "the dismal science" - when many people think about it, the image of obscure charts with lots of statistics ("sadistics?") and being bored out of one's skull is what comes to mind. Face it, there are no little Janes or Johnnies who want to grow up to be an economist. But this book could really change your mind about what economists can do and what they can reveal.
Dubner is a writer for the New York Times and The New Yorker. Levitt (Harvard undergrad, PhD from MIT, professor at the University of Chicago) is seen by some as the most brilliant economist under 40 years old in America. Between the two, they present a well-written and fascinating look at economics, which turns out to REALLY be about incentives. In other words, how people get what they need or want, and specifically when others need or want the same thing. Looking at economics and the way it analyzes the world this way can challenge both liberal and conservative group-think, and can jack up what passes as conventional wisdom.
The book is written in a style that is both intelligent and easy to read - it's not a chore to get through the 200 or so pages. And there are several questions raised and answered that are striking and memorable. You'll find yourself wanting to talk to someone about things you will discover in this book.
For example, some parents might not let their little kid visit some other kid's homes when they discover that the parents are gun owners. And of course it's just fine if their child's little playmate happens to live in a home that owns a swimming pool. Yet statistics reveal that a swimming pool is about 100 times more likely to kill a child than a gun. So just say "yes" to letting your kid visit the kid whose parents are NRA members.
Another question that comes up is "Why do drug dealers live with their moms?" It turns out that a fellow economist actually (through an extremely interesting set of circumstances) got possession of the "books" of a street gang's drug business. Analysis showed that the gang members doing the actual dealing only made about as much as someone working at McDonald's. In fact, some of them DID work at McDonald's on the side to help make money. (It is the gang leader who makes the big money.)
One of the most fun parts of the book come towards the end where an interesting question reveals some interesting data. The premise is that parents want their kids to succeed, so one of the first things some parents obsess about is "What to name the baby?" The book reveals the outcome of how names CAN influence how your life turns out (but not always how you might think - read the case of the two brothers named Winner and Loser). The chapter dealing with this is called "A Roshanda by Any Other Name". Besides lists like "The Twenty 'Whitest' Girl Names" and "The Twenty 'Blackest' Boy Names" (see page 184 to see where your name ranks), there's cogent analysis of what is REALLY going on with names, especially factoring in time, race, family economic status, and the number of years of parental education. (On page 227 there's a lengthy list of girl's names and the link between the name and how many years of education the mother had.)
With chapter titles like "What do schoolteachers and sumo wrestlers have in common?" and "How is the Ku Klux Klan like a group of real-estate agents?", you'll probably find something to interest you. There is one fairly controversial chapter that claims that legal abortions are the primary factor in the crime reduction seen in the 1990s. Levitt's research here has seen several challenges, especially in the last year. Another controversy has come from Levitt seemingly disproving fellow economist John R. Lott's theory concerning gun regulation, with Lott going so far as to launch a defamation lawsuit against Levitt.
So with controversy, intrigue and downright "truth is stranger than fiction" material, how can you pass up this book? I'd consider it one of the top non-fiction titles I've read in the last five years, and so would many others (NYT Bestseller list 75+ weeks and counting).
--Charles Diede, Library Director, Hurst Library