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Continue the summaryWhat is the true essence of economics? Why do we make confident decisions about life? These questions bug a lot of people who are in dire need of answers. The tidbit of this book "Freakonomics: A Rogue Economist Explores The Hidden Side of Everything." by Steven D. Levitt and Stephen J. Dubner contains the answers to these questions. Steven D. Levitt is an Economics teacher at the University of Chicago. He's a recipient of the John Bates Clark Medal for his immense contribution to the field of economics. Stephen J. Dubner is an author and a writer for the New York Times and The New Yorker.
Key points
1
The hidden side of economics is an integral part of the everyday life of humans
Economics is the field on which several life decisions are made, and economics is laden with incentives.
The incentives in economics are what shape human life, decisions, and beliefs. Incentives are the tools by which a scenario is crafted and planted into the heart of the consumer by the layman. For every economic decision made, there are several factors that are responsible for it in a way that people will be urged to pay attention to it.
The hidden side of economics is what famous authors Steven D. Levitt and Stephen J. Dubner termed “Freakonomics.” “Freakonomics” is the work of two astute authors who took their time to research assiduously and come up with a book that explains the concept to the last detail.
The information contained in this book is bound to change your orientation about economics and give you a leverage of decision-making over the layman.
The incentives in economics are what shape human life, decisions, and beliefs. Incentives are the tools by which a scenario is crafted and planted into the heart of the consumer by the layman. For every economic decision made, there are several factors that are responsible for it in a way that people will be urged to pay attention to it.
The hidden side of economics is what famous authors Steven D. Levitt and Stephen J. Dubner termed “Freakonomics.” “Freakonomics” is the work of two astute authors who took their time to research assiduously and come up with a book that explains the concept to the last detail.
The information contained in this book is bound to change your orientation about economics and give you a leverage of decision-making over the layman.
2
The wrong incentives can make matters worse
Economics studies the root and origin of incentives. Incentives serve as guidelines by which humans adjust their lives to meet economic, social, and moral obligations.
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3
Incentives are meant to push people to do more good things than bad things
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Another incentive that thrives heavily is the principle of fear and access to information
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Information is essential to the growth of any economy across the world
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Conventional wisdom is a way of inventing false or inflated information to create an incentive for people to follow
7
The reason for a lot of people's interest in an underpaid job is because these people hope to one day be at the top of the ladder
8
The sudden and drastic decline in crime around the world created one huge mystery for experts
9
The art of parenting is one with assertions from various experts that has almost become comical
10
While the role of parents in the lives of children cannot be overlooked, it should also not be overstated
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Obsessive or not, most parents want to believe that they are making a big difference in the kind of person their child turns out to be
12
Conclusion
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