Freakonomics – Steven D. Levitt and Stephen J. Dubner

“A rogue economist explores the hidden side of everything.”

Some books teach you how to think , others show you how its done. Freakonomics belongs to the second category,

Economics is a field long associated with money and its applications in the modern financial system. However, in this book Levitt proves how it's more than just crunching numbers. Levitt arrives at mind-boggling conclusions simply by analyzing data using established economical methods. I mean how can one quantify the role of parents in a child's life? How do you predict something about a person just knowing their name. There are dozens of books on this topic, but few (if any) support their hypothesis and conclusions in the way Freakonomics does.

The book has become a well deserved best-seller. For me this is more a book about greatness than about statistics or conclusions. Dr. Levitt proves that adage, “Winners don't do different things, they do things differently.” Applying an abstract field ( at least that's what I thought before reading this book) like economics to real life situations and coming up with mind blowing hypothesis's shows how greatness isn't limited by conventional boundaries. A great economist is as much a philosopher and a scientist as a number cruncher.

Reasons to read:

• This book teaches you how to 'ask questions'. Levitt asks all sorts of questions and comes up with interesting explanations. Each of us can be and should be inspired by him. As Levitt says, question conventional wisdom.
• Economics with a twist. This book shows how much there is to economics apart from number crunching. If you are thinking of reasons to study economics, look no further.
• Fun. For us lesser mortals, simply reading his conclusions and analyzing them would be fun enough. His claims are audacious and bold at the same time and deserve a thought. 

 

Memorable quotes:

"Morality, it could be argued, represents the way that people would like the world to work, whereas economics represents how it actually does work."

"Information is a beacon, a cudgel, an olive branch, a deterrent--all depending on who wields it and how." 

"If you both own a gun and a swimming pool in your backyard, the swimming pool is about 100 times more likely to kill a child than the gun is."

"Conventional wisdom is often wrong”

This one is a must read for the curious souls. Levitt's methods and techniques are unconventional and intriguing. Please do share your views after reading it.