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Economics; is an important subject to understand the workings of finances. The common definition of economics is the social science that analyzes the production, distribution and consumption of goods. Freakonomics, the title of this book has the reader wondering what this book is about. From the title and even the cover picture it is clear it is not your average text book on economics. Yet, the authors have collected data and analyzed it to come to their conclusions on some unusual hypotheses. The photo on the cover is actually a good visual of the books content, it looks like apple on the outside but is an orange on the inside, signifying there is a hidden side of everything, just as the book subtitle reads. Authors Steven Levitt and Stephen Dubner take on the economics of the day to day situations as their topic for this bestselling book.
Steve Levitt in the explanatory note in the beginning of the book is necessary to read to have a better understanding to the author’s purpose for writing the book. They explain they are taking a new way of looking the everyday riddles of life (xxiv). As the sub-title suggests they are investigating the hidden side of real world issues and the subtle connections that link them together. Levitt’s position is that the economics model is a science available to them with excellent tools for gaining answers to the questions he poses in the book. Levitt feels economics is not just finances and movement of goods. Even so the authors acknowledge a good number of Levitt’s’ peers may not recognize this work as economics at all (xxv).
Regardless of the controversy, Levitt points out economics is the science of measurements and he is using data and patterns in the data to gain insight (11). ...


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... yet the main benefit of the book is not in knowing that a drug dealer’s business model actually resembles a McDonald’s business model -as entertaining as that is. Instead the value of this book lies in realizing we should not accept society’s common wisdom, or take things at face value. The authors continued to say there was no unifying theme to the book, but stressed there is a common thread, it has to do with thinking sensibly about how people behave in the real world. Remember to look, discern, and measure (209). We should peel back the layers look at social trends and apply our understanding of incentives and what motivates people. Levitt wants us understand that economics is not just dollars and cents, but a way to understand incentives that molds behaviors. Just the picture on the cover reminds us apple or orange, there is a hidden side to everything.



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