Book: Freakonomics

FrFreakonomics by Stephen D Levitt & Stephen J Dubner (borrowed from Emma Walsh, Technical Development Manager at LTS).

Levitt is an economist and Dubner is a journalist. Levitt specialises in asking off the wall questions and then exploring the data to see what patterns emerge and then seeking interpreations, correlations etc.

The book is presented as a challenge to ‘conventional wisdom’ [more on this concept developed by J K Galbriath later] and although I am not convinced by all of Levitt’s conclusions the book is well written, easy to access, good fun and well worth reading.
One of my favourite chapters asks the queston ‘why do drug dealers still live with their moms?’. The answer is quite simple the wage structure of a drug gang mirrors that of a corporation, i.e. most of the workers (teenage drug dealers) were paid around $3.30 an hour whilst the gang leader earned in excess of $100k per year.

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