Freakonomics

infobox Book |
name = Freakonomics: A Rogue Economist Explores the Hidden Side of Everything
orig title =
translator =


author = Steven D. Levitt Stephen J. Dubner
cover_artist =
country = United States
language = English
series =
subject = Economics
genre = Non-fiction
publisher = William Morrow
release_date = April 12, 2005
media_type = Hardback & Paperback
pages = 336 pp (hardback edition)
isbn = ISBN 0-06-123400-1 (Hardback), ISBN 0-06-089637-X (large print paperback)
preceded_by =
followed_by =

"Freakonomics: A Rogue Economist Explores the Hidden Side of Everything" is a 2005 non-fiction book by University of Chicago economist Steven Levitt and "New York Times" journalist Stephen J. Dubner that has been described as melding pop culture with economics.Rachel Deahl: [http://www.thebookstandard.com/bookstandard/news/publisher/article_display.jsp?vnu_content_id=1000911964 Getting a Buzz On: How Publishers Are Turning Online to Market Books] . The Book Standard, May 06, 2005] As of 2007, it has sold over 3 million copies worldwide. [http://freakonomics.blogs.nytimes.com/ Freakonomics - Opinion - New York Times Blog ] ]

Overview

The book is a collection of economic articles written by Levitt, translated into prose meant for a wide audience. Levitt, who in the book is ascribed the epithet "rogue economist", had already gained a reputation in academia for applying economic theory to diverse subjects not usually covered by "traditional" economists; however, he accepts the standard microeconomic model of rational utility-maximization. The book's topics include:

*Chapter 1: Discovering cheating as applied to teachers and sumo wrestlers (See below)
*Chapter 2: Information control as applied to the Ku Klux Klan and real-estate agents
*Chapter 3: The economics of drug dealing, including the surprisingly low earnings and abject working conditions of crack cocaine dealers
*Chapter 4: The controversial role legalized abortion has played in reducing crime. (Levitt explored this topic in an earlier paper entitled "The Impact of Legalized Abortion on Crime.")
*Chapter 5: The negligible effects of good parenting on education
*Chapter 6: The socioeconomic patterns of naming children

One striking example of the authors' creative use of economic theory involves demonstrating the existence of cheating among Sumo wrestlers. In a Sumo tournament, all wrestlers compete in 15 matches and stay in the top league if they win at least 8 of them. The Sumo community is very close-knit, and all of the wrestlers at the top levels tend to know each other well. The authors looked at the final match, and considered the case of a wrestler with seven wins, seven losses, and one fight to go, fighting against an 8-6 wrestler. Statistically, the 7-7 wrestler should have a slightly below even chance, since the 8-6 wrestler is slightly better. However, the 7-7 wrestler actually wins around 80% of the time. Levitt uses this statistic and other data gleaned from Sumo wrestling matches, along with the effect that allegations of corruption have on match results, to conclude that those who already have 8 wins collude with those who are 7-7 and let them win, since they have already secured their place in the league.

The authors attempt to demonstrate the power of data mining. Many of their results emerge from Levitt's analysis of various databases, and his creativity in asking the right questions. For example, cheating in the Chicago school system is inferred from detailed analysis of students' answers to multiple choice questions. But first Levitt asks, "What would the pattern of answers look like if the teacher cheated?" The simple answer: difficult questions at the end of a section will be more correct than easy ones at the beginning.

Reappraisals

In Chapter 2 of "Freakonomics", the authors wrote of their visit to folklorist Stetson Kennedy's Florida home where the topic of Kennedy's investigations of the Ku Klux Klan were discussed. However, in their January 8, 2006 column in the "New York Times Magazine", Dubner and Levitt wrote of questions about Stetson Kennedy's research ("Hoodwinked" pp 26-28) leading to the conclusion that Kennedy's research was at times embellished for effectiveness. The implication of the reappraisal of their source was that Kennedy's claims and conclusions should be reviewed for accuracy and verified, rather than being accepted at full face value.

In the "Revised and Expanded Edition" this embellishment was noted and corrected: "Several months after "Freakonomics" was first published, it was brought to our attention that this man's portrayal of his crusade, and various other Klan matters, was considerably overstated....we felt it was important to set straight the historical record." (pp. xiv, Revised Edition)

Publishing history and blog

"Freakonomics" peaked at number two among nonfiction on the New York Times bestseller list and was named the 2006 Book Sense Book of the Year in the Adult Nonfiction category. The book received positive reviews from critics. The review aggregator Metacritic reported the book had an average score of 67 out of 100, based on 16 reviews. [cite web|url=http://www.metacritic.com/books/authors/levittstevendandstephenjdubner/freakonomics |title=Freakonomics by Steven D. Levitt and Stephen J. Dubner: Reviews |accessdate=2008-03-11 |publisher=Metacritic]

The success of the book has been partly attributed to the blogosphere. In the campaign prior to the release of the book in April 2005, the publisher (William Morrow and Company) chose to target bloggers in an unusually strategical way, sending galley copies to over a hundred of them, as well as contracting two specialized word of mouth (buzz marketing) agencies.

The authors started their own Freakonomics blog, which is "meant to keep the conversation going", in 2005. In May 2007, blogger Melissa Lafsky was hired as a full time editor. [ [http://freakonomics.blogs.nytimes.com/2007/05/04/please-welcome-the-first-editor-of-freakonomicscom/ Please Welcome the First Editor of Freakonomics.com] Freakonomics blog, 4 May 2007] In August 2007, the blog was incorporated into "The New York Times"' web site – the authors had been writing joint columns for "The New York Times Magazine" since 2004 – and the domain freakonomics.com became a redirect there. [ [http://freakonomics.blogs.nytimes.com/2007/08/07/moving-day/ Moving Day] . Freakonomics blog, 7 August 2007] In March 2008, Annika Mengisen replaced Lafsky as the blog editor. [Stephen J. Dubner: [http://freakonomics.blogs.nytimes.com/2008/03/17/please-welcome/ Please welcome...] Freakonomics blog, 17 March 2008]

In 2006, the "Revised and Expanded Edition" of the book was published, with the most significant corrections in the second chapter (see above). [Stephen J. Dubner: [http://freakonomics.blogs.nytimes.com/2006/09/20/freakonomics-20/ Freakonomics 2.0] . Freakonomics blog, 20 September 2006]

Planned sequel

In April 2007, co-author Stephen Dubner announced that there will be a sequel to "Freakonomics". It will contain further writings about street gang culture from Sudhir Venkatesh, as well as a study of the use of money by capuchin monkeys. [ [http://news.com.com/Freakonomics+writer+talks+monkey+business/2100-1026-6177655.html?part=dht&tag=nl.e433 'Freakonomics writer talks monkey business'] , CNET news.com, April 19, 2007] Dubner has said the title would be "Superfreakonomics", [cite news|url=http://www.fastcompany.com/magazine/100/next-economist.html|title=Freakonomics, economic hit men, undercover economists. This ain't Adam Smith.|date=November 2005|publisher=Fast Company|author=Conley, Lucas] and that one topic will be what makes people good at what they do.

References

Further reading

*cite book | author=Steven Levitt and Stephen J. Dubner | title=Freakonomics: A Rogue Economist Explores the Hidden Side of Everything | publisher=William Morrow/HarperCollins | year=2005 | id=ISBN 0-06-073132-X
* Ariel Rubinstein (2006): "Freak-Freakonomics," The Economists' Voice: Vol. 3 : Iss. 9, Article 7
* "Freedomnomics: why the free market works and other half-baked theories don't" / John Lott (2007) ISBN 9781596985063 (arguments against those found in "Freakonomics")

External links

* [http://www.freakonomicsbook.com/ Official site]
* [http://freakonomics.blogs.nytimes.com/ Freakonomics blog]
* [http://mutualfunds.about.com/od/experts/a/steve_levitt.htm Freakonomics Author Interviews] by About.com
* [http://www.nplusonemag.com/weakonomics.html Critical review of the book] by n+1 magazine
* [http://www.crookedtimber.org/category/levitt-seminar Seminar on the book] at Crooked Timber
* [http://wikisummaries.org/Freakonomics Full summary of "Freakonomics"]