Freakonomics- is it worth it?

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The unique interpretation of Economics here is perhaps far-fetched

Freakonomics. The despair of every Economics University admissions officer as they scan personal statements. At this point in time, who hasn’t read Freakonomics, and even if they had, would flaunting the fact their eyes have skimmed over 211 pages make a difference to their knowledge of interdependence in Oligopolistic Markets?

It, like the pocket-sized physics books which were all the nerdy rage last year, was part of a half-hearted trend to revive the intelligence of the nation. Perhaps publishers had had enough of talking about the weather over their tea break and thought, if only we could talk about something interesting, something like why drug dealers still live with their mothers, then life would be better. So let’s publish a book so people know about this and can then discuss it. Or maybe Steven D. Levitt was good enough at economics to know that:

Lots of books sold – (tax + publisher’s cut) = A FUN HOLIDAY

Or so it seems. So down to the content; there’s not much of it. There are only 6 different chapters, which were more like 3 broken in half, where the authors tried to pass the second half off (sometimes) as an entirely new subject. Which they weren’t. The issue was also that there was no unifying theme. There’s no satisfaction in covering lots of ground when you’re moving too fast to pick anything up. It’s a shame. Maybe Steven should have proof-read it.

Initially, it was gratifying, if slightly pointless, to see that there was a link between a sumo wrestler and a teacher, but I was left with one question. The authors repeatedly say that you have to look for the right question, then the rest will follow. I’m not sure about anybody else, but it seems that obviously when you have masses ‘data’ and know about separate ‘studies’, it’s articulating the link which is the only mildly tricky part. There was no research done into either profession in order to find the bridge between the two: Levitt simply had to scan a few pages from studies done on teacher and sumo wrestlers, find a tenuous loophole to sling the two together, then gleefully stuff the pages with irrelevant facts about nepotism in the University of Georgia.

It seems like although Freaknomics is the adult version of a ‘fun facts booklet’, there is nothing tangible that can be taken away from reading this. Nothing that you can flaunt to your friends except that somewhere in New York, a few decades ago, a father named his sons Winner and Loser Lane. But perhaps I am being too harsh. After all, it offers great insights into sectors of human thought that would never normally cross our minds, such as how humans more intensely fear things that they’re unfamiliar with: an easy example is jumping into a car vs. taking off on a plane. Yet that’s not much a revelation, is it?

It seems that at times the evidence, whilst sounding impressive with their acronyms, because the companies are too important to have their names squeezed into a single word, is flawed. Sometimes the evidence was too superficial- hardly reliable when trying to make grand posturing claims about contradicting prevailing wisdom, and at other times foolhardy. Scores of their ‘evidence’, once you trudge to the footnotes of the book, seem to be laughable or dubious at best. And is this really book really covering Economics, or merely palatable Sociology? The latter for sure, but given that these supposed ‘findings’ were so ‘obscure’ (i.e bound together by the most far farfetched pieces of data), it’s no surprise that instead of being crafted into a respectable journal, it’s been churned out as a commercial book.

I was at first steeling myself for this review; I had the general impression that people liked Freakonomics and thought of it as their intellectual lunchtime companion, but soon it became clear that elsewhere people were having the same thoughts as I did, and that I wouldn’t be the only personal trying to articulate my distaste.

My final word is that, despite the hype, I didn’t buy into it. So no; it’s not worth it.

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