Maryam Aman

Freakonomics Review Scrutinizing and analyzing the hard facts of life through scientific data might amaze us but the fact that real-life stories makes us wonder about our very own existence and our surroundings is something that cannot be compared to scientific analysis of different scenarios. Freakonomics, written by distinguished economists Steven D. Levitt and Stephen J. Dubner, serves the purpose of blending these two phenomenons into one single concept. This books shows us how we can create a more rational image of our social set up by using different theories of the economists like, LexixNexis Database, regression analysis and so on. The authors in the book claim that questions can only be answered when the right type of questions are asked. Five fundamental concepts form the basis of this book; attraction of modern lifestyle, orthodox perception of life is generally at fault, melodramatic reactions can be usually trailed back to elusive sources, people who claim to be exceptionally talented use their expertise for their own gains only and lastly, we can diminish the complications of our world by understanding the concept of measuring and realizing what actually needs to be measured. Many controversial points are made in Freakonomics but it still gives the readers different concepts of life’s numerous scenarios so that they can understand their surroundings in a better way. This book is mostly helpful for different type of people which includes; parents, school teachers, fans of inner-city crime drama and social activists. The code-words used by real estate agents are also revealed in this book. These codes are used by the agents for their own advantage when dealing in sales of personal property. In the chapter about parenting, the authors describe the connection between a kid’s individual situation and his degree of productivity and his performance in school exams. Economists’ theories are used for finding out about the art of parenting. Traditional insights of connection between a child’s surroundings and his productivity in school are also discussed in the book. Eight reasons are stated in the book that discloses the association between a child’s performance at school and eight reasons were stated that had no link with his productivity at all. The book also claims that most child-raising systems are extremely overestimated and parents who have a comparatively thriving career and are well-educated and healthy have kids who are good at school. Towards the end, the authors give their view about study they carried out about children’s names. They explicitly talk about various economic influences of “white” as opposed to “black” names. The authors also discuss the sequence that determines the fame of kids’ names in the United States. The book is a valuable addition to the literature of economics as it presents new intuitions into economics through behavioral psychology, and would be of interest to those fascinated by this subject matter. The writers of Freakonomics, Steven Levitt and writer Stephen Dubner, have created a clever, entertaining, amusing and attainable introduction to Levitt’s study. The amalgamation of the word “freak” with the word “economics” is a smart way of compelling the masses to read the book, or at least take a look as to what is inside. The cover of the book, in addition to its name, also adds a pinch of fascination for the readers. A shiny and fresh-looking apple on the outside and a pulpy orange on the inside urge the reader to take some time out and see what’s inside. The book ranges broadly over Levitt’s extensive work, concentrating upon, in descending order of prominence, cheating, criminality and discrimination. I, for one, thoroughly enjoyed the writings of Levitt as it helped me grasp the fact that not everything is as it appears. He talks about economics in such a way that even a lay-man can relate to different theories and scenarios described in the book. He asked many different questions in this book ranging from issues of schoolteachers to that of Sumo wrestlers and entrepreneurs. The way he has asked these questions urges the reader to look at those scenarios from a different perspective and a totally different frame of mind. The way he changes the subject from one topic to another is truly a work of art. He talks about different aspects of life with the kind of understanding that is very rare in this age of technology. He says, and I quote: “As far as crime is concerned, it turns out that not all children are born equal. Not even close. Decades of studies have shown that a child born into an adverse family environment is far more likely than other children to become a criminal.” There are some critics who are quite skeptic about the data and the findings of Levitt’s study. They are quite reluctant to even consider this book economics. But I would highly suggest this book as an intriguing read that, if nothing else, gives a very different perspective of life. On 3rd August, 2003, edition of The New York Times Magazine published an extensive article about Steven D. Levitt, written by the journalist Stephen J. Dubner. In his article, Stephen J. Dubner, gives a detailed account of the controversies encompassing Levitt’s studies that were at that time criticized for putting himself on the front lines of political dispute. Every chapter in the book starts with an excerpt from that pivotal article in The New York Times Magazine. These extracts offer an opening for the stories within the book that take shape of a crucial question relating to the socioeconomic state of our society. This book investigates the way people exploit an informational benefit by misusing human sentiments such as fear and grief. This can be explained by using the example taken by the author in the book which states that a real estate agent is well aware of market values of house prices as compared to the clients whose main concern is to either buy a house or sell one. They combine their knowledge of property market with the fear of the client who is, most of the time, afraid of the fact that he or she might not be able to buy/sell a house and achieve their desired deal. The agent uses this notion to his own advantage which is discussed by the author in relation to economics theory of supply and demand. He says, “Economics is above all a science of measurement. It comprises an extraordinarily powerful and flexible set of tools that can reliably assess a thicket of information to determine the effect of any one factor, or even the whole effect.” Freakonomics is a book that not only gives recommendations and advices; it challenges the defective and conservative insight and also offers an extensive comprehension of several occupations and essential perceptions. Likewise, in a tantalizing chapter named, “What Makes a Perfect Parent?” the authors probe in an interesting subject of the relationship and the influences of a kid’s performance at school and his actual situation at home. Levitt discovered eight elements that affected a child’s performance and school and eight elements that had no influence on the child’s performance whatsoever. Elements affecting a child’s performance were no surprise at all, but the elements that did have influence on the child’s performance were nothing less than a shock for general public. According to Levitt, it did not matter that the child had one parent or both, nor did it matter what kind of neighborhood did they live in or moved to. The fact that mother of the child had been working between the period of the kid’s birth and kindergarten did not seem to be significant either. What came as a more astounding piece of information was the fact reading books or visiting a museum did not have any effect on a kid’s test scores whatsoever. Similarly, regularly watching television did not affect a child’s test scores negatively either. The most important things for a kid’s test grades are the health, education and success rate of his/her parents’ career. Lastly, Levitt claims that most child-raising practices are enormously exaggerated. He has shattered most of the traditional beliefs in such a way that it forces the reader to rethink about the norms of the society and its concepts of life in general. Levitt’s distinctive way of thinking and his inquisitive nature helped him in uncovering many controversial discoveries; a powerful connection between the authorization of abortion in the United States in 1973 and the prominent downfall of ferocious crime that the country experienced in the mid-1990s, is one such example. In this book, the author has inquired about very peculiar unusual questions that have ever been apprehended by anyone and found enlightenment in his findings. The book does not have a “uniting composition,” but it does have a combining factor: the insightful perceptions of its economist protagonist, Steven Levitt. He has intertwined real-life scenarios with scientific findings, or rather economics studies so well that they seem to be a part of one whole. (Levitt & Dubner, 2005) Works Cited Levitt, S. D. & Dubner, S. J., (2005). Freakonomics: A Rogue Economist Explores the Hidden Side of Everything