The World Of Economy, By Steven Levitt And Stephen Dubner

In the world of economy, conventional knowledge of every-day situations are challenged by those through an amoral approach which often provides controversial explanations for human actions, and behaviours. But when we eliminate values to human behaviour, economists are able to take an objective view to understand the approach; humans take in order to maximize their desires (McKenzie, Tullock, 1975). The strongest possible predictive statement used by economists to explain human behaviour is the law of demand, which explains that when price of an object increases the quantity demanded decreases and vice versa (McKenzie, Tullock, 1975). Everyone strives to maximize their satisfaction and reaching their fullest amount through the pros and cons of information, personal incentives, and ways to overcome social, biological, and environmental restraints to acquire their goals. From the ability of researching and understanding statistics, Steven Levitt and Stephen Dubner, authors of Freakonom ics, prove to the readers that humans are rational beings, and are aware of the benefits and costs of their actions, and that our actions are motivated, and connected by personal motivations or incentives. In the first chapter of Freakonomics, Levitt and Dubner focus on that the reaction of cheating is that humans demonstrate in response to incentives. The basics of economics are that positive and negative implications of incentives that people respond to throughout their entire lives (Levitt,Show MoreRelatedAnalysis Of The Book Freakonomics 1027 Words   |  5 Pagesauthor, genre, and date of original publication. Freakonomics is the title of this nonfiction book; it was written by Steven D. Levitt and Stephen J. Dubner. On April 12, 2005, by HarperCollins. 2. What is author’s purpose for writing the book? Write a paragraph summarizing the main argument or purpose. In this unique book, economist Steven D. Levitt and Stephen J. Dubner, an award-winning author and journalist team up to create a powerful and freakish work that challenges the typical rulesRead MoreChapter 3 : Conventional Wisdom1091 Words   |  5 PagesChapter 3: Conventional Wisdom Freakonomics was one of the best novels that I have ever read! I am truly amazed at how Steven Levitt and Stephen Dubner compared their study and research to the economy that we live in today. Out of all of the chapters in Freakonomics, Chapter 3: Conventional Wisdom, is the one that stood out the most. This particular topic relates to the world in many different ways. Conventional wisdom is often wrong. Conventional wisdom can be described as the ideas or beliefsRead MoreFreakonomics Chapter11068 Words   |  5 Pagesâ€Å"Incentives are the cornerstone of modern life†(Levitt and Dubner 12). Levitt and Dubner once mentioned in their book â€Å"Freakonomics†. According to Oxford dictionary, incentives are something tends to incite to action or greater effort, as a reward offered for increased productivity (â€Å"incentives†). In business field, incentives are something given by bosses to encourage their employees to endeavour in bringing benefits to their business. For a simple example, the employee who hits the monthly or yearRead MoreAnalysis Of The Book Freakonomics By Steven D. Levitt1195 Words   |  5 PagesIn the book Freakonomics, by Steven D. Levitt and Stephen J. Dubner, is made up of a series of scenarios in which an economist and a journalist apply basic principles of economics to demonstrate that information can often expose interesting truths about how the world operates. It uses the science of economics and specific data to challenge our assumptions about everything. In the book Freakonomics by Levitt Dubner, compares and contrasts two groups of people or things by using their informationalRead MoreFreakonomics : A Rogue Economist1538 Words   |  7 PagesEconomist Explores the Hidden Side of Everything. Freakonomics is the result of a partnership between an award winning economist, Steven D. Levitt, and a journalist, Stephen J. Dubner. The duo decided upon making a book after Dubner was given an assignment to profile Levitt. Dubner realized that Levitt took a different approach to economics than other economists and he saw that Levitt had an interesting and effective way to explain statistics. This pushed the two to release the 315 page book to the publicRead MoreFreakonomics and Misconceptions of Economy Essay1244 Words   |  5 Pagesunravel the untold stories of life. Steven D. Lev itt and Stephen J. Dubner break common misconceptions of economics by revealing its true science. Freakonomics shatters the view of economics being an arid study of finance and markets. They pull in information to make inferences on past occurrences subtly influence on the present. Freakonomics packs punches with its countless number of tables and figures, serving as concrete data to make their assumptions. Levitt Dubner in the beginning identify theRead MoreApplication of Freakonomics to Project Management1806 Words   |  8 Pagesof Freakonomics and Application to Project Management November 2010 Project Management Summary The idea to write Freakonomics began in 2003 when journalist and award winning author Stephen Dubner wrote a profile of economist Steven Levitt for the New York Times Magazine. At the time, Levitt, an Economics professor at the University of Chicago, was focusing his research efforts on answering unique and sometimes controversial questions concerning topics such as crime, corruption, educationRead MoreThe Book Freakonomics By Steven D. Levitt2418 Words   |  10 PagesFreakonomics by Steven D. Levitt and Stephen J. Dubner consists of a series of essays in which a journalist and an economist work collectively to find, by applying everyday economic principles, how the world truly works, which reveals some fascinating truths about the world. Some background history of the authors, Steven D. Levitt interviewed Stephen J. Dubner for New York Times Magazine and this is where they initially met and became good friends. With them having similar ideals about the world in an economicR ead MoreThesis Of Freakonomics1352 Words   |  6 PagesAuthor name: Steven D. Levitt, Stephen J. Dubner The author Steven Levitt studied economics at Harvard University and MIT. He is primarily known for his work in the field of crime. The title Freakonomics means a study of economics based on the principles of incentives. The title is related to the book since he emphasizes how incentives drive and affect people’s actions. Although this book does not have a single theme, the main focus of the book is a new way of interpreting the world using economicRead MoreSuperfreakonomics a Personal Review1834 Words   |  8 PagesAbout The Book. â€Å"One of the most powerful laws in the universe is the law of unintended consequences† (Levitt, S. 2009) This is one of the primarily premises that the book establishes, with an extraordinary sense of humor and interesting data, Steven and Stephen set us in the real economics world, in which the common factors that all the teachers show to their students are applied in such a way that the real job is getting done. The way the authors write all the interesting facts of today ´s modern