Business, Legal & Accounting Glossary
Freakonomics was originally the name of a book written by Steven D. Levitt and Stephen J. Dubner in 2005. It has since become a wider phenomenon that describes a philosophical and research-based approach to economics.
Freakonomics looks at everyday events and uses economic analysis to understand why certain things happen. They suggest that at root, economics is about incentives – rewards for doing certain things and penalties for doing other things, or the Carrot and Stick approach.
The book covers a wide array of topics: What is the impact of good parenting on children? Is a gun or a swimming pool more dangerous? What are the economics of crack cocaine dealing? Why did crime rates go down in New York – and how did the availability of abortions play a part? What do the Ku Klux Klan and real estate agents have in common?
The book has proved to be enormously successful, with over 3 million copies sold.
With the great interest the book generated, Levitt and Dubner have gone on to write a widely read blog in the New York Times.
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This glossary post was last updated: 28th March, 2020 | 53 Views.