When you study economy or have an inkling of human psychology, you understand humans and money have a weird yet powerful connection. It is so engrained in our society that some people have decided to study the economy and write a book about their discoveries. Need a clue? It is Freakonomics by Stephen J. Dubner and Steven Levitt.
They cover cases from across the globe and on different scales. Each chapter of the book breaks down the cases studied into layman’s terms and present their findings in a cohesive way. Since publishing their findings, they have created a highly successful podcast covering even MORE research and findings. They have even written a new Freakonomics book, which I haven’t read yet. However, I think that every person whether they are interested in economy or not should at least read Freakonomics, because there are lessons in the book that everyone should know.
Here are the 5 most important lessons from Freakonomics:
1. Cheaters will always cheat
If there is a easier way to benefit from a reward or system with less effort or at the advantage of another then someone will always cheat.
2. Nobody wants a lemon
A lemon is an item that no one wants, because it SUCKS! So seller are determined to get and buyers are determined to not get it. No one knows who has the lemon though. Therefore, we play the negotiation and mind games to figure out what the other has and what you are willing to pay for the item even if it is a lemon.
3. The economics of drug dealing
The black market is like any other market. At the end of the day, your employees need to get paid. How much they get paid depends on their position in the organization. Leaders of drug rings are the highest paid and street dealers are paid below minimum wage.
4. Parenting: Mixture of Techniques
Parenting is a mix of factors that add up together over a lifetime. You can only hope that you are setting up your children for success. But some techniques are better than others.
5. Connection between women’s rights and crime
There is tie between women’s rights and crime rate. So how does that work and why it does is mind blowing!
I didn’t reveal everything so there is still some elements left for you to discover! So why not spend the day curled up with Freakonomics today?