Book Review: Freakonomics - A Rogue Economist Explores The Hidden Side of Everything
23 October 2006I’ve referred to a blog that has some random, interesting posts in the past called Freakonomics, which has posts on everything from how fishing correlates to unemployment to the effect of the feminist movement on the quality of the teaching pool. It’s mostly just ecclectic observations about society from an economic perspective - which is what the book Freakonomics itself is.
I picked up a copy, and it’s a very good read. There’s not much of a theme to anything - the authors just try to explain why certain bits of conventional wisdom aren’t true or explain how somewhat mysterious processes work. For example, the book has an analysis of why and how baby names become popular. It turns out to be a function of wealth - rich Americans tend to name their kids trendy names, which gradually become more and more common. The Gavins of one day become the Petes of the next - at which point they’re too common, and the rich have to look for some other weird name to make their kids stand out. Another chapter is on online dating services and how they work, using a huge set of data from one of the online dating services - and pretty much all the stereotypes are true. Women want rich men, men want attractive women. Blondes have more fun - in fact, they conclude that being blonde is worth about as much as a college degree in terms of attracting a mate.
Then there’s an explanation of why drug dealers have a lot in common with the corporate world in terms of structure - and in fact, most drug dealers are poor and living with their parents, shooting for the big score with about the same chance of getting it as a high school athlete has of making pro. It also explains how a Superman radio show sent the KKK into a lengthy decline by revealing its secrets to children.
I’m not sure how practical the book is - if you’re involved in one of the activities you might get something out of it. The online dating section could practically be a “what to do” guide, and the sections on race have some interesting points as well (noting that minority test scores drop dramatically if there’s a little “check your race” box, along with a look at the muddled effect of stereotypically black names on economic success). Some of the claims might be downright disturbing to you, depending on your political outlook (the suggestion that abortion resulted in the current crime drop). Overall, though, it’s a great book. It bounces from point to point with only minor connections, and essentially is just an extended look at weird things that economics can uncover. It will likely explain a few of those things about society you always wondered about, but never really understood - along with some you’d never thought about, period (cheating in Sumo wrestling). It’s well worth picking up a copy.
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