When asked about interesting conversation, most students will likely not place economics at the top of their list—unless, of course, they're discussing next month's rent. Economics is traditionally seen as an obtuse science that takes years of study to understand, and relies on theories that might as well have been written on the Rosetta Stone considering how many average people understand them.
An unordthodox book has come up, however, that suggests economics may be more accessible and creative than the traditional perception. Freakonomics,\ written by University of Illinois Proffesor of Economics Steven Levitt and New York Times reporter Stephen Dubner, has taken a new angle on economics by asking strange questions and finding logical answers through economic theory.
The questions Levitt asks, such as ""Why do drug dealers still live with their moms?"" and ""What do schoolteachers and sumo wrestlers have in common?"" are designed to, in Levitt's words ""question something that people really care about and find an answer that may surprise them."" Among his conclusions, Levitt suggests that swimming pools are deadlier than guns and real estate agents will not push for higher prices on houses because their increase in comission is negligible.
""Levitt is interested in trying to look at the world and understand why certain things he observes occur, and he is quick and clever in figuring out ways to test his theories,"" said Elizabeth Kelly, UW-Madison professor of economics, who offers ""Freakonomics"" as an extra credit option to her Economics 101 class.
Micah Lanier, a UW-Madison freshman majoring in economics, said that ""Freakonomics'"" most useful trait is that it moves past the image of economics being a ""dismal science."" While several of Levitt's theories are controversial, such as his view that legalized abortion led to the drop in crime over the last 30 years, the authors portray them in a neutral light, balancing economic studies with a narrative feel.
""The most radical idea of the book is likely that economics, rather than being a dull numbers game, can explain minute details of human behavior in a way nobody could have imagined,"" Lanier said. ""And very few would ever have expected economics, of all things, to provide that insight.""
Kelly said Levitt's work on discussing incentives is a good illustration of their importance and consequences, one which could be easily applied to student life. She suggested the possibility of university incentives for attending early morning classes or taking Friday exams, or holding mandatory attendance for classes immediately before holidays and right after break.
However, ""Freakonomics"" is by no means the Bible for modern economics. Dan Hausman, a UW-Madison professor of philosophy, said that while ""Freakonomics"" is an enjoyable book it is almost completely untheoretical, with a theme that doesn't go much farther than people respond to defined and undefined incentives.
""One could read it as a brief for cynicism, though I think that wouldbe a mistake,""Hausman said. ""It has nothing of general interest to say, but lots of entertaining and enlightening details. It illustrates the power of statisticalevidence, when put to use intelligently.""
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