Economics provides some of the most powerful tools for data analysis available to society. Yet historically these tools have been used almost exclusively in the realm of finance and business decision support. Freakonomics by Steven D. Levitt and Stephen J. Dubner talks about the work of Steven Levitt, one of the most respected economists alive. Levitt uses economic models and data analysis tools to find answers to some of societies most interesting questions.
I enjoyed this book enough to read through it in one sitting, in one night. And I strongly recommend that anyone with interest in socio-political issues read it. Freakonomics will make you take a second look at what you though was common sense. However, the book does have its notable shortcomings.
First, this book is little more than an extended version of the newspaper article by Stephen Dubner on Levitt’s work. If you are familiar with the article there is little reason to buy the book. Second, the book covers almost nothing about economic method. As such it leaves itself open to more criticism that it generally deserves. Third, Freakonomics is definitely dumbed down to make it readable (and probably profitable) to a wider audience. However, the lack of technicality makes the book an enjoyable weekend read and may even encourage the reader into a greater interest in economics and its usefulness.