Being an economics major myself (although I only practice what I’ve learnt in school at minimal with regards to calculating actual functions Anne regression analysis and so forth, I do however utilise economics concepts and ideas on an almost daily basis), I found that when I was attending university; the content that I was learning seemed to be good but it didn’t seem to be connected to the real world in many instances. And I always questioned the value of placing people and organisations into neat mathematical models, but at the same time; more than that, to view economics as a science with certain principles/themes that are to be maintained whatsoever. Principles that should actually change as we progress and evolve and know more as a society because new things are popping up every year that challenges our preconceptions of everything. For a small example, is one stating that everyone is rational and profit seeking, and that companies only objective is just to make money or maximise shareholder value. Although this may be true in several cases, I believe it is a lot more complicated than that and does not leave room for improvements to be made upon. Economics is definitely more a social science and thus, changing as we the Humans that make up society change our ways and lifestyles. To subscribe to only mathematical functions is not an adequate practice, as the world I am seeing and living in seem to do some things that were stated in the textbook and many things that the courses did not explain at all or even consider. Especially when it comes to the third world countries from which I am originally from. Almost all comic theory is based on advanced economies, but the world is a lot bigger than that.
I found this book circling around, however just recently, and I can’t believe it took me this long to find out about this book. What Dubner and Levitt discuss in their findings is exactly the type of things I thought economics excels at and can help explain phenomena that goes on in the world with nuance and taking in the complexity of it all and then simplifying the conclusions for reader accessibility. Not merely inflation and foreign exchange and trade imbalances that the average person would not necessarily appreciate nor understand and might make people apprehensive about economics and it’s usefuleness. However, talking about the economy has never been more important than at this point in time of such diversity and happenings and disruptions because its society doing things and adding value and exchanging and interacting with each other.
To surmise, the contents in the book show some things I definitely wasn’t aware of, but also some things I was aware of but couldn’t exactly map out how things linked together. It is a brilliant reminder that everyone is viewing the world at different vantage points and different times. And we to do our best to accept what the current data is telling us. This is the data, this is the story of the data, this is what we have to deal with going forward. I feel Dubner and Levitt are the economics field own little mad scientist but for good reason. I cannot wait to see what they explore and discuss next.
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