Freakonomics Chapter 1 Summary In chapter one of Freakonomics‚ Stephen Dubner and Steven Levitt describe how when incentives are strong enough‚ many usually honest people from different walks of life will cheat in order to gain financially or climb the ladder in their careers. The authors define an incentive as “a means of urging people to do more of a good thing or less of a bad thing.” This chapter covers three varieties of incentives: Economic‚ Social and Moral. Economic incentives motivate people
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Kenneth Jenkins Drug overdose was responsible for 38‚329 deaths in the US in 2010. US overdose deaths have increase the past 11 years. In 2010 is the third year in a row the number of US citizens whose deaths were related exceeded the number of fatalities in road traffic accidents. Over the last decade opioids analgesic overdoses have claimed over 125‚000 lives. The definition of an overdose is the accidental or intentional use of a drug or medicine in an amount that is higher than normally
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Drug dealers and drug users Introduction The drug dealers are criminals because they violate the laws against sale of drugs. They engage in activities such as manufacture‚ cultivation‚ distribution‚ and sale of drug substances prohibited in law. Because of the illegal drug dealings‚ the smugglers carry severe penalties that include sentencing‚ depending on the drug classification. The drug users become addicted to the drugs and finally die. A good example of a drug dealer is Frank Lucas who used
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the result was Freakonomics‚ a book that claims to explore the hidden side of everything‚ using real-life examples such as studies and polls conducted by Levitt to explain how economics is everywhere‚ that economics is how the world really functions. Through everything from analyzing the inner thought processes of real-estate agents and crack dealers‚ to predicting the next popular baby names‚ Levitt and Dubner guide readers to think differently‚ ask questions‚ and to use “Freakonomics” in their daily
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Book Report: Freakonomics For my fourth quarter book report I decided to read Freakonomics by Steven D. Levit and Stephan J. Dubner. To be honest‚ I was dreading reading this book. My first thought was that it was going to be boring and like all economic textbooks‚ but I am happy to say that I was pleasantly surprised! Not only is this book easy to read and understand‚ but it also completely changed my outlook on the subject of economics. I now have an appreciation for economics and understand
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Freakonomics At the time of Christmas Day of 1989 was when there was an overlap of crime rate. While in Romania the abortion Nicolae Ceausescu went out of power the crime rate in the United States was at its peak. Eventually in 1990 crime rate began falling‚ so fast that no one had a clue as to what was going on and what was the cause of this. In 1991 to 2001 there was 8 articles published as how law changes the crime rate. When in all reality only three can be shown to have contributed to the
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Nick McNosky Econ 250 9-25-14 Freakonomics If there is one main idea of this book‚ it is that economics can explain many things. What the authors of the book are trying to do is to promote economic thinking. Chapter one (What do school teachers and sumo wrestlers have in common?) mainly talks about the human nature of cheating. For every clever person who goes to the trouble of creating an incentive scheme‚ there are many of people who will inevitably spend more time trying to beat
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Reese was a big time drug lord located on the eastside of Los Angeles California. Thomas Reese had a nickname‚ Tootie. Tootie Reese was also a gang member from PJ Watts Crips which are also known as Project Watts Crips. PJ’s were founded on the eastside of Los Angeles better known as Watts. Imperial Courts Housing Projects was and still are considered their homeland. Reese started selling cocaine and heroin in 1965. Being that cocaine and heroin were addicting drugs‚ it didn’t take long
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Microeconomics Freakonomics Real Estate Incentives apply to any business application you can think of because people respond to incentives. Incentives are what run humans and may times we act on incentives. An example would be if you own a bakery and everyday you make three-hundred cupcakes and you want increase production by another hundred you offer an incentive being that for every twenty extra cupcakes made there will be a five-hundred peso bonus. Using an incentive will not only increase
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Freakonomics‚ Steven D. Levitt‚ Stephen J. Dubner "(Feldman wondered if perhaps the executives cheated out of an overdeveloped sense of entitlement.What he didn’t consider is that perhaps cheating was how they got to be executives.)... If morality represents the way we would like the world to work and economics represents how it actually does work‚ then the story of Feldman’s bagel business lies at the very intersection of morality and economics"(46)Levitt‚ and Dubner. Levitt implements his first
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