Freakonomics
by Steven Levitt

Freakonomics: Epilogue Summary & Analysis

Summary
Analysis
By now, it should be clear that Freakonomics has had no “unifying theme.” The authors have moved back and forth between many different subjects. In the process, they’ve tried to encourage readers to challenge the conventional wisdom about everything. The more we look at the world, they say, the clearer it becomes that “experts” don’t always tell the truth. The authors acknowledge that they have sometimes offered hypotheses that might seem immoral or offensive. But economics isn’t about describing the “right thing” or the ideal world; it’s about describing how the real world works.
The authors conclude their book by reiterating one of their most important themes: economics and morality have very little in common. An economist’s job isn’t to offer politically correct, moral-sounding conclusions about the world. Rather, a good economist will entertain many different hypotheses, even if these hypotheses sound offensive or even barbaric. Economists describe the real world as it is, “warts and all,” instead of trying to suggest how the world should be.
Active Themes
Irrational Behavior, Experts, and “Conventional Wisdom” Theme Icon
Morality and Prescriptive vs. Descriptive Thinking Theme Icon
Quotes
Another important thing to keep in mind about Freakonomics is that statistics and economic analysis can never predict how individual people are going to behave with complete accuracy. The authors now return to the two hypothetical children they discussed in Chapter Five. One was black, and grew up with an abusive father in Florida. The other was white, and grew up with loving parents who encouraged his math abilities. But in fact, the authors say, these two students weren’t hypothetical at all. The black child is Roland Fryer, the Harvard economist. The white child also studied at Harvard. “But soon after, things went badly for him. His name is Ted Kaczynski” (i.e., the Unabomber).
Active Themes
Incentives Theme Icon
Irrational Behavior, Experts, and “Conventional Wisdom” Theme Icon
Morality and Prescriptive vs. Descriptive Thinking Theme Icon
Nature vs. Nurture Theme Icon
Crime Theme Icon
Quotes