Book Review Freakonomics

Introduction When one hears of a winner of the John Bates Clark Medal, the first thought that comes to mind is that of someone that came up with a new economics theory or a formulae that has helps economists solve a problem that has been in great economist minds long enough to make him deserve the medal.Advertising We will write a custom report sample on Book Review: Freakonomics specifically for you for only $16.05 $11/page Learn More Contrary to this, and unexpected of such a decorated economist, Steven Levitt represents a new form of economist. Though armed with economics honors in form of an undergraduate degree from Harvard and a Doctorate of Philosophy from the Massachusetts Institute of Technology, Levitt admits to knowing very little as far as economic theories and monetary equations are concerned. The only thing that has propelled him to such a status in the economics world is the fact that he does not look at the world from the same perspective as everyone else. Levitt’s third eye has allowed him to spot economic anomalies and strategize from such experiences. This third eye of his led to his getting requests from economically established individuals to solve anomalies, and even from non-economic individuals and groups that know they are missing a certain view of the duties they claim responsibility for. The Excellent Science that is Economics Economics is the science that defines the sequential processes involved from the production of utility goods and services to the end consumer. â€Å"Levitt considers economics a science with excellent tools for gaining answers, but has a shortage of interesting questions† (Levitt Dubner 6). The whole economics fraternity is more than glad to have him present all the interesting questions entailed in economics. Economics as a science breaks down market phenomenon in order to explain what triggers certain reactions in the market, and how to get the best out of these rea ctions. Economists do not need all the interesting questions in the world, as even simple questions can help solve the biggest of problems (52). The Hidden Side of Everything Steven Levitt has used this phrase to refer to the basic things that go on around people, but ignorance or a bad situation has redirected their view to things that seem to be the bigger picture, but are insignificant to their causes. They find themselves looking away and slowly letting go of their dreams as they brace themselves to survive the reality that is life. This leads the reader to a short story narrated by the author. Consider Paul Feldman, a successful agricultural economist who always wanted to liberate the world from hunger, but ended up working for the US Navy (51). Mr. Feldman had a very well paying job but ended up quitting it to follow his ‘destiny’; and it paid off. His brand new supply chain around Washington DC ended up with him earning as much as he made during his tenure at the white-collar job that he was not supposed to quit.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More The book could therefore be advocating for all those with their inner voices pointing towards a different direction in life to go against all odds and engage in what they think will reveal the best of their abilities. Like Paul Feldman, they should be cautious and take their time to analyze the venture they are going to undertake, identify challenges and strategies that will manage them before giving up what they have, lest they find themselves chasing after the wind. Skepticism Freakonomics as a guide was a book designed to encourage skepticism in economics as a whole. This, backed by claim that it is human nature to cheat, raises questions on the integrity of economics, the science. The author goes ahead to give the example of sumo-wrestlers, schoolteachers and day-care parents who engage in cheating as a day-to-day vice (51). Sadly, the rest of the world does not follow with this. The algorithm used to detect this cheating, though perfect, did not result in likewise ‘perfect’ outcomes (DiNardo 30). If everyone turns into a skeptic of all concepts that run the procedures involved in economics, arts or even in medicine, the world would then run out of the individuals that take passion in the work they do. There would be no more believers left of the earth as everyone will be positioned to ask questions instead of addressing the faults they see in humanity. Enron presents another form of skepticism in form of white-collar crime. According to Levitt Dubner, this is a form of silent crime with no direct victim, and hence the reason why the day ends with a richer employee, but no suspect (53). Yet another form of cheating that goes overlooked if left unchecked. The problem here is that the system becomes a victim of its own perfection as the experts who desi gn it and run it reap off its loopholes in broad daylight. Incentives It is true that incentives play a major role in motivation. The new generation presents with it major and unique economic constraints. These new breed of challenges have led to people stretching every available opportunity of making an extra buck. This involves coming up with new forms of business, hence the taking root of such services as mortgage and stock brokerage, real estate agents and even escort services. These individuals have specialized and mastered the relevant activities involved in the industries in that they know how to maximize the value for your money so to speak (13). Unfortunately, Levitt does not share the sentiment. He goes ahead to tag them as humans like everyone else who respond to incentives (14). This may be true, though their expertise has helped in saving time taken in the hustle of looking for a buyer and without experience in the field.Advertising We will write a custom report sa mple on Book Review: Freakonomics specifically for you for only $16.05 $11/page Learn More It plays out as a strategy that catches two fish with single bait. This is because the owner goes ahead to conduct his/her other side business, while the broker/agent finds the buyer. Realistically, compared to that made within the same period by the seller, the money used to pay up the agent/broker may be significantly low. Economists, among other experts should, and in fact do recognize and appreciate the challenges brokers and agents go through in order to come to terms with clients who already have in them the mindset that all brokers are just out to rip them off of their money. Levitt actually does acknowledge that these experts are human (14). The authors should give the reasons why they expected to respond in a different style to the same challenges faced by other workers in other fields. Freakonomics versus Economics The author clearly lacks the scholarly enthu siasm associated with the products of the higher education institutions he attended. For a graduate from Harvard and a doctor of Philosophy from the Massachusetts Institute of Technology, he does not represent the honors as expected. He views the economic world of economics with utter skepticism and his wish is for the world to follow behind his steps loyally. In a world rigged with, among other economic forces, inflation and diversity from competition, it demands a keen view of the trends the market takes on every product. It may be unclear to him when he points out that the economic boom in the late 1990s did not help in reducing the rate of murders being committed across the States (11). As much as it reduced the number of potential criminals being born, abortion also reduced the number of great achievers and potential leaders who would have influenced positively and jolted this world to greater heights in all fields. As much as Levitt views this as a success as much as criminolo gy is concerned, it has done more harm than good as compared to crime retention and the good that is humanity. Conclusion After a complete analysis of the ideology behind the book, a reasonable and crucial point to be noted, is that â€Å"Levitt’s only real message is to encourage confrontational questions† (Berg 2005) as these nee d not economist answers, but endless arguments that lead to outright criticism of what economics stands for as a science. It has reached a point that whether we embrace it or not, economics and everything that it comes with plays a major role in the everyday life of the average citizen, regardless of social class or age.Advertising Looking for report on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Works Cited Berg, Chris. Why do drug dealers live with their mums? IPA (Institute of Public Affairs) Review, June 2005, 57 2): 46. Print. DiNardo, John. A Review of Freakonomics. New York: New York Times, 2005. Print. Levitt, Steven. Dubner, Stephen. Freakonomics: A Rogue Economist Explores the Hidden Side of Everything. New York: HarperCollins Publishers, Inc., 2005. Print. This report on Book Review: Freakonomics was written and submitted by user Milania Bartlett to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

What Your GMAT Score Means for Your MBA Application

What Your GMAT Score Means for Your MBA Application What Is a GMAT Score? A GMAT score is the score you receive when you take the Graduate Management Admissions Test (GMAT). The GMAT is a standardized exam designed specifically for business majors who are applying to a Master of Business Administration (MBA) program. Nearly all graduate business schools require applicants to submit a GMAT score as part of the admissions process. However, there are some schools that allow applicants to submit GRE scores in place of GMAT scores.   Why Schools Use GMAT Scores GMAT scores are used to help business schools determine how well an applicant will do academically in a business or management program. In most cases, GMAT scores are used to estimate the depth of an applicant’s verbal and quantitative skills. Many schools also view GMAT scores as a good assessment tool for comparing applicants who are similar to each other. For example, if two applicants have comparable undergraduate GPAs, similar work experience, and comparable essays, a GMAT score can allow admissions committees to fairly compare the two applicants. Unlike grade point averages (GPA), GMAT scores are based on the same set of standards for all test takers. How Schools Use GMAT Scores Although GMAT scores can give schools an impression of academic knowledge, they cannot measure many of the other qualities that are necessary for academic success. This is why admission decisions are usually not based on GMAT scores alone. Other factors, such as undergraduate GPA, work experience, essays, and recommendations also determine how applicants will be assessed. The makers of the GMAT recommend that schools use GMAT scores to: Help select applicants for graduate studyHelp select applicants for merit-based financial aid programs (i.e., programs that consider academic achievements or potential)Assist in counseling or guidance programs The makers of the GMAT also suggest that schools avoid using cutoff GMAT scores to eliminate applicants from the admissions process. Such practices could result in the exclusion of relevant groups. (e.g. candidates who are educationally disadvantaged as a result of environmental and/or social circumstances). An example of a cut-off policy might be a school that does not accept students who score under 550 on the GMAT. Most business schools do not have a minimum GMAT score for applicants. However, schools often publish their average GMAT range for admitted students. Getting your score within this range is highly recommended.   Average GMAT Scores Average GMAT scores always vary from year to year. If you are interested in learning more about average GMAT scores, contact the admissions office at your school(s) of choice. They will be able to tell you what the average GMAT score is based on the scores of their applicants. Most schools also publish average GMAT scores for their most recently accepted class of students on their website. This range will give you something to shoot for when you take the GMAT. The GMAT scores shown below can also give you an idea of what the average score is based on percentiles. Keep in mind that GMAT scores can range from 200 to 800 (with 800 being the highest or best score).   99th percentile: 80098th percentile: 75089th percentile: 70076th percentile: 65059th percentile: 60043rd percentile: 55030th percentile: 50019th percentile: 45011th percentile: 4006th percentile: 3503rd percentile: 3002nd percentile: 250

Developing Business Processes and Operations Essay - 1

Developing Business Processes and Operations - Essay Example The organisation implemented a philosophy and culture which they called The Corus Way in order to sustain competitiveness, productivity and profitability. Along with this philosophy is the practice of continuous improvement programmes across the company. Specifically, this paper explores the problems at the Port Talbot Strip Products site. The site was experiencing lost, damaged and stolen equipments in their depot operations. Using quality tools and techniques, this paper arrives at a proposal for using an online computer based material resource programme as well as four recommendations for the improvement of the depot operations in accordance to the Corus Way. Corus Group is an international metals organization. The core competence of the company is providing steel and aluminium products and service to different market sectors. It is one of the top ten steel producers in the world. The customer base of Corus mostly comprises of businesses in the automotive, aerospace, packaging, engineering, building and construction markets (Datamonitor, 2008). Corus Group has operations in thirty different countries reaching over Europe, Asia and other international markets. In Europe, UK is the major market of the organization. The company is headquartered in London and employs 21,300 people in UK. (Datamonitor, 2008) Corus implemented a quality programme to create real value in steel. The programme was named – The Corus Way. Part and parcel of the programme is aiming at adopting world-class processes based on Continuous Improvement. The objective of continuous improvement is to eliminate and prevent waste. The continuous improvement programme focuses on making small improvements across all function. This paper aims at exploring and evaluating a selected business process and operations in Corus, particularly in the Port Talbot Strip

Ethical Line in Journalism Assignment Example | Topics and Well Written Essays - 500 words

Ethical Line in Journalism - Assignment Example Hubert could have instinctively gone to a journalistic mode lives, taking pictures of the wreck. Â  By the fact that the story involved elements of good ethics in journalism, it was an appropriate piece for editors. Although the photojournalist failed to capture the main event at the scene, he chooses to try and help the stranger. It was a heroic deed by the people involved which was worth broadcasting. Â  The journalist involvement, in this case, helped shift the media focus from the accident itself to the moral and ethical aspects of journalism. The choice not to shoot photographs immediately tell of a journalist who is more concerned with the welfare of the needy as opposed to him doing his core duties. Â  Redbook crossed an ethical line in journalism the time they selected to put Aniston on the front page using a manipulated stock photo. They did not obtain permission from her. The magazine chose to use an edited photo crossing an ethical line once again. They deceived readers who believe the picture was real when in reality it was not. In contrast, Hubert chose not be intrusive and revealing but to be helpful to a perishing woman. Â  Herbert's thinking is in line with Garry's steps. He chooses not to make the moment of the suffering women public, and alternatively, he decided to help. For him photographing the women could have sent them into more trauma. He remained as least obtrusive as possible, taking pictures only after the saving the women. Additionally, he chose to act with compassion, and he was sensitive to their need for help. Â  The craft in the photo is good. It is telling the story of pain, a woman in agony. People are helping her. Someone is offering some water, and a hand is holding her by the shoulder. It shows that the agony is over for the woman, and people are trying to calm and comfort her. Â  

Human and Evolution Essay Example for Free

Human and Evolution Essay Human desire is unlimited, everyone also will hold a laziness attitude, so to own desires, human need to work harder to satisfy their own, therefore society in constant evolution! Sigmund Freud once said that human evolution is mainly has two conditions as the driving force, one is sex and another is eager to greatness. However, this is unscientific if we observed from another perspective. Through understanding and awareness the history of Europe and Asia, we can assume this argument exists only in the view of philosophy and cannot afford to ponder in reality. With the era and knowledge progress, people have analyzed the reason of human evolution to be more simplified and clearly, it can be summarized in a word: survival. Evolution is a process of fittest survives, not suitable people will be eliminated, each of the persons genetic are constantly changing, and is non-directional, genes control human’s activities of all life. In addition, when people confronting difficulties or changing, some mutant gene fit, but some do not, so those who do not fit will naturally died and eliminated. Generally, humans will choose to make changes and through evolution to maintain their patterns of life. According to Plato, â€Å"human is an animal that have no feathered and stand on two feet, the selection of human walk upright, maybe just to make walking easier.† Through some scientists verification, as the substantial change in the natural environment, such as the climate was changed erratically and deforestation cause the forest reduce, using walking upright is more conducive to human migration between the various settlements. This real case of human history is showing the evolution of standing and walking firstly to make the human brain has been gradual evolution and improvement. On the other hand, to stand up for walking and running, human need to balance the body and motor coordination of body parts, for the cerebellum of evolution has played a significant role in. Moreover, because of the evolution of standing and walking, human’s hands and feet also gradual evolution of division of labor. Besides that, because of people habit of laziness, there are more and more inventors to create something to provide life convenience for human, such as paper to convenient human communication and armillary sphere, seismograph to facilitate the people to observed celestial bodies and natural disasters. All of these are the inventor’s creative inspiration that obtained by the evolution. After a long time, those items are cannot satisfy peoples needs, then people will have to evolution to reform it or create another items. At the time of human invented complex instruments, the item is also forcing humans to adapt to its complexity, which in turn will promote human accelerated pace of evolution. Until today’s living environment has already evolution to become high tech, human science and technology has been rapid improvement and the invention and use a variety of tools are also complicated, for example: mobile phone has became the main item to work, to connect people communicate, replace people entertainment and vehicle became main transportation for people to move, all of the people who are following in this environment are also affected. So, they have only one way to avoid being eliminated the social environment, and that is evolution together. Everyone needs to make changes by themselves, learning and contacts more stuff, broadening their horizons.

Forty Years in the Wilderness Essay -- Personal Narrative Nature Essay

Forty Years in the Wilderness Clouds of dust billowed behind our jeep like a filthy veil. Scrawny boys in underwear left their jacks to chase us. Seconds later, they trailed off calling "gringos." A bachata blared in the distance as we pulled up to the palm hut that doubled as a ranger station. Two shirtless rangers leaned against grimy cases displaying ceramic idols and shards of bowls. Sitting around over cups of steaming coffee, one ranger amused us with cuentos while Mom bartered with the other for a guide. Crabs scurried across the trail. My family and I tromped behind the ranger, eager to see caves decorated by Taino Indians. We were confident that this hike into a National Park would be an exciting challenge like our vacations in previous years to other forests in the Dominican Republic. Partially buried coconuts and fragments of brain coral created an obstacle course to scramble over on our way to the caves. James and Sarah raced ahead of the guide, while David and I meandered behind looking for lizards. Grandma won at "I spy," spotting tropical birds and brightly colored orchids dangling in the canopy quicker than any of us. Prickly underbrush and cacti engulfed the path in a sinister tangle. When we stopped for a drink, Grandpa grabbed a cactus to steady himself. His face contorted into a grimace as blood channeled between wrinkles and spines on his hand. Using my sleeve, I gently wiped Grandpa's hand and wrapped it in a handkerchief to stop the bleeding. We hiked on in silence, s hattered only by chattering parrots and humming wasps. The trail fed into the gaping mouth of a cave, surrounded by razor sharp stalactite and stalagmite teeth. We sprawled on damp boulders, munching on peanuts and hesitantly shinin... ... gone for six hours but it felt like years. Grandma carefully measured out even amounts of water from the thermos for each of us to wet our parched throats. When we piled into the jeep, it reeked of sunscreen, insect repellant, and body odor. Ignoring her usual rules, Mom let us hang out the windows as she sped to the nearest colmado. We sat in the shade of an almendra tree and guzzled a crate of pop and a five-gallon drum of water. I could smell hot grease from the corner fried foods stand, but the thought of food turned my stomach. All I wanted was to drink until I felt I might burst. Back at our cabin, I raced to the only bathroom and slammed the door. I stepped in the shower with my clothes still on and let the cool water pour over my body in an overwhelming sense of relief. The only coherent thought I could form as I stood there was: "Thank you God for water."

Memory

Three participants ages 19, 19, and 20 were asked to listen to three lists of words whose contents ranged from low to high association. The low-association list was defined by words that had no particular relation to each other. Conversely, the high-association list was characterized by words that had very close relationships with each other, whereas the in-between list of medium association contained words among which loose relationships existed. Each list contained ten words. The three lists were read to each participant in a slow and systematic way, leaving an interval of approximately one second between the calling of each word. Each participant was then given a minute to write down as many words as they could recall. The average number of words remembered from the low-association list was three (3), which represents a low level of recall for short term memory. This is consistent with the idea that the brain employs a short-term memory system that is able to hold limited information, and this can be done for only a short time without the aid of semantic prompters (Brown et al., 1985). The group of words on the low-association list contained almost no semantic prompters, as these words belonged to no specific category that could have been called up in the schema of the persons involved in the experiment.    As a result, the first few words called in each list allowed the participants no leeway to use schema as a mnemonic device for recalling them. Relying therefore only on short-term memory, the participants were able only to remember a small portion of the words. It is also important to note that those which were remembered were the ones located near the end of the list. This indicates that the effort to remember those later words nullified any earlier efforts made at memorization, and consequently removed the earlier words from the participants’ short-term memory. The second list of words containing a limited number of related words (medium association) showed a recall level for the participants of approximately six (6) words. The final two words on the list were recalled by two of the participants, and the other recalled the last word. However, the few words on the list that were related were universally recalled by the participants. The experiment apparently enabled them to make connections among the related words and to further connect them to a category in their schemata. This occurrence points to the tendency of the mind to categorize the information it receives, and the long-term memory of these participants appears to have been activated by associating the related words to their appropriate category. This categorization is most likely the factor that aided the short term memory of the participants, allowing them to recall a greater percentage of the words (almost twice as many) than they were able to recall from the first list. The third list contained words that were all highly related to each other. The experiment demonstrated even more the extent to which semantic categorization has the ability to aid short-term memory. The participants remembered an average of approximately nine (9) words on the list. This represents a vast increase over the previous two tries. This part of the experiment indicates the participants appeal to their long term memory as an aid in memorizing the contents of this list. For instance, despite the fact that the words on the low-association list were familiar words, their ability to remember them was compromised by the fact that they had no method of selecting them from all the other things that reside in their memories. Conversely, the fact that the words from the third experiment were all members of a particular category allowed these participants to use the taxonomic feature of long-term memory to aid recall in this memory experiment (Brown et al., 1985). The parallel trend of increased remembrance alongside increased association therefore underlines the importance of schema in the enhancement of memory. Reference Brown, A. S., S. L. Whiteman, R. J. Cattoi & C. K. Bradley. (1985). â€Å"Associative strength level   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   and retrieval inhibition in semantic memory.† The American Journal of Psychology.    98(3):   421-432.