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When people don't pay the true cost of something, they tend to consume it inefficiently.
Steven Levitt
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The key to learning is feedback. It is nearly impossible to learn anything without it.
Steven Levitt
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In the United States especially, politics and economics don't mix well. Politicians have all sorts of reasons to pass all sorts of laws that, as well-meaning as they may be, fail to account for the way real people respond to real-world incentives.
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Levitt admits to having the reading interests of a tweener girl, the Twilight series and Harry Potter in particular.
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After all, your chances of winning a lottery and of affecting an election are pretty similar. From a financial perspective, playing the lottery is a bad investment. But it's fun and relatively cheap: for the price of a ticket, you buy the right to fantasize how you'd spend the winnings - much as you get to fantasize that your vote will have some impact on policy.
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As W.C. Fields once said: a thing worth having is a thing worth cheating for.
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Morality, it could be argued, represents the way that people would like the world to work, wheareas economics represents how it actually does work.
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An expert must be BOLD if he hopes to alchemize his homespun theory into
conventional wisdom.
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Information is a beacon, a cudgel, an olive branch, a deterrent—all depending on who wields it and how.
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And knowing what happens on average is a good place to start. By so doing, we insulate ourselves from the tendency to build our thinking - our daily decisions, our laws, our governance - on exceptions and anomalies rather than on reality
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Solving a problem is hard enough; it gets that much harder if you've decided beforehand it can't be done.
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People who buy annuities, it turns out, live longer than people who don't, and not because the people who buy annuities are healthier to start with. The evidence suggests that an annuity's steady payout provides a little extra incentive to keep chugging along.
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The data don't lie: a Chicago street prostitute is more likely to have sex with a cop than to be arrested by one.
Steven Levitt
Quote of the day
Yet would we die as some have done: Beating a way for the rising sun.
Arna Bontemps
Steven Levitt
Born:
May 29, 1967
(age 56)
Bio:
Steven David "Steve" Levitt is an American economist known for his work in the field of crime, in particular on the link between legalized abortion and crime rates. Winner of the 2003 John Bates Clark Medal, he is currently the William B.
Known for:
Freakonomics (2005)
SuperFreakonomics (2009)
Think Like a Freak (2014)
Microeconomics (2012)
Steven Levitt on Wikipedia
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