The armchair economist : economics and every day life

Witty economists are about as easy to find as anorexic mezzo-sopranos, natty mujahedeen, and cheerful Philadelphians. But Steven E. Landsburg...is one economist who fits the bill. In a wide-ranging, easily digested, unbelievably contrarian survey of everything from why popcorn at movie houses costs so much to why recycling may actually reduce the number of trees on the planet, the University of Rochester professor valiantly turns the discussion of vexing economic questions into an activity that ordinary people might enjoy. -- Joe Queenan, The Wall Street Journal The Armchair Economist is a wonderful little book, written by someone for whom English is a first (and beloved) language, and it contains not a single graph or equation...Landsburg presents fascinating concepts in a form easily accessible to noneconomists. -- Erik M. Jensen, The Cleveland Plain Dealer ...enormous fun from its opening page...Landsburg has done something extraordinary: He has expounded basic economic principles with wit and verve. -- Dan Seligman, Fortune "Seat belts cause accidents because well-protected drivers take more risks. This widely documented fact comes as a surprise to most people, but not to economists, who have learned, perhaps better than most, to take seriously the proposition that people respond to incentives in complicated ways. In The Armchair Economist, Steven E. Landsburg shows how economic thinking illuminates the entire range of human behavior. But instead of focusing on the workings of financial markets, international trade, and other topics distant from the experience of most readers, Landsburg mines the details of daily life to reveal what the laws of economics tell us about ourselves." "As Landsburg shows, some behavior that strikes most people as utterly unremarkable is quite extraordinary when seen through economists' eyes. Why, for example, does popcorn cost so much at the movie theater? The "obvious" answer is that the theater owner has a monopoly. But if that were the whole story then he would charge a monopoly price for use of the restrooms as well. When a sudden frost destroys much of the Florida orange crop and prices skyrocket, journalists often point to "obvious" evidence of monopoly power. Economists see just the opposite: If growers had monopoly power, they wouldn't have to wait for a frost to raise prices." "Why do restaurants earn higher profits on liquor than on food? Why are some goods sold at auction and others at pre-announced prices? Why don't concert promoters raise ticket prices even when they sell out months in advance? Why do box seats at the ballpark sell out before bleachers do? Why do corporations confer huge pensions on failed executives? Landsburg wields the tools of the economist's trade to solve these puzzles, often reaching conclusions that are at odds with our intuition." Witty economists are about as easy to find as anorexic mezzo-sopranos, natty mujahedeen, and cheerful Philadelphians. But Steven E. Landsburg...is one economist who fits the bill. In a wide-ranging, easily digested, unbelievably contrarian survey of everything from why popcorn at movie houses costs so much to why recycling may actually reduce the number of trees on the planet, the University of Rochester professor valiantly turns the discussion of vexing economic questions into an activity that ordinary people might enjoy. -- Joe Queenan, __The Armchair Economist__ is a wonderful little book, written by someone for whom English is a first (and beloved) language, and it contains not a single graph or equation...Landsburg presents fascinating concepts in a form easily accessible to noneconomists. -- Erik M. Jensen, __The Cleveland Plain Dealer__ ...enormous fun from its opening page...Landsburg has done something extraordinary: He has expounded basic economic principles with wit and verve. -- Dan Seligman, __Fortune__ After revealing economic principles in readily apparent phenomena of everyday life, Landsburg applies these same principles to newspaper and media accounts of public issues. Contesting the widely held views of pundits, critics, and public officials, he shows us how reducing urban pollution need not make city dwellers any happier, how sex scandals are not necessarily bad for politicians, and how free agency doesn't always help the wealthiest baseball teams. By deducing principles from his observations of the things that surround us, he explains many of the main ideas of modern economics, through chapters that read more like detective stories than textbook lessons. Logically rigorous but never technically demanding, this refreshing new book will give readers a guided tour of the familiar, filtered through a decidedly unfamiliar but insightful lens. This is economics for the joy of it Why does popcorn cost so much at the movies? When does it make sense not to recycle? Steven Landsburg demystifies the economics of everyday behaviour in these witty and accessible essays. He examines everything from taxes, unemployment and illiteracy to the mating game, the death penalty and environmentalism. A survey that aims to turn the discussion of vexing economic questions into an activity that ordinary people might enjoy. Landsburg explains many of the key ideas of economics, in chapters that read more like detective stories than textbook lessons. What Life Is All About -- Good And Evil -- How To Read The News -- How Markets Work -- The Pitfalls Of Science -- The Pitfalls Of Religion. Steven E. Landsburg. Includes Bibliographical References (p. 233-235) And Index. Most of economics can be summarized in four words: "People respond to incentives."