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Freakonomics offers several lessons that can be applied in today's business environment. Firstly, it emphasizes the importance of data in decision-making. Businesses should rely on data and analytics to guide their strategies and operations. Secondly, it highlights the concept of incentives and how they can be used to influence behavior, a key aspect in managing employees and customer relationships. Lastly, the book's exploration of unconventional wisdom can inspire businesses to think outside the box and challenge established norms.
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Author Steven Levitt, working with journalist Stephen Dubner, shows how economic theories can be used to analyze social issues. Each of the six essays...
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The author examines the history of the crack epidemic in the United States using the example of one gang, the Black Gangster Disciple Nation, explaining its hierarchy and how profits are distributed. Contrary to popular belief, not everyone gets rich from selling drugs. Rather, the gangs are a lot like corporations such as McDonald's, with a strict hierarchy and close control of the distribution of profits. The top boss, a dealer named J.T., made over $100,000 a year. His 'employees,' the foot soldiers who risked their lives selling on the streets, made very little. However, the foot soldiers were willing to take this risk in the hope that they, too, might one day become rich and powerful. Levitt calls this a "winner-take-all" labor market.
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