Author: Steven E. Landsburg
Synopsis by Faisal Quaiyyum Inan
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With an underlying theme containing four words: 'People respond to incentives', The Armchair Economist, written by C, applies economic theories in everyday lives while explaining an extensive range of different issues.
In this book, Landsburg tries to answer questions such as why life is full of disappointments, why rising unemployment is good sometimes, how the workers can be worsened off due to workplace safety, which the bearers of the cost of oil spills should be, why failed executives are paid highly, whether government deficits really matter or not, what kind of rich should not be taxed and so on.
Because of his unique takes on various daring issues, the critics of this book claim that Landsburg is pushing a political agenda. Additionally, the usage of statistical knowledge in this book has also gained criticisms and invalidity. He is also being criticized for using irrelevant, illogical, and simplistic analogies, similes, and metaphors for explaining economic theories.
Even though this book has earned many criticisms, this book can certainly add value to how an economist or a social scientist can think very differently. Nonetheless, it is not a waste of time to learn different approaches to thoughts. This book can undoubtedly give interesting foods for thought. Prior knowledge in introductory microeconomics, macroeconomics, and statistics can help a reader understand this book more efficiently.