Example Of Book Review On The Economics Of Human Behavior

Abstract

This entire analysis reveals that though there are numerous challenges specifically associated with the economic based function and subject, but its effectiveness and power can never be neglected from any standpoint. The books Super Freakonomics have introduced the same aspect in terms of the importance of Economics and its major affects over the productivity of the economies particularly.

Introduction

There are hundreds of concepts lies in the entire study of economics and management, and every concept is essential to entail a detailed idea regarding this particular area of study. It is one of those fields which have a direct connection with the practical life of an individual. There were numerous concepts which have been designed by different economists and challenged critically by other economists later on. The main perspective of this assignment is to get the things from a respective book related to Economics in Human Nature. The name of the book is “Super Freakonomics”, and it is advised to select two different chapters from the book and write a summary on the same. Apart from this part, it is also required to associate the summary of the chapters with the economics management concepts.

Analysis & Findings

Section-1
Summary of the Chapter-1
How is a Street Prostitute like a Department Store Santa?
This particular part of the assignment requires a summary of this particular chapter. After analyzing this chapter it is found that the chapter is related to the Gender Discrimination. It is found from the analysis that organizations are required to manage their employees and their operations in a best possible manner.
Discrimination is a curse which should be decreased within the workplaces for its core betterment and effectiveness. According to the Labor Laws, the factors of discrimination among the organizations should be eradicated completely otherwise, it will increase the problems for the company as well as their operations. From this particular chapter, it is found that men have been given more favor as compared to the women in different parts of the world. Women have been abused and discriminated more than men, and unfortunately, this particular thing has not been improved yet (Amazon.ca, 2015).
The current level of organization and economic consequences have been increased and enhanced dramatically with the technological efficiency, but still this immoral problem of discrimination makes the things ineffective for the companies in particular. Wages and Salaries are some of the basic necessities of the individuals and they are very effective for both men and women. However, there is a large difference found among the wages of men and women in almost every part of the world. The United States of America (USA) which is the largest economy of the world with lots of Human rights sections and organization is also unable to mitigate the stance of discrimination from their society.
This particular chapter of the book found that lots of women in the Chicago area became prostitutes due to the high level of differences and discrimination among the wages and salaries as compared to men. According to summary of this chapter, there are certain criminal activities have been increased due to this particular problem in the society. According to most of the women of the United States, prostitution is a good business for them because they can relatively earn higher income than the standard one. There are effective data have been selected, gathered and transformed in this particular chapter that relates to the income and wages earned by the men and women in a given time frame. Discrimination factor should be close down for the betterment in the functions and operations. Apart from describing the problems of discrimination and difference among the wages of men and women, powerful and effective recommendations have also been defined in this particular chapter. The author of the book recommended to the society to increase the level of services and jobs specifically for the women to increase the level of wage and decrease the level of discrimination with them. Apart from that, it is also recommended to the Women Rights to play their part in controlling the abuse and problems for the women. Government organizations such as Non Governmental Organization (NGOs) should intervene this problem in different organizations of the United States in order to completely eradicate this problem from the society. According to the main summary and crux of this chapter, the problem that is highlighted pertains to the problem of ineffective demand and supply concepts. Demand and Supply concept is one of the most important concepts that come under the ambit of Economics and management.

Summary of Chapter-2

Why Should Suicide Bombers Buy Life Insurance?
Life Insurance is a concept that distinctively comes under the ambit of the field of Insurance and Assurance, which is one of the largest and lucrative industries of the world. It usually comes under the ambit of financial institutions, and financial institutions are very significant and effective for the sake of an economy, and no economy can have effectiveness in their core operations without maintaining their financial institutions up to a greater mark (Amazon.ca, 2015).
The developed countries of the world always want their people to have life insurance within their operations, because it is emerged as a mandatory thing for them, as it can increase the level of deposit and investment towards the insurance companies through the process of insurance policies. This particular chapter also talks about the same aspect of an economy. A hypothetical example of suicide bomber has been presented in the chapter that requires having or buying the life insurance policy. Actually, it means to encourage the people of the economy to park their money in the insurance based policies and insurance companies because it has a direct linkage with the incremental investment of the country. The chapter highlights the importance of insurance based investment during the economic crises, as if the money is in the circulation, it will have a positive impact over the economic position of the economy.
The chapter highlights that it should be a duty of the government to promote the level of insurance within the economic functions to compel each and every person of the economy to have life insurance particularly which will be very essential for increasing their financial and economic functions. Insurance can also help the economies to maintain the level of distribution of income in the countries which is one of the most important aspects behind the economic consequences of the countries. The economic function of Correlation has been used in the same aspect.

Relationship of Economic Concepts

The concept of economics is power for the economic function of a country. It has two broad types which are microeconomics and the macroeconomics. The economical aspect that delivers efficacy for the individuals known as Microeconomics, while the economical aspect delivers with the country’s economics is referred as macroeconomics. The chapters which have been discussed as the summary have two different economic concepts in it, which are usually associated with macroeconomic variables.

Economic Concept in Chapter-1

The economic concept that introduced in the summary of the first chapter is Supply and Demand. Supply and Demand is one of the most important economic perspective and concepts that associated with the economics management. Theoretically, demand and supply is a concept in which a specific product, job or any other substance will be provided in the society and in the economy according to its required demand in order to maintain its significance in the society. The first chapter described the problem of irrelevant supply and demand of the jobs of women due to which the supply of the women in the jobs are increasing while the demands of their jobs are very low. It creates significant problem of discrimination and also increases the stance of ineffectiveness in the market. Everything requires a specific demand and supply initiation in order to maintain its core significance and effectiveness in a given market, otherwise, it will be very difficult for the society and economies to maintain a strong tradeoff. Employment and wages also have a direct connection with the supply and demand stance of the macroeconomic action in an economy, as described in the first chapter, hence proper action should be taken by the government to analyze and then mirror the demand of the necessity.

Economic Concept in Chapter-2

The second chapter which has been introduced and summarized just above is purely lies on the concept and significance of economic prosperity of the country. It also analyzes the hazards of the economic crisis and the leads that can be used by the economies to overcome on the said issues comprehensively and effectively at the same time.
The economic concept that has been introduced and defined in this particular section is Correlation. Theoretically, Correlation is a Mixture of Statistics and Economics which usually used to analyze the core relationship among two different variables. It is an important concept that used in number of thesis and research reports as it has the ability to analyze the relationship of two different variable functions particularly.
In the example of second chapter, the relationship among two variables have been defined accordingly in which insurance industry and its impact over the economic consequences of the country. The chapter summarized a strong correlation among both of these variables as when the level of relationship of the people towards having high number of insurance policies it will certainly impact on the economic consequences.

Conclusion

Adam Smith and Alfred Marshall had introduced one of the most important definitions of Economics, as according to them economics is the name of earning and utilizing the money in a powerful and efficient manner. The field of economics has its recognition in almost every walk of life; therefore the importance of this subject can never be neglected.
The main theme of this assignment also relates to economics management and its importance for the significance of the society or an economy. There are two different chapters have been taken into account for the analysis from a prescribed book that analyzes the economic concept of Supply & Demand and Correlation which are some of the major concepts underlies in the concept of Economics.

References

Amazon.ca,. (2015). SuperFreakonomics: Global Cooling, Patriotic Prostitutes and Why Suicide Bombers Should Buy Life Insurance eBook: Steven D. Levitt, Stephen J. Dubner: Amazon.ca: Kindle Store. Retrieved 16 March 2015, from http://www.amazon.ca/SuperFreakonomics-Cooling-Patriotic-Prostitutes-Insurance-ebook/dp/B00563KR2M/ref=sr_1_4?s=digital-text&ie=UTF8&qid=1409917938&sr=1-4&keywords=freakonomics