Product Description

Thomas Schelling is a political economist "conspicuous for wandering" an errant economist. In Choice and Consequence, he ventures into the area where rationality is ambiguous in order to look at the tricks people use to try to quit smoking or lose weight. He explores topics as awesome as nuclear terrorism, as sordid as blackmail, as ineffable as daydreaming, as intimidating as euthanasia. He examines ethical issues wrapped up in economics, unwrapping the economics to disclose ethical issues that are misplaced or misidentified.

With an ingenious, often startling approach Schelling brings new perspectives to problems ranging from drug abuse, abortion, and the value people put on their lives to organized crime, airplane hijacking, and automobile safety. One chapter is a clear and elegant exposition of game theory as a framework for analyzing social problems. Another plays with the hypothesis that our minds are not only our problem-solving equipment but also the organ in which much of our consumption takes place.

What binds together the different subjects is the author's belief in the possibility of simultaneously being humane and analytical, of dealing with both the momentous and the familiar. Choice and Consequence was written for the curious, the puzzled, the worried, and all those who appreciate intellectual adventure.

Product Details

• Amazon Sales Rank: #62061 in Books
• Published on: 2007-06-19
• Original language: English
• Number of items: 1
• Binding: Paperback
• 379 pages

Review
Whether one is looking for evidence and insights on the rationality or the irrationality of man, Choice and Consequence is one of the very best places to look...Mr. Schelling's book is a superb place to get a sense of both the need for and the dangers of the assumption of rationality. (New York Times )

What makes Schelling such a pleasure to read, apart from his lean, clear, wry conversational style, is the shrewdness and human insight with which he breaks down complex problems and phenomena into their parts, permitting systematic understanding to develop. (The New Republic )

Without exception, the essays are witty, erudite and stimulating. (Wall St. Journal )

About the Author
Thomas C. Schelling is Distinguished University Professor, Department of Economics and School of Public Affairs, University of Maryland and Lucius N. Littauer Professor of Political Economy, Emeritus, Harvard University. He is co-recipient of the 2005 Nobel Prize in Economics.

Customer Reviews

Great Work on Real World Issues
This book consists of 15 chapters and Shelling intends to make use of his line of economic reasoning to throw light on a considerable variety of intriguing real world issues such as organised crime, circumstances of dying, policy ethics, vicarious problem-solving, self-command, and mind consumption.

To him, economists are used to tilt towards the efficacy of money. Compromising between the hard question of efficiency and equity, public policy is always concerned with the distribution of income and wealth to the unfortunate and the disadvantaged and it is used to involve the question of `how much'. The line of economic reasoning helps decision makers to compare identifiable or something better alternatives in order that distributional objectives can be accomplished in a least wasteful way. It also contributes to the clarification of issues that involve misplaced or misidentified ethics.

In discussing on how people think, behave, and act for themselves, Shelling suggests that people do not always adopt the individualist-utilitarian approach and they can have different goals and tastes at different times. It is not surprising that an individual can make a rational choice at a time but he finally does not act accordingly. For instance, an individual knows that smoking is detrimental to health but he cannot keep himself from smoking because an alternate self is in command. Moreover, people loves reasoning their way into a menu of beliefs and disbeliefs they know to be false. Human mind is something of an embarrassment to economists and other social scientists who have believed that people are used to act as rational consumers in making orderly successive comparisons of products. He suggests that the deprivation of `pareto superior' through physical constrains or coercive environment can minimise opportunity abuse and maximise prediction of human behaviour.

In dying, Individual life saving or reducing individual death is viewed by Shelling as a moral judgement instead of an economic consideration because economists cannot completely assign values to it. Children are different from livestock so that it is difficult to assess their costs and benefits as a result of death. Nor does the US have a national policy on human life so that the cost of human death cannot be substantially reflected. The employment of discounted lifetime earnings to estimate how much an individual should pay for death avoidance is not too relevant. Putting morality aside and using the consumer point of view as an analytical framework, Shelling likes the idea of being allowed to die provided that an individual can relieve others of the emotional burden and the expense.

In addressing the issue of organised crime, Shelling believes that organised crime involves huge social costs such as tax evasion and corruption but it is more preferable to disorganised crime because it internalises some of the costs that falls on the underworld itself if criminal activity is decentralised.It thrives because it provides goods and services the public demands. However, organised crime cannot survive when the market mechanism functions well in a highly competitive manner. To him, prohibition of goods and services in the markets can create organised crime.

In this book, Shelling also adopts game theory to identify a variety of alternatives for analysing arms bargaining and inflicting costs. In conclusion, each chapter is witty and erudite and this book provides readers with insightful and competing evaluation of different real world issues that are surrounded by rationality, sentiment, moral consideration, and economic impact.

Interesting and easy read
Quite fun book, collection of essays on all kinds of topics. Some repetition occurs, it's not written as one volume, but it's fine, and the repetition is usually pretty limited.
It's relatively easy to grasp what he's saying here, and it's also great fun from time to time, especially one of the essays regarding self-control.
All in all a nice and interesting book, always fun reading the musings of smart people.

The rigorous brain of a Nobel Prize winning economist
Thomas Schelling was awarded the 2005 Nobel prize for economics, and readers of this book will be able to tell you why. Choice and Consequence represents a collection of 15 essays written by Schelling between the late 60s and early 80s, covering a broad range of subjects such as governments' social policies, how to deal with death, how game theory applies to weapons treaties, and organized crime.

Schelling is an academic, and it shows in his writing: his ideas are brilliant, his thinking is extremely logical and rigorous, but his prose is sometimes obtuse. It is not the easiest read, but what is lacks in readability it more than makes up for in intellectual interest. I have rarely, if ever, come across a book whose ideas are more clearly articulated, all while being applicable to situations that readers can understand and in many cases identify with.

This is definitely not a book for everyone; if you are looking for an easier book that discusses everyday situations with economic thinking, read Freakonomics. However, if you are looking for something a little more intellectual, this is your book. It will be extremely useful to anyone who wishes to improve their rational thinking.