Introduction
Summary of the Book An Economist Walks into a Brothel by Allison Schrager Before we proceed, let’s look into a brief overview of the book. When you first hear the word risk, it might sound intimidating or mysterious, as if it only belongs to daring adventurers or huge corporations. But risk isn’t some distant, shadowy force; it walks right beside you every single day. From deciding when to leave home in the morning to exploring new career paths, risk shapes your world in ways large and small. The key to making risk work in your favor is to understand it fully. You can learn to set clear goals, avoid common traps like relying too heavily on the past, manage your emotions, and strengthen your defenses with tools like diversification, hedging, and insurance. Mix in flexibility and a clever blend of human insight and technology, and you’ll transform uncertainty into exciting opportunities to grow.
Chapter 1: Unraveling The Hidden Truth That Risk Lives In Our Every Move.
Imagine waking up in the morning and deciding when to leave for school or work. Even this simple everyday choice involves risk. If you leave too late, you might miss the bus or get stuck in traffic, arriving late and facing consequences. Leave too early, and you could end up wasting extra time waiting around. This might not feel like a life-changing gamble, but it shows that risk is woven into our daily lives. From picking what to wear based on uncertain weather forecasts to choosing where to invest your savings, we face countless moments where the future isn’t guaranteed. Risk isn’t only about giant leaps like skydiving or starting a company; it’s also about these tiny, constant decisions. The truth is, risk is everywhere—even in the most familiar routines.
Think about trying a new food at a restaurant, not knowing if you’ll enjoy it. There’s a chance you’ll love it and discover a new favorite dish, but there’s also a chance you’ll regret it. A similar pattern repeats itself in almost every aspect of life—spending money on a new game without knowing if it’s fun, meeting new people without being certain they’ll become your friends, or choosing a class subject without being sure you’ll excel in it. Each time, you’re weighing unknown outcomes. These situations might seem harmless, but they illustrate how risk often guides our path. By understanding that risk appears in both small and large decisions, you can start seeing it as something natural and unavoidable rather than a frightening monster lurking in the shadows.
Our misunderstanding about risk often arises from believing it’s only about major events with dramatic consequences—like gambling thousands of dollars or deciding whether to climb a dangerous mountain. But everyday life is shaped by endless streams of smaller risks that shape how we spend our time, money, and energy. These lesser choices add up, gently nudging our lives in different directions. Understanding this constant presence of risk helps us appreciate that even ordinary actions carry possibilities of gain and loss. If you begin to view risk as an everyday companion, you’ll realize it can be managed, studied, and even learned from. This understanding can turn fear of the unknown into calm curiosity, making you a wiser decision-maker as you travel through life.
The key is to see that risk is not only about danger, it’s also about opportunity. Choosing to join a club at school when you’ve never done so before is a risk because it might feel uncomfortable at first. But by taking that step, you open a door to meeting interesting people, learning new skills, and discovering passions you never knew you had. Overcoming your fear and embracing the everyday presence of risk allows you to grow. You cannot eliminate risk entirely, but you can prepare for it. By recognizing that it’s all around us—embedded in countless tiny moments—you’ll learn to handle uncertainty more gracefully. This understanding sets the stage for building a toolbox of strategies to make better, more informed decisions in the face of life’s unpredictability.
Chapter 2: Setting Crystal-Clear Goals Before Bold Risks Unlock Real Life Rewards.
Before you ever leap into a challenging decision, it’s vital to know exactly what you hope to accomplish. Without a clear goal, you’re like a traveler wandering without a map, stumbling into random risks. Think about someone deciding between two summer jobs. If the goal is to earn extra money for college, they might tolerate a long commute and some boredom because the payoff is large. But if their goal is skill-building for a future career, they might choose a less profitable but more educational role. By defining your targets, you can measure whether the risk you’re about to take leads you closer to your destination. This clarity keeps you from wasting time on unnecessary gambles that look exciting but don’t truly serve your long-term interests.
Setting a clear goal helps filter out risks that aren’t worthwhile. For example, if you’re considering a financial investment, ask yourself why: Are you aiming to save for a specific purpose like college tuition, or just chasing the thrill of quick profits? Without a target, it’s hard to know when to say yes or no. Goals act like a compass pointing you toward meaningful action. Think of athletes training for a big competition. They face risks of injury or failure, but their target—winning a tournament or improving a personal record—guides their decisions. If a particular exercise routine is risky yet essential for greater speed, they might accept it. With a solid goal, you’ll see which risks are stepping stones and which are just random obstacles.
In everyday life, having a well-defined goal keeps you steady when temptation appears. Consider buying a house. Your end goal might be owning a home in a particular neighborhood at a certain price. The no-risk route might mean paying top dollar, which could strain your finances beyond comfort. Accepting a calculated risk—like negotiating a slightly lower price but risking losing the deal—might serve your overall target better. Similarly, imagine building your own small business. If your aim is to establish a popular café known for its unique desserts, you’ll accept certain risks like trying new recipes or decorating the shop creatively. But you’ll reject wild, unrelated gambles that don’t help shape your dream café’s identity. Goals refine your understanding of which risks truly matter.
In extraordinary cases, people risk their health, safety, or reputation. Why? Often, because they believe it will bring them closer to a key objective. For instance, consider certain professionals who work in high-risk fields, like performers who take daring stunts to amaze audiences, or entrepreneurs who invest all their savings in a startup idea. Although these actions sound alarming, they’re not random leaps of faith. They’re carefully chosen challenges that align with a bigger plan, whether it’s achieving stardom, creating innovative products, or reaching financial independence. By defining your goals before you jump, you transform risk from a scary guess into a strategic choice. Learning to clarify what you want—before you face the unknown—trains you to pick risks that are building blocks, not stumbling stones.
Chapter 3: Escaping The Trap Of Trusting Yesterday’s Results To Predict Tomorrow’s Fate.
It’s natural to look backward, study what happened before, and assume the future will unfold in the same pattern. If your commute usually takes half an hour, you might always leave exactly 30 minutes early. But real life is messier. One day, there might be a sudden traffic jam or a surprise storm. Depending entirely on past patterns can trap you, causing mistakes when conditions change. Just because a movie studio had one huge hit doesn’t guarantee their next film will also succeed. Similarly, a stock that rose yesterday might drop dramatically tomorrow. Predicting future outcomes based on old data alone is like painting a picture with only one color: you miss the richness and complexity of what might actually come to pass.
We’re tempted to trust historical averages and past results because they feel solid and familiar. But overreliance on past trends can blind us to new developments. For instance, think of a student who always studied at the last minute and still scored decent grades. That might have worked in earlier classes, but in a more advanced course, the same approach could fail miserably. Past success can make us overconfident, encouraging risky choices without proper caution. Recognizing that tomorrow is not guaranteed to mirror yesterday forces us to gather more current information, consider multiple scenarios, and resist the urge to assume what worked before will work again. This shift in perspective is crucial because it encourages more flexible, open-minded thinking about what might happen next.
In the business world, companies that rely on old patterns without staying alert to changes often find themselves caught off-guard. Maybe a familiar product suddenly becomes outdated, or a new competitor enters the field. Only looking backward can create false comfort, ignoring big shifts in technology, taste, or market conditions. In entertainment, one blockbuster hit rarely guarantees that copying its formula will produce another smash success. The unpredictable nature of human preference and world events demands that you consider a wider range of possibilities. Just because something occurred frequently in the past doesn’t mean it’s destined to repeat. Embracing this uncertainty helps you approach risk with sharper judgment and less disappointment when things don’t unfold exactly as they have before.
To handle future uncertainty better, collect up-to-date, relevant data and learn to read signals pointing to changes. Consider weather forecasts: while imperfect, they offer more clues than simply assuming today’s sunshine means tomorrow won’t rain. Keep your mind flexible and open to the idea that life constantly evolves. Question whether the habits or assumptions that served you well last month still apply today. Doing so encourages you to adapt your timetable, your plans, or your investments accordingly. The ultimate lesson is that relying only on the past is too narrow. By acknowledging that tomorrow might differ significantly, you prepare to respond intelligently instead of helplessly. Accepting that future outcomes might break old patterns helps you confront risk with clearer eyes and a stronger strategy.
Chapter 4: Breaking Free From Irrational Fears And Emotional Illusions Of Danger.
When faced with risky choices, our emotions often join the party uninvited. Our feelings can whisper that a danger is scarier than it really is, or that a slim chance of winning big is more likely than it truly is. Consider the lottery: millions of people buy tickets, even though the odds of striking it rich are tiny. The emotional thrill of imagining yourself as a millionaire overshadows logical thinking. We treat possibilities as if they have different emotional weights, not just mathematical probabilities. This happens in countless decisions—like fearing flying more than driving, even though statistically, driving is riskier. Understanding how emotions twist our perception is the first step to guarding against hasty choices guided more by fantasies or fears than facts.
Emotions make some outcomes feel more valuable or threatening than they mathematically should. For example, people often pay extra for a guarantee, like a sale advertised as risk-free. The comfort of believing success is certain can outweigh the actual cost. Or think about playing a high-stakes game: if you’re wealthy, losing a chunk of money might not sting as much. You might keep playing, chasing the experience itself. Meanwhile, someone who’s worked for years to save that same amount might feel extremely anxious and desperate to avoid losing any of it. It’s not always about the absolute number; it’s about how we feel about the gain or loss. Recognizing these emotional filters helps us see risk more honestly and choose more wisely.
Marketing and media can exploit our emotional minds. Advertisements might say, You can’t win if you don’t play, cleverly ignoring how tiny the odds really are. News headlines often highlight rare but dramatic dangers—like shark attacks or airplane crashes—making them feel more common than they actually are. Even scientific studies, when summarized improperly, can mislead us. For example, hearing a medicine doubles your risk of a rare condition might sound horrifying until you realize the actual likelihood remains extremely low. If we’re not careful, these emotional triggers push us to avoid harmless things or embrace foolish gambles. By pausing to translate emotional impressions into rational understanding, we free ourselves from being tricked into poor judgments.
This awareness doesn’t mean we should ignore our feelings entirely. Emotions can be helpful signals. The excitement of a new project might motivate you to work harder, and fear might remind you to put on a seatbelt or double-check your homework. The key is balance. By seeing how we often distort risk perception, we learn to weigh emotional input against actual odds. Instead of running away because something feels scary, we look more closely at the numbers, ask for reliable information, and consider how the risk lines up with our goals. Over time, developing emotional clarity and logical thinking together forms a powerful tool. It allows you to step back, see risks more accurately, and pursue opportunities that are truly worth taking.
Chapter 5: Harnessing The Protective Power Of Spreading Your Bets Far And Wide.
Imagine you have a friend who puts all their savings into shares of a single company. If that company does well, they might become rich very fast. But if it fails, they lose everything. This kind of risk is preventable. A smarter approach is to spread money across different investments, such as multiple companies, bonds, or even properties. This is called diversification—like planting many different crops, so if one harvest fails, you still have others. Diversifying reduces the chance that one bad bet will ruin you. It doesn’t remove every risk, but it defends against threats unique to one area. This strategy applies beyond money: you can diversify your skills or experiences. If one career path closes, you’ll have other talents to rely on.
Think about Hollywood’s film industry. Instead of making only one movie, studios produce several films each year. Some might flop, but others become hits, balancing overall profits. Similarly, a farmer might plant several types of crops. If pests destroy the corn, maybe the beans or wheat still thrive. Diversification doesn’t guarantee perfection, but it raises your overall chances of having at least some success. Even horse breeders try to ensure a champion racehorse fathers many offspring. Most might turn out average, but just one superstar descendant can justify the effort. Diversification helps in fields where it’s impossible to predict exactly which option will shine. It’s a practical shield: spreading your attempts reduces the sting of failure in any single gamble.
Modern technology makes diversification easier. Financial advisors can build portfolios mixing stocks, bonds, and other assets, all with a click of a mouse. Movie studios sell films through theaters, streaming services, and TV channels, reaching different audiences. Breeders use scientific methods to select pairings more thoughtfully. Diversification isn’t just about defending against bad luck; it’s also a platform for innovation. By trying multiple approaches, you’re more likely to stumble upon something unexpectedly great. However, diversification comes at a price: it often limits your chance at gigantic rewards. If you focus all your energy on one brilliant startup idea, you might strike it unbelievably rich. But if that idea fails, you’re left with nothing. Diversification prefers steadiness over wild ups and downs.
No matter what you’re doing—investing, studying, or planning your future—diversifying your efforts keeps you safer. It’s like having a balanced diet: relying on only one type of food could lead to health problems, but eating a variety ensures steady nourishment. Of course, diversification isn’t magical. If the entire system crashes—like a global financial crisis—every investment might suffer. Still, a diversified approach typically stands stronger than a single risky bet. Remember that in life, conditions change. One skill or interest might fade in usefulness, while another gains importance. By building a portfolio of possibilities—be it in your finances, hobbies, or long-term goals—you prepare for surprises. Spreading your bets wide means you’re less likely to be crushed by one unlucky roll of the dice.
Chapter 6: Shielding Yourself With Hedging Tactics Against Unseen Financial Storms.
Hedging is like taking an umbrella even if you think it might not rain. It reduces the risk of getting soaked if a sudden downpour occurs. In financial terms, hedging means balancing your investments so that if one suffers a loss, another offsetting choice cushions the blow. By hedging your bets, you give up some possible big rewards to ensure you don’t lose everything. For example, if you invest heavily in stocks, you might also put some money in more stable bonds. If the stock market crashes, bonds are less likely to sink too. Hedging shapes your outcome profile, chopping off the most extreme highs and lows. It aims to give you a smoother, safer ride through unpredictable economic weather.
Hedging is common in everyday business. Imagine an airline worried about rising fuel prices. If gasoline costs soar, the company’s profits could vanish. To hedge this risk, they might sign a contract to buy fuel at a fixed price for the next year. If actual prices skyrocket, they’re protected. If prices fall, they lose a chance to save money but avoid disastrous losses. Hedging is a trade-off: you accept some sacrifices to gain peace of mind. Similarly, a traveler might pay extra for flexible airline tickets, hedging against sudden changes in their schedule. Giving up a little potential gain often feels worth it if it prevents a painful outcome. This strategy helps businesses and individuals sleep better, knowing they’re not at the mercy of a single unpredictable factor.
We all hedge in subtle ways. When you study for a test, you’re hedging against the risk of failing. If you bring a jacket on a cloudy day, you’re hedging against the chill. In financial markets, specialized tools—like options and futures—allow investors to insure themselves against unexpected price swings. Essentially, you’re buying a safety net. Paying for insurance, whether on a car, home, or even a vacation package, is another form of hedging. You spend some money today so you won’t face huge bills if something goes wrong tomorrow. Without these protective measures, taking risks would be scarier. With hedging, you shape a controlled environment where uncertainties hurt less, encouraging you to pursue opportunities without feeling constantly vulnerable.
Still, hedging isn’t flawless. Every protective layer you add can limit your maximum benefits if things go perfectly. Buying insurance means you pay premiums even if you never use the coverage. Some critics argue this encourages riskier behavior, like surfers who feel safer tackling giant waves knowing jet skis are on standby to rescue them. But it also allows talented, experienced surfers to push their limits, expanding what’s possible. Hedging is about careful balance. You choose not only how big your risks will be, but also how comfortable you are with surprises. It’s a calculated trade: give up a bit of upside to avoid devastating downsides. In a world full of uncertainties, hedging stands as one more tool for keeping your journey stable.
Chapter 7: Embracing Insurance As Your Secret Weapon To Stay Standing Tall.
Insurance might seem like a boring expense—paying money regularly just in case something bad happens. But think of it as a friendly shieldbearer who steps in when life’s troubles swing unexpectedly. Insurance allows you to handle frightening possibilities with more courage. By transferring some financial risk to an insurance company, you can drive, invest, or travel without constantly worrying about devastating losses. Just like wearing a helmet when biking, it’s a small price that could prevent huge harm. For example, homeowners buy insurance to avoid total ruin if a fire erupts. Students might insure their expensive laptop against theft or damage. While no one likes spending money on what might feel like an invisible product, the reassurance it provides can be priceless.
Insurance gives you freedom. Consider how car insurance lets you drive confidently. Without it, a simple fender-bender could empty your savings. With insurance, the financial burden of accidents shifts largely to the insurer. This also applies in business: companies can insure against employee injuries, lawsuits, or property damage. If a sudden disaster strikes, insurance payouts help them recover and keep operating. In essence, insurance is about paying a manageable amount now to avoid an overwhelming loss later. This kind of security can encourage people to attempt new ventures or improve their lives. A café owner might feel safer expanding the menu or renovating the place because insurance covers unexpected mishaps. By lifting the weight of massive financial risks, insurance clears a path for positive growth.
Of course, insurance companies don’t offer this protection for free. They analyze risks carefully. The higher the likelihood of a disaster, the more you pay. For instance, earthquake insurance costs more in areas where quakes are frequent. This pricing signals real danger, pushing you to think twice. Insurance also reveals which risks are considered significant by professionals. For example, a skydiving instructor’s insurance might be pricy, reflecting the activity’s inherent danger. On the other hand, a low-risk lifestyle might mean cheaper rates. By studying insurance costs, you understand where major risks lie. This knowledge can guide you to be safer or find better deals. Insurance doesn’t eliminate danger, but it does let you confront risks with calmer nerves and a strategic plan.
Critics say insurance can make people careless, thinking, I’m covered, so why worry? Yet this can be a misunderstanding. Insurance isn’t a magical safety net that encourages reckless behavior; it’s a tool for absorbing shocks so life can move forward. Properly used, it motivates responsible actions and forward planning. You don’t buy car insurance to drive recklessly, but to prevent financial ruin if someone hits you. If anything, the process of buying insurance should remind you that bad things can happen. Recognizing that, you’ll hopefully behave wisely, not recklessly. Insurance, in harmony with other strategies—like diversification and hedging—helps form a protective puzzle that shields you from unexpected storms. By embracing it smartly, you ensure that even if unlucky events strike, you’ll stay standing tall.
Chapter 8: Staying Flexible And Nimble When Uncertainty Shakes Your Grand Plans.
Life doesn’t follow a perfect script. Even if you plan everything carefully, unexpected surprises may arise and toss your best-laid strategies into chaos. Uncertainty is different from risk. Risk involves known possibilities—like either passing or failing a test. Uncertainty includes outcomes you can’t even predict. In stressful situations—consider a battlefield or a high-stakes negotiation—you can’t always rely on careful predictions. You must adapt on the fly, changing tactics as new information arrives. Being flexible means you don’t cling stubbornly to one plan. Instead, you develop multiple backup routes, listen to new ideas, and stay calm when faced with sudden twists. It’s like being a skilled surfer who can ride unexpected big waves rather than getting overwhelmed by them.
The military offers a stark example. Generals spend months planning battles, reviewing maps, and studying enemy forces. But once combat begins, chaos can upend their plans. The best leaders stay alert, adjusting strategies mid-fight based on what’s happening right now. This lesson applies everywhere: in business, a sudden technology shift might force a company to pivot its product line. In personal life, a surprise illness or job loss can require a complete change in plans. Flexibility prepares you for when the world refuses to follow your script. Instead of panicking, you can calmly recognize that conditions have changed, then choose a new course that better fits the present reality. Being open-minded and willing to shift gears makes uncertainty less threatening and more manageable.
This flexibility demands humility. If you believe you know everything and refuse to consider other opinions, you risk disaster when events unfold differently than expected. But if you listen to new voices—sometimes even those lower in the hierarchy—you might discover a solution you never imagined. Adaptability also relies on a willingness to accept that changing your mind isn’t weakness, it’s wisdom. It’s like navigating a forest: if your planned path is blocked by a fallen tree, you find another trail. Sticking stubbornly to one track doesn’t help; accepting change leads you around obstacles. By practicing this mindset, you’ll be ready for uncertainty, turning what could be a paralyzing shock into an opportunity to learn, grow, and find smarter ways forward.
Being flexible also means not relying blindly on technology or set routines. Today’s digital tools help us measure, predict, and automate many tasks, but hackers, system failures, or sudden data changes can disrupt our neat calculations. When everything goes haywire, your adaptable thinking steps in. Flexibility encourages you to respond wisely instead of freezing. It makes you question assumptions, ask for updated facts, and consider whether your original plan fits today’s conditions. Over time, this mental readiness builds resilience—the ability to bounce back from surprises stronger than before. Embracing uncertainty teaches you that not every twist is a disaster; it can be a prompt to innovate and discover new paths. Your flexible mindset keeps you steady even when the ground beneath you shakes.
Chapter 9: Marrying Human Insight With Smart Tools To Outsmart Future Risks.
In a world of rapid technological change, it’s tempting to believe that computers can handle all our risk calculations. Advanced software can track countless data points, run complex simulations, and alert us to suspicious patterns. Yet technology alone isn’t enough. Hackers exploit digital weaknesses, scammers engineer traps, and market conditions shift faster than any single program can predict. The key is blending human judgment—our ability to sense subtle clues, ask bold questions, and imagine creative solutions—with the power of modern tools. Just as a skilled captain uses navigation instruments but still trusts experience and intuition, we should combine digital data with human wisdom. When we rely too heavily on machines, we lose the creativity and adaptability that come from genuine human thought.
Balance is essential. A financial advisor might use sophisticated software to model investment outcomes, but they also listen to clients’ personal stories and understand that people aren’t spreadsheets. A security expert might rely on firewalls and encryption but stays alert for new hacking tricks that haven’t been coded into the system yet. By blending technology with human insight, we multiply our strengths. Data tools can crunch huge amounts of information far beyond human capability. Meanwhile, people can spot unusual patterns or notice when something just feels off. Together, they form a team capable of navigating choppy waters. This teamwork reduces blind spots and gives us more confidence as we face future risks, which often evolve too quickly for any single approach.
To thrive in this uncertain landscape, we must keep learning. Just because we have a brilliant app or a cutting-edge device doesn’t mean we can relax. Criminals, competitors, and nature itself constantly change the game. Humans can adapt by analyzing not only what the data says, but why it might be misleading, incomplete, or outdated. We can ask: Are we collecting the right information? Are we interpreting results logically rather than emotionally? Technology can highlight trends, but only a thinking human can question assumptions and rewrite strategies on the go. This agile partnership means we don’t let ourselves fall behind. By staying curious, improving our knowledge, and updating our tools, we ensure that we are always one step ahead of lurking risks.
Embracing both human and technological strengths means accepting that neither is perfect alone. People make emotional errors, overlook details, or cling to old beliefs. Computers can fail or be tricked. But when we combine both skill sets, each corrects the other’s weaknesses. The result is a more reliable shield against the unknown. Just as a well-diversified financial portfolio mixes different investments, a well-equipped mind blends human insight and smart tools. As the future unfolds with new challenges—cyberthreats, climate shifts, shifting markets—this balanced approach helps us adapt swiftly. Technology doesn’t replace human judgment; it enhances it. With such synergy, we not only manage today’s risks but stand ready for tomorrow’s surprises, confident in our ability to stay one step ahead.
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All about the Book
Explore the intersection of economics and everyday life in ‘An Economist Walks into a Brothel’. This engaging narrative reveals the surprising lessons and insights from unexpected places, making complex concepts accessible and relevant.
Allison Schrager is a prominent economist and writer known for her unique storytelling. She bridges the gap between economic theory and practical understanding, making her insights captivating for both professionals and general readers.
Economists, Business Analysts, Financial Advisors, Policymakers, Social Scientists
Reading Economics, Engaging in Critical Thinking, Exploring Behavioral Science, Traveling, Attending Lectures and Workshops
Economic Behavior, Risk Management, Decision Making, Market Dynamics
Understanding the economic forces in everyday choices empowers us to make better decisions.
Malcolm Gladwell, Nouriel Roubini, Tim Harford
Financial Times Best Business Book, Axiom Business Book Award, Silver Medal for Economics
1. How does risk impact our everyday decision-making processes? #2. What role do incentives play in human behavior choices? #3. Can we quantify and measure personal life risks effectively? #4. How does the concept of economics apply to relationships? #5. What lessons can we learn from unconventional businesses? #6. How does understanding markets enhance our life strategies? #7. Why is it essential to embrace uncertainty in life? #8. How can we apply economic principles to improve outcomes? #9. What insights can be gained from unconventional job markets? #10. How do individuals negotiate value in diverse situations? #11. What strategies optimize our decision-making under pressure? #12. How does trust affect transactions in everyday life? #13. Can understanding human behavior mitigate financial losses? #14. How do cultural differences influence economic choices? #15. What can economics teach us about personal relationships? #16. How can behavioral economics change our spending habits? #17. What are the social implications of risk-taking behavior? #18. How do emotions impact rational decision-making processes? #19. What factors contribute to the success of businesses? #20. How can we learn resilience from economic challenges?
An Economist Walks into a Brothel, Allison Schrager, economics and sex work, brothel economics, decision-making in economics, economic insights, behavioral economics, adult industry analysis, financial choices, risk and reward, economic theory and practice, real-world economics
https://www.amazon.com/An-Economist-Walks-Into-Brothel/dp/1455538112
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