Wednesday, March 12, 2008

Freakonomics #3

This is the writing assignment for Chapter 3: Why Do Drug Dealers Still Live With Their Moms?

This is due on Thurs, March 20 at class time.

Answer the following questions in a 2-page, typed, double-spaced paper.

1. What is "conventional wisdom?" What are some ways it comes into being?

2. Explain how a "tournament" or "winner take all" labor market works. Why would a street-level drug dealer be willing to accept low pay and poor working conditions? Give your own examples of a tournament type of labor market.