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Summary Of The Third Chapter Of Freakonomics

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In the third chapter of Freakonomics, the question that is asked is “Why do drug dealers still live with their moms?” The first phrase that is brought up in this chapter is “conventional wisdom,” and economist named John Kenneth Galbraith goes into detail and describes this phrase as a type of information, this type of information reinforces one person’s type of interest and well-being. Conventional wisdom is described at convenient and comforting, but it does not always have to be that. It takes a lot for people to even begin to doubt that conventional wisdom is not true. In the rest of the chapter Levitt tries to dispute the different points of conventional wisdom. Levitt compares conventional wisdom to drug dealing which is one of the highest …show more content…

This survey allowed Venkatesh to come to know some members of the Black Gangster Disciple Nation while he was becoming more involved with the gang Venkatesh became more intrigued with what the gang was doing. The leader of one section of the gang is J.T., he was a college graduate that held a business background, J.T. was then called the perfect candidate because of his background. In the next six years Venkatesh got to know the ins and outs of how the gangsters operate, he basically lived with them. After the gang began to trust Venkatesh more with their secrets, he was given clearance to access to notebooks that were full of information about the financial transactions the gang has …show more content…

Since all dealers do not make big money, it shows that with any capitalist enterprise, you have to be at the top to make money. On the other hand, with higher men like J.T. that controls other people's wages, he pays the foot soldiers a very low wage to show them who's boss. The foot soldiers risked their lives everyday, there was a 1-4 chance of the foot soldiers being killed. Even though the danger of selling the crack was all too real, the dealers still took the

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