katherine19

And if those bills aren't bad enough, check out Proposition 87: http://yesoncleanenergy.com/ California could be in very big trouble.

The book is not intended to extend existing microeconomic theory. Rather, I view it as an introduction, for novices, to the economic approach, particularly as expounded by Gary Becker and the Second Chicago School of Thought. Furthermore, modern economics is frequently more interested in establishing causal relationships than moralizing. That this end is largely accomplished by means of statistical analysis shows the economic discipline's dedication to testing deductive theory with inductive methods. One should not summarily dismiss Levitt's ability to find meaning in numbers. This statement contradicts the earlier one, calling Levitt's work a "statistical report." Statistics do not spontaneously arise of their own volition from any data set. Rather, the analyst must apply rigorous statistical methodology to understand how numerous variables affect an outcome. However, Levitt spares the reader his econometric analyses because such data would not interest most people. Furthermore, causality cannot be established by the suspension of analytical thought. Although some readers may not be satisfied with Levitt's refusal to make normative statements, I would not call his book lacking in analysis. Levitt is not out to make unequivocal, authoritarian statements about the nature of reality; his book is really intended to be an exposition of what economic reasoning can accomplish. If you prefer your nonfiction with a heavy-handed dose of moralizing, look elsewhere.

The short answer: Bad ideas + bad institutions = bad economy