Tag: Allison Schrager

ECONOGAL > Allison Schrager

Econogal’s Top Ten Favorite Books of 2019

Posted on by Econogal

 

Compiling the list for Econogal’s Top Ten Favorite Books of 2019 is proving quite difficult. One reason is the number of books read. Over the past 12 months, a book read and reviewed each week was the goal. A few weeks I read more, but that was offset by a stray week here and there where nothing was reviewed. And one week where nothing was even read.

Furthermore, if I use the same format as Econogal’s Top Ten Favorite Books of 2018 (Click here to read.) I need five fictional entries and five books in the non-fiction category. Herein lies the problem. I am short in the non-fiction category of books I care to recommend. But, the number of books for the fiction side is too numerous.

Statistical Favorites

Bloggers have many tools at their disposal to analyze the posts they publish. The backside of a website is quite complex, but also useful. Basic analytics include the number of times a post is accessed. The book with the greatest number of clicks is The Only Woman in the Room, a fictionalized account of the life of Hedy Lamarr. Heads You Win was a close second. I enjoyed both and both are on my list, but not at the top.

Debut Novels

I love discovering new authors. So each year I look for debut writings. Quite a few caught my attention in 2019. Allison Schrager’s An Economist Walks into a Brothel leads the way in the non-fiction category. The fictional counterpart listed in Econogal’s Top Ten Favorite Books of 2019 is Disappearing Earth which is the debut work of Julia Phillips.

Other outstanding new voices include Lydia Fitzpatrick with Lights All Night Long, and Maura Roosevelt’s Baby of the Family. Each provide food for thought while entertaining the reader. I highly recommend both.

Almost There

I have six titles that were in contention to make Econogal’s Top Ten Favorite Books of 2019. Each is worth the read. Look for them at your nearest library or book store. In no particular order: Last Woman Standing, Break Point, The Break Down, The Last Second, The Black Ascot and Only Killers and Thieves.

Since I am short on the non-fiction list, I offer one combined list. The designation follows the title. As with last year’s list, Econogal’s Top Ten Favorite Books of 2019 reviews can be accessed by clicking on the title.

 

Top Ten List

 

Disappearing Earth by Julia Phillips                                                       Fiction

Lights All Night Long by Lydia Fitzpatrick                                            Fiction

An Economist Walks Into a Brothel by Allison Schrager                    Non-Fiction

Things You Save in a Fire by Katherine Center                                     Fiction

Heads You Win by Jeffrey Archer                                                             Fiction

Baby of the Family by Maura Roosevelt                                                  Fiction

The World That We Knew by Alice Hoffman                                                  Fiction

Don’t Stop Believin’ by Jonathan Cain                                                     Non-Fiction

The Only Woman in the Room by Marie Benedict                                 Fiction

Firefighting: The Financial Crisis And Its Lessons by Bernanke, Geithner and Paulson, Jr.    Non-Fiction

An Economist Walks Into A Brothel Book Review

Posted on by Econogal

Book Cover, Blue background yellow print An Economist Walks Into A Brothel: And Other Unexpected Places To Understand Risk

Allison Schrager caught my attention with the title of her book on financial economics and risk. An Economist Walks Into A Brothel does indeed include an analysis of the legal sex trade in Nevada. The topic is a hook, but the analysis and writing keeps the reader engaged. Schrager uses a variety of industries to explore the multi-faceted topic of financial economics.

Brothel-nomics

Schrager starts her treatise with a discussion of risk. Financial risk is not just in the stock markets but also in everyday business. And everyday life. The exploration of mitigating risk in the sex trade allows the writer to introduce the concept of risk in an industry not many of us are familiar with.

A few basic concepts such as supply and demand are introduced in this section. But most of the focus is on finance, which Schrager states is the science of risk. Thus, from the start, the topic of An Economist Walks Into A Brothel is clear.

Toward the end of this introductory section are Schrager’s five rules of risk. These are as follows:

1. No Risk, No Reward
2. I am irrational and I know it.
3. Get the biggest bang for your risk buck.
4. Be the master of your domain.
5. Uncertainty happens. (Schrager, 14-17)

These five concepts are the heart of the book. They are supported by a gamut of economic theory from behavioral economics to diversification to uncertainty. Key premises to understand how the world works.

Diversity in Examples

The use of the wide variety of industries cited by Schrager in order to illustrate her topic serves multiple purposes. First, the diversity (in addition to the Brothel hook) of industries provides a way to reach out to a wide audience. Second, the varying businesses support the notion that risk is inherent everywhere, not just in the stock market. Third, this approach offers a way for the layman to comprehend economic principles.

Studying a legal brothel in Nevada begins the book. But other industries utilized include but are not limited to retail electronics, horse breeding, big wave surfing, Hollywood and the United States Armed Forces. Kat Cole, one of my favorite CEOs and Gun Runner, one of my favorite race horses also figure into the narrative. Thus, Schrager turns what may be considered a dull topic into an engaging and informative read.

Risk

An Economist Walks into a Brothel is a comprehensive look at risk. While there are some charts and concepts that knowledge of economics serves as an asset, even those without an economic background can gleam Schrager’s points. She is thorough in her knowledge of the topic and her approach is such that the general public will understand the book.

Even if you are not in business, the concepts of risk apply to the many decisions life posits. So I believe you will gain from this book. Since it is a recent release your library may not have a copy yet. But it can be found in bookstores and online.

The initial business analyzed is legalized sex and naturally there are comparisons with the illegal trade. However, the topic is treated in such a way that I feel the book is still appropriate reading for mature teenagers. The focus is on the business and not the types of services provided.

Recommendation

In fact, if I were still teaching at the community college, I would require my business and economic students to read An Economist Walks Into A Brothel. So, consider gifting this book to those who prefer non-fiction as well as anyone interested in finance. In the case of this work by Allison Schrager the risk is worth the reward.

Additionally, for those of you who prefer online, Schrager has a website. You can access it by clicking here. Consider signing up for her newsletter. I did and I look forward to her twice a month posts.