Evan Sanchez
Prof.Amidon
English 50
8 October 2015
Distorted Knowledge
Information asymmetry produces an increase in power that results in a our society growing more in greed and the ability to victimize and abuse someone that has less knowledge between the two parties. Society today doesn’t focus on the outcome of their actions, greed tends to run throughout society and it shows when we’re constantly abusing the power of information. In Freakonomics, by Steven Dubner and Stephen Levitt, they explain how experts use information to completely abuse and overrule their consumers to their advantage. Asymmetric information causes a massive imbalance in the quality or quantity of the information that is possessed or distributed to multiple people. …show more content…
With the power that the experts grasp, they tend to drain every ounce of it to their complete advantage over the consumer. Dubner and Levitt gave an example, on page ninety-four of Freakonomics, about how a drug dealer uses the power of information to have the upper hand on all his local competition and to help him progress in rank as quickly as possible within his drug regime. Dubber and Levitt state “They all want to succeed in an extremely competitive field in which, if you reach the top, you’re paid a fortune”(Dubner & Levitt, 94-95). In modern society, we are all driven by power and money, and we all tend to stop at nothing less. Every male that I’ve met through high-school always had dreams of an extremely lavish life that included women, mansions, cars, and most of all, power. Being able to sit down and talk to these young, motivated, yet naive, men, they all had one thing in common and that was the drive towards power. But with all this drive towards power, and the abuse of it, what’s the opposite end of the stick like for the …show more content…
Dubner and Levitt gave an example by stating “The gulf between the information we publicly proclaim and the information we know to be true is often vast”(Dubner & Levitt, 77). That statement is beyond correct, we often lie about things to make ourselves look better, or sound better and this is a problem that many consumers face when buying a product. Potential buyers face asymmetric information in evaluating services prior to their purchase and since the expert imposes on the cost to the consumer, the consumer wants to try to lower the initial cost. This incentive may be exploited by firms that create diversity in the other services that meet the needs of the consumer. The consumer often faces factors of abuse by loosing money, buying worthless items or even investing in a stock that will only have them loose money rather than gain,which shows how the experts are apathetic towards their clients and are one-hundred percent avaricious. The experts don’t think of the financial standpoint of their clients, they just proceed without single or little care, just like someone committing identity theft. When the criminal is stealing someone’s identity they don’t care to do a background check and see their income or their financial stability, they just proceed by only thinking about
Prof.Amidon
English 50
8 October 2015
Distorted Knowledge
Information asymmetry produces an increase in power that results in a our society growing more in greed and the ability to victimize and abuse someone that has less knowledge between the two parties. Society today doesn’t focus on the outcome of their actions, greed tends to run throughout society and it shows when we’re constantly abusing the power of information. In Freakonomics, by Steven Dubner and Stephen Levitt, they explain how experts use information to completely abuse and overrule their consumers to their advantage. Asymmetric information causes a massive imbalance in the quality or quantity of the information that is possessed or distributed to multiple people. …show more content…
With the power that the experts grasp, they tend to drain every ounce of it to their complete advantage over the consumer. Dubner and Levitt gave an example, on page ninety-four of Freakonomics, about how a drug dealer uses the power of information to have the upper hand on all his local competition and to help him progress in rank as quickly as possible within his drug regime. Dubber and Levitt state “They all want to succeed in an extremely competitive field in which, if you reach the top, you’re paid a fortune”(Dubner & Levitt, 94-95). In modern society, we are all driven by power and money, and we all tend to stop at nothing less. Every male that I’ve met through high-school always had dreams of an extremely lavish life that included women, mansions, cars, and most of all, power. Being able to sit down and talk to these young, motivated, yet naive, men, they all had one thing in common and that was the drive towards power. But with all this drive towards power, and the abuse of it, what’s the opposite end of the stick like for the …show more content…
Dubner and Levitt gave an example by stating “The gulf between the information we publicly proclaim and the information we know to be true is often vast”(Dubner & Levitt, 77). That statement is beyond correct, we often lie about things to make ourselves look better, or sound better and this is a problem that many consumers face when buying a product. Potential buyers face asymmetric information in evaluating services prior to their purchase and since the expert imposes on the cost to the consumer, the consumer wants to try to lower the initial cost. This incentive may be exploited by firms that create diversity in the other services that meet the needs of the consumer. The consumer often faces factors of abuse by loosing money, buying worthless items or even investing in a stock that will only have them loose money rather than gain,which shows how the experts are apathetic towards their clients and are one-hundred percent avaricious. The experts don’t think of the financial standpoint of their clients, they just proceed without single or little care, just like someone committing identity theft. When the criminal is stealing someone’s identity they don’t care to do a background check and see their income or their financial stability, they just proceed by only thinking about