From My Bookshelf

I decided to go with an Economics theme this week. Two selections that should help anyone understand both micro- and macro-economics.

Winning Casino Craps by Edwin Silberstang.
   Published in 1979, this book is still the definitive guide to the game of craps. If you don't know what craps is, it's the game played with two dice made famous in the musical 'Guys and Dolls'. If you don't know 'Guys and Dolls' then shame on you. Brando sings in the movie. For real.
   Anyway, Mr. Silberstang explains the entire craps table completely, real odds vs. table odds, what sucker bets to avoid, and how to apply a winning strategy. Essential reading if you're planning a trip to Vegas and you want to toss the dice.
   Quote: 'When you win at casino craps it's like coining your own money. The casino chips fill your rails, and as the winning streak goes on, these chips turn from $5 into $25 chips, then to $100 chips, and if the streak lasts long enough, into $500 chips. All it takes is one hot roll and you're on your way to big money, and I mean really big money.'

Freakonomics by Steven Levitt and Stephen Dubner
   For the last ten years I've made my career doing data warehousing, and this book is an exploration of data points, unhindered by preconceptions. The authors explore the connections of things that may seem unrelated or counter-intuitive: how Roe v Wade helped precipitate a drop in crime, why most drug dealers live with their mothers, how sumo wrestling is fixed. It's actually science at its purest, asking a question and peeling back the layers of the onion to find the answer. The real answer.
   Quote: 'When she sells her own house, a [real estate] agent holds out for the best offer; when she sells yours she pushes you to take the first decent offer that comes along. Like a stockbroker churning commissions, she wants to make deals and make them fast. Why not? Her share of a better offer... is too puny an incentive to encourage her to do otherwise.'