Powerful ideas from top nonfiction
Try Blinkist to get the key ideas from 7,000+ bestselling nonfiction titles and podcasts. Listen or read in just 15 minutes.
Start your free trial
Blink 3 of 8 - The 5 AM Club
by Robin Sharma
Listen to the Intro
An Economist Walks into a Brothel summary
Allison Schrager
And Other Unexpected Places to Understand Risk
19 mins
Brief summary
An Economist Walks into a Brothel by Allison Schrager is a unique exploration of risk-taking behaviors. It explains how economics and data can be applied in everyday decisions, especially those involving risk, and the benefits of using data to improve outcomes.
Topics
Table of Contents
An Economist Walks into a Brothel
Summary of 6 key ideas
Audio & text in the Blinkist app
Key idea 1 of 6
Every risk should be taken in service of a clearly defined goal.
What do you do when you want to make a bold, risky choice? Do you just dive in, whatever the consequences? If you do, then you may want to reconsider your approach.
The key message here is: Every risk should be taken in service of a clearly defined goal.
How can you determine if a risk is worth taking if you don’t have a clear goal? It’s impossible. So, the first thing you need to do is define an ultimate goal. Visualize it in your head and make it specific. If you're thinking about a career move because you want to make more money, figure out what you want it for and how much it'll take for you to achieve that goal.
Once you’ve decided on that goal, think about all the ways you could possibly achieve it with little or no risk. Why take chances when you don’t have to?
Okay, this won’t always be possible. Not every goal is going to have a risk-free option. And sometimes, the risk-free option isn’t actually possible or even desirable.
Let’s say you’re house hunting. You want a house of a certain size, in a certain location, at a certain price. Now, you might find the perfect house but have to pay more to guarantee the winning bid. If you can’t afford to do that, you might have to settle for something smaller. The risk-free option, paying whatever price necessary to get the house, may not be possible for you.
Or take a more extreme example: Nevada’s legal brothels. Sex workers are in one of the world’s riskiest occupations. Women in this line of work risk their personal safety, their health, their reputations, and in most states, they run the risk of arrest. But they do it because the work can be extremely lucrative. Their goal is to earn a great deal of money.
Renting a room in a legal brothel eliminates or reduces much of the risk inherent in the work. The sex workers are required to have regular health screenings, and security guards provide protection from potentially dangerous clients. But here again, the risk-free option comes at a price. In addition to the costs associated with relocating to Nevada, the women turn over about half of their earnings to the brothel owner.
At the end of the day, the rationale behind every risk we take is always the same: the price of achieving our goal without risk is just too high. But how do we decide what risks are worth taking? There’s no one right answer to that question but there are some wrong ones that we’ll discover in our next blink.
Want to see all full key ideas from An Economist Walks into a Brothel?
Key ideas in An Economist Walks into a Brothel
More knowledge in less time
Read or listen
Get the key ideas from nonfiction bestsellers in minutes, not hours.
Find your next read
Get book lists curated by experts and personalized recommendations.
Shortcasts New
We’ve teamed up with podcast creators to bring you key insights from podcasts.
What is An Economist Walks into a Brothel about?
An Economist Walks Into A Brothel (2019) explains how every decision we make carries an element of risk. It can’t be avoided but we can learn to examine those risks, weigh them against the possible rewards and make smarter decisions in our careers, finances and life. Life lessons from high-risk professions like professional poker and the armed forces illustrate the fine art of taking a risk.
An Economist Walks into a Brothel Review
An Economist Walks into a Brothel (2019) is an intriguing exploration of the ways economic principles can be applied to real-life situations. Here's why this book is worth reading:
- With insightful and unconventional stories about risk, decision-making, and uncertainty, it offers a fresh perspective on the world around us.
- Combining rigorous analysis with engaging anecdotes, the book presents complex economic concepts in a way that is accessible and relatable.
- Through its unique lens, it challenges common assumptions and sparks thought-provoking conversations about how economic factors shape our lives.
Who should read An Economist Walks into a Brothel?
- Anyone weighing an important, potentially risky life choice
- People who look but don’t leap
- Anyone who has seen a risky decision backfire
Categories with An Economist Walks into a Brothel
Book summaries like An Economist Walks into a Brothel
People ❤️ Blinkist
Sven O.
It's highly addictive to get core insights on personally relevant topics without repetition or triviality. Added to that the apps ability to suggest kindred interests opens up a foundation of knowledge.
Thi Viet Quynh N.
Great app. Good selection of book summaries you can read or listen to while commuting. Instead of scrolling through your social media news feed, this is a much better way to spend your spare time in my opinion.
Jonathan A.
Life changing. The concept of being able to grasp a book's main point in such a short time truly opens multiple opportunities to grow every area of your life at a faster rate.
Renee D.
Great app. Addicting. Perfect for wait times, morning coffee, evening before bed. Extremely well written, thorough, easy to use.
People also liked these summaries
4.7 Stars
Average ratings on iOS and Google Play
31 Million
Downloads on all platforms
10+ years
Experience igniting personal growth
An Economist Walks into a Brothel FAQs
What is the main message of An Economist Walks into a Brothel?
The main message of An Economist Walks into a Brothel is that economic principles can be applied to various aspects of life, providing valuable insights and practical solutions.
How long does it take to read An Economist Walks into a Brothel?
The reading time for An Economist Walks into a Brothel varies depending on the reader's speed. However, the Blinkist summary can be read in just 15 minutes.
Is An Economist Walks into a Brothel a good book? Is it worth reading?
An Economist Walks into a Brothel is worth reading as it combines fascinating real-world stories with economic insights, offering a unique perspective on how economics shape our lives.
Who is the author of An Economist Walks into a Brothel?
The author of An Economist Walks into a Brothel is Allison Schrager.
What to read after An Economist Walks into a Brothel?
If you're wondering what to read next after An Economist Walks into a Brothel, here are some recommendations we suggest:
- Impact Players by Liz Wiseman
- Thinking in Bets by Annie Duke
- Your First Million by Arlan Hamilton
- Amazon by Natalie Berg & Miya Knights
- The 80/20 Principle by Richard Koch
- The Communist Manifesto by Karl Marx and Friedrich Engels
- The Economist: Numbers Guide by Richard Stutely & The Economist
- How the World Really Works by Vaclav Smil
- The Monopolists by Mary Pilon
- 100 Things Every Designer Needs to Know About People by Susan M. Weinschenk