In this clever and lively lecture, University of Chicago Economics Professor Steven D. Levitt of Freakonomics (Morrow 2005) fame explores his research into the economics of gang members selling crack cocaine. Levitt’s description of the way in which some gang members added the correct answer to the initial multiple choice question that the field researcher posed to them is priceless.
Hat tip to Greg Mankiw for the link to Levitt’s lecture.