New Books in Economics

Noah Giansiracusa, "Robin Hood Math: Take Control of the Algorithms That Run Your Life" (Penguin, 2025)

Aug 20, 2025
Noah Giansiracusa, an Associate Professor of Mathematics at Bentley University and author of Robin Hood Math, dives into the world of algorithms and their impact on our daily lives. He discusses how tech giants manipulate personal data and emphasizes the need for individuals to take control of their decisions. Giansiracusa provides insights on better financial decision-making through understanding probabilities and advocates for greater algorithmic literacy. His approach empowers listeners to reclaim agency over personal choices and challenge the status quo.
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INSIGHT

Inflation Is An Average Basket

  • Consumer Price Index is a weighted average of thousands of goods using average spending weights.
  • The CPI reflects an average household, so individual inflation experiences can differ widely.
ADVICE

Average Predictions, Weight Experts

  • Improve predictions by averaging multiple forecasts and weighting experts more.
  • Use weighted averages to reduce overreliance on a single voice and gain more accurate collective estimates.
INSIGHT

Expected Value Explains The House Edge

  • Expected value reveals long-run trends in random games and decisions.
  • Casinos, lotteries, and insurance all rely on expected value to profit across many events.
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