IRB Media

Please note: This is a companion version & not the original book. Book Preview: 

#1 The Hook was the invisible force that propelled the pirates. It was the fear that the pirates instilled in the world’s most powerful governments.

#2 The invisible hand is the hidden force that guides economic cooperation. It is the result of people’s self-interest being directed towards serving the interests of others. It is a key concept in economics.

#3 The economic way of thinking is applied to pirates. It assumes that individuals are self-interested, rational, and respond to incentives. When the law made it riskier for pirates to be caught, they developed ways to offset this risk.

#4 When we view pirates through the lens of economics, their seemingly unusual behavior becomes quite common. Pirates were a business, and their actions were motivated by the economic context they operated in, which generated unusual costs and benefits.

Summary of Peter T. Leeson's The Invisible Hook

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