One Yale economist certainly thinks so. But even if he’s right, are economists any better? We find out, in this update of a 2022 episode.
SOURCES:James Choi • , professor of finance at the Yale School of Management. Morgan Housel • , personal finance author and partner at the Collaborative Fund.
RESOURCES:The Art of Spending Money: Simple Choices for a Richer Life, • by Morgan Housel (2025). • “ Popular Personal Financial Advice versus the Professors • ,” by James J. Choi ( Journal of Economic Perspectives, • 2022). • “ Media Persuasion and Consumption: Evidence from the Dave Ramsey Show • ,” by Felix Chopra ( SSRN, • 2021). The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, • by Morgan Housel (2020). • “ In Bogle Family, It’s Either Passive or Aggressive • ,” by Liam Pleven ( Wall Street Journal, • 2013).
EXTRAS: • “ Harold Pollack on Why Managing Your Money Is as Easy as Taking Out the Garbage • ,” by People I (Mostly) Admire • (2021). • “ People Aren’t Dumb. The World Is Hard • ,” by Freakonomics Radio • (2018). • “ Everything You Always Wanted to Know About Money (But Were Afraid to Ask) • ,” by Freakonomics Radio • (2017). • “ The Stupidest Thing You Can Do With Your Money • ,” by Freakonomics Radio • (2017).
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