Some economists are rich

When I teach economics to MBAs--who tend to be, at best, skeptical of the value of economics--I spend part of the first lecture addressing the question, "If economists are so smart, why aren't they rich?"

I give them three answers. The first one is, "Some economists are rich." Another bit of evidence I can now add: check out where renowned macrotheorist Thomas Sargent and his wife live.

(Link via the Appalachian State economics department blog. And I got there via John Whitehead's blog.)

Comments

[Chris Meisenzahl]

I recently started in an MBA program myself. The level of economic misunderstanding and ignorance was a real wake-up call for me. Somewhat distressing.

Chris
http://amateureconblog.blogspot.com/

[dilys]

The guy is the director of faculty housing, and snagged this apartment for himself. Is that what economists call "rent-seeking?"

[nn]

Actually, since getting Tom Sargent to move from Stanford to the East was very costly and the university was upfront about providing a tremendous salary (>$300K) and a guarantee of very good housing or equivalent in money, I believe this is what we economists call "payment."