Another way Hayek influenced the world

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.)