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. <ul><li>SOURCES:<ul><li><a href="https://faculty.som.yale.edu/jameschoi/">James Choi</a>, professor of finance at the Yale School of Management.</li><li><a href="https://www.linkedin.com/in/morgan-housel-5b473821/">Morgan Housel</a>, personal finance author and partner at the Collaborative Fund.</li></ul></li></ul> <ul><li>RESOURCES:<ul><li><a href="https://www.amazon.com/Art-Spending-Money-Simple-Choices/dp/0593716620">The Art of Spending Money: Simple Choices for a Richer Life</a>, by Morgan Housel (2025).</li><li>“<a href="https://www.aeaweb.org/articles?id=10.1257/jep.36.4.167">Popular Personal Financial Advice versus the Professors</a>,” by James J. Choi (Journal of Economic Perspectives, 2022).</li><li>“<a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3992358">Media Persuasion and Consumption: Evidence from the Dave Ramsey Show</a>,” by Felix Chopra (SSRN, 2021).</li><li><a href="https://amzn.to/3rRAsbS">The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness</a>, by Morgan Housel (2020).</li><li>“<a href="https://www.wsj.com/articles/in-bogle-family-it8217s-either-passive-or-aggressive-1385590177">In Bogle Family, It’s Either Passive or Aggressive</a>,” by Liam Pleven (Wall Street Journal, 2013).</li></ul></li></ul> <ul><li>EXTRAS: <ul><li>“<a href="https://freakonomics.com/podcast/harold-pollack-on-why-managing-your-money-is-as-easy-as-taking-out-the-garbage/">Harold Pollack on Why Managing Your Money Is as Easy as Taking Out the Garbage</a>,” by People I (Mostly) Admire (2021).</li><li>“<a href="https://freakonomics.com/podcast/people-arent-dumb-the-world-is-hard-2/">People Aren’t Dumb. The World Is Hard</a>,” by Freakonomics Radio (2018).</li><li>“<a href="https://freakonomics.com/podcast/everything-you-always-wanted-to-know-about-money-but-were-afraid-to-ask/">Everything You Always Wanted to Know About Money (But Were Afraid to Ask)</a>,” by Freakonomics Radio (2017).</li><li>“<a href="https://freakonomics.com/podcast/the-stupidest-thing-you-can-do-with-your-money/">The Stupidest Thing You Can Do With Your Money</a>,” by Freakonomics Radio (2017).</li></ul></li></ul> Hosted by Simplecast, an AdsWizz company. See <a href="https://pcm.adswizz.com">pcm.adswizz.com</a> for information about our collection and use of personal data for advertising.

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