How to Become an Economist
Step 2: Find equilibrium
In this week’s video, I talk about how to become an economist. Spoiler: there isn’t a clear answer. But, since I am an economist, I try to answer it anyway.
Which model of economic growth are you?
Believe it or not, someone has made a Buzzfeed quiz to determine which model of economic growth best describes you. You can take it here. Take it and tweet me your results (@MarketPowerYT).
David Dobrik’s Puzzle
Is David Dobrik the greatest marketer of his generation? He has tens of millions of subscribers on YouTube and even more on TikTok, and on both platforms brands sign multi-million dollar contracts for access to his audience. Now he’s trying something new.
This last week he announced the $100,000 puzzle. The jigsaw puzzle is a QR code, which must be a mess to try and assemble. The code is a lottery ticket for one of Dobrik’s prizes, the grand prize being (drum roll….) $100,000.
He’s selling 100,151 puzzles for $30 each. The prizes range from $100,000 to $0.25, and the odds of each prize are posted here. Here’s a fun exercise: what is the expected payout of this lottery? what is the total payout to all participants? what is Dobrik’s profit?
The Importance of Being Earnest
What characteristics in a person predict success? Paul Graham, one of my favorite writers, argues that it’s earnestness. Here’s the takeaway:
When you call someone earnest, you're making a statement about their motives. It means both that they're doing something for the right reasons, and that they're trying as hard as they can.
But the essay explores much more. Generally, you probably are not reading enough of Paul Graham’s essays. And if you have read them once, they are worth rereading. You can find them here.
Good Tax Question
This question on taxes came across my timeline this week. It’s an interesting form of the free-rider problem and a form of beggar-thy-neighbor policy.
