I ate dirt...for economics
Should you get a diamond ring?
It’s Thursday afternoon and my daughter is showing me her cup of dirt. We homeschool our four kids, but on Thursdays they go to a homeschool group for the day. And today they have had a lesson on how seeds grow into plants.
Well I like to joke with my kids, so I tell her she is not holding a cup of dirt. Clearly it is a cup of crushed Oreos! She laughs and defends her dirt. No! It is Oreos. And to prove it to her, I take the biggest piece on the surface, throw it right into my mouth, and bite down.
Of course, I already know this is not a piece of Oreo. I 100% know I am putting dirt in my mouth. But my economic brain had already run some quick calculations. What is the cost of putting dirt in my mouth? Hopefully, just a bad taste for a few seconds. Nothing harmful to my health. What are the benefits? I’ll create an unforgettable joke for my daughter, getting her to laugh now and hopefully in the future too. That sounds like the benefits are greater than the costs. So I ate it.
Her laughter was worth it.
Are there jobs for economics majors?
This week’s video has some of my thoughts on whether there are jobs for economics majors. I explore why some people think there are no jobs, why they are wrong, and why it is the golden age for economics majors.
Am I doing too many videos on these topics? It’s hard to tell because half of my views this week came from people watching these type of videos.
Janet Yellen rap
With the new Biden administration, we will get a new Secretary of the Treasury. Biden’s nominee is Janet Yellen, a highly accomplished economist who formerly chaired both the Federal Reserve and the Council of Economic Advisers. She was the first woman to chair the Fed, and if confirmed she will also be the first woman to head the Treasury. To celebrate her accomplishments, someone made a rap. It is quite good.
Should you get that ring?
In the US, there’s a somewhat significant debate about how much you should spend on wedding rings. Then there’s the question of how much to spend on the wedding. Indeed, my dad worked with clients who took out a mortgage on their house to finance ceremonies for the kids.
Well, it turns out there is a correlation between how much you spend on these things and how long your marriage lasts. Unfortunately, it’s not what you would hope: the more you spend, the shorter the marriage. The evidence isn’t causal, but if it was the solution is easy. Just have a nice, quiet wedding with family and friends.