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.

• SOURCES:
  • James Choi, professor of finance at the Yale School of Management.
  • Morgan Housel, personal finance author and partner at the Collaborative Fund.

• RESOURCES:
  • The Art of Spending Money: Simple Choices for a Richer Life, by Morgan Housel (2025).
  • “Popular Personal Financial Advice versus the Professors,” by James J. Choi (Journal of Economic Perspectives, 2022).
  • “Media Persuasion and Consumption: Evidence from the Dave Ramsey Show,” by Felix Chopra (SSRN, 2021).
  • The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, by Morgan Housel (2020).
  • “In Bogle Family, It’s Either Passive or Aggressive,” by Liam Pleven (Wall Street Journal, 2013).

• EXTRAS: 
  • “Harold Pollack on Why Managing Your Money Is as Easy as Taking Out the Garbage,” by People I (Mostly) Admire (2021).
  • “People Aren’t Dumb. The World Is Hard,” by Freakonomics Radio (2018).
  • “Everything You Always Wanted to Know About Money (But Were Afraid to Ask),” by Freakonomics Radio (2017).
  • “The Stupidest Thing You Can Do With Your Money,” by Freakonomics Radio (2017).

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.