Economists Do It With Models

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I’m Glad I’m Not The Only One Whose Crystal Ball Is In The Shop…

November 11th, 2012 · No Comments
Just For Fun

“You just won the Nobel Prize. What are you going to do next?” Apparently if you are Tom Sargent (winner of the 2011 Nobel Prize in Economics), the answer is “make fun of myself in a commercial for a bank.”

I thought this was hilarious, not only because I was all “Look! It’s an economist on my TV and I’m not even watching CSPAN!” I also liked that Sargent was highlighting the difficulty of making predictions, since I don’t think that most people understand that making predictions is not even close to the main thing that academic economists actually do (or can do reliably in a lot of cases, since we’re talking about THE FUTURE). I swear, if I had a nickel every time I heard “oh, you study economics? When is the economy going to turn around?”, I would…well, I’d be making less than minimum wage, but hopefully you get the point. In related news, I’ve decided that “I’m not even a macroeconomist” is my version of “I’m not even supposed to be here today.”

The comments on the Ally Bank YouTube video are pretty good too, in particular the discussion of whether Tom Sargent is an actual person or a character created for the commercial. (I also like that someone mentioned that the commercial came on during The Big Bang Theory- some advertising person really seems to know how to target the appropriate audience for this.)

Tags: Just For Fun

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