July 21, 2008
Financial Literacy

I now have a reason to cry myself to sleep tonight. I answered the quiz questions correctly; my answers to Dubner's three questions are:

1. Yes.
2. Having a PhD in economics helps, but in retrospect I learned pretty much everything I need to know about efficient markets and "hot stock tips" by losing $1500 or so in the stock market in high school.
3. Very.

Posted by Art Carden at 06:21 PM in Economics

The statesman who should attempt to direct private people in what manner they ought to employ their capitals would not only load himself with a most unnecessary attention, but assume an authority which could safely be trusted, not only to no single person, but to no council or senate whatever, and which would nowhere be so dangerous as in the hands of a man who had folly and presumption enough to fancy himself fit to exercise it. -Adam Smith

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