I love when people who studied economics think they know personal finance, because they’re usually completely wrong. What’s more, they “think” that because they can draw a demand curve, they understand how to invest and grow their money, which can be even more damaging than a Chico state graduate who knows he doesn’t know anything.
That’s why I found this exchange on Megan McArdle’s Atlantic Monthly blog so fascinating.
The first two comments are priceless:
Todd: “What’s so grim about it? As a consumer, I see a photo tour of an impending wave of massive discounts.”
Nelson: “That’s how I view the housing market.”
Exactly. What’s bad for the economy is often very good for consumers who are prepared.
Related: “Dumb: Econ majors know personal finance“