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.

Behavioral scientists have been exploring whether a psychological reset can lead to lasting change. In this update of a 2021 episode, we survey evidence from the London Underground, Major League Baseball, and New Year’s resolutions to look at accidental fresh starts, forced fresh starts, fresh starts that backfire — and the ones that succeed. SOURCES:Katy Milkman, professor at the Wharton School.Andy Byford, former commissioner of Transport for London.Ferdinand Rauch, economist at the University of St. Gallen.Hengchen Dai, professor at U.C.L.A.’s Anderson School of Management.Bob Tewksbury, former big-league pitcher. RESOURCES:“A Large-Scale Experiment on New Year’s Resolutions: Approach-Oriented Goals are More Successful than Avoidance-Oriented Goals,” by Martin Oscarsson, Per Carlbring, Gerhard Andersson, and Alexander Rozental (PLOS ONE, 2020).“A Double-Edged Sword: How and Why Resetting Performance Metrics Affects Motivation and Performance,” by Hengchen Dai (Organizational Behavior and Human Decision Processes, 2018).“The Benefits of Forced Experimentation: Striking Evidence from the London Underground Network,” by Shaun Larcom, Ferdinand Rauch, and Tim Willems (2017).“Framing the Future: The Risks of Pre-Commitment Nudges and Potential of Fresh Start Messaging,” by John Beshears, Hengchen Dai, Katherine L. Milkman, and Shlomo Benartzi (NBER, 2016).“The Fresh Start Effect: Temporal Landmarks Motivate Aspirational Behavior,” by Hengchen Dai, Katherine L. Milkman, and Jason Riis (Management Science, 2014).“Holding the Hunger Games Hostage at the Gym: An Evaluation of Temptation Bundling,” by Katherine L. Milkman, Julia A. Minson, and Kevin G. M. Volpp (Management Science, 2013).“The Resolution Solution: Longitudinal Examination of New Year’s Change Attempts,” by John C. Norcross and Dominic J.Vangarelli (Journal of Substance Abuse, 1989). EXTRAS:How to Change: The Science of Getting from Where You Are to Where You Want to Be, by Katy Milkman (2021). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

A series of academic studies suggest that the wealthy are, to put it bluntly, selfish jerks. It’s an easy narrative to embrace — but is it true? As part of GiveDirectly’s “Pods Fight Poverty” campaign, we revisit a 2017 episode. SOURCES:Jim Andreoni, professor of economics at the University of California, San Diego.Nikos Nikiforakis, professor of economics at New York University in Abu Dhabi.Paul Piff, associate professor of psychology at the University of California, Irvine.Jan Stoop, associate professor of applied economics at the Erasmus School of Economics. RESOURCES:"Are the Rich More Selfish Than the Poor, or do They Just Have More Money? A Natural Field Experiment," by James Andreoni, Nikos Nikiforakis, and Jan Stoop (National Bureau of Economic Research, 2017)."Exploring the Psychology of Wealth, 'Pernicious' Effects of Economic Inequality," (PBS NewsHour, 2013)."Poverty Impedes Cognitive Function," by Anandi Mani, Sendhil Mullainathan, Eldar Shafir, and Jiaying Zhao (Science, 2013)."Higher Social Class Predicts Increased Unethical Behavior," by Paul Piff, Daniel Stancato, Stéphane Côté, Rodolfo Mendoza-Denton, and Dacher Keltner (PNAS, 2011)."Relative Earnings and Giving in a Real-Effort Experiment," by Nisvan Erkal, Lata Gangadharan, and Nikos Nikiforakis (American Economic Review, 2011)."Experimenter Demand Effects in Economic Experiments," by Daniel John Zizzo (Experimental Economics, 2009)."Impure Altruism and Donations to Public Goods: A Theory of Warm-Glow Giving," by James Andreoni (The Economic Journal, 1990)."Privately Provided Public Goods in a Large Economy: The Limits of Altruism," by James Andreoni (Journal of Public Economics, 1987)."A Positive Model of Private Charity and Public Transfers," by Russell Roberts (Journal of Political Economy, 1984).Pods Fight Poverty Campaign on Give Directly. EXTRAS:“How to Raise Money Without Killing a Kitten,” by Freakonomics Radio (2013). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.