OSU Alumni Magazine

The current issue (Spring 2018) of Ohio State’s alumni magazine has a two page interview with me (click here for the online version).  Alumni were asked to send in any kind of question about the economy.  My favorite question was by Kamilah King class of 2011, who asked “What are some of the basic economics concepts or principles that you wish students were taught before attending college?”

The video answer below is best, however, if you cannot see the video here is what I wrote:

At dinner if I get a bigger piece of pie, there is less left for you.  If I eat the whole pie at dinner, then you eat none.  Most people assume economics follows the same rules as dinner.  However, a key principle I wish everyone knew is that economy runs differently.  If I get rich, this doesn’t mean you become poor.  Conversely, if I become poor, the money I lose doesn’t necessarily go to someone else.  Instead, if I expand the economic pie, we all can eat more, even if I get a huge piece.  The concept is that economics is “not a zero-sum game.”  In non-zero-sum games, everyone can potentially win and everyone potentially can lose at the same time.

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