Why are no economists in any of the rich lists?

[robots]

hello,

find it very interesting,

with so many weighed down by a backpak filled with text books for years yet the lists are empty,

like with all the studies, even a humble truck driver creams them

thankyou

robots

 

[theasxgorilla]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

Who is on the rich list? Entrepreneurs? Property investors?

You can't watch and report on the economic cycle to be super-rich, you have to be in it, right? Seems pretty clear to me why there aren't any economists in there.

ASX.G

 

[xoa]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

Successful property investors end up in the BRW rich list. Failed property investors end up in homeless shelters.

A career economist simply enjoys a middle class existence.

 

[rub92me]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

For the same reason that banana's don't drive bicycle's I suppose.

 

[chops_a_must]

hello,

find it very interesting,

with so many weighed down by a backpak filled with text books for years yet the lists are empty,

like with all the studies, even a humble truck driver creams them

thankyou

robots

Oh yeah, and don't truck drivers just have the most enviable lifestyle?

Education largely gives you that, as well as some degree of job security.

It's easier for an office worker to start cleaning toilets, than it is for a toilet cleaner to become an office worker.

 

[reece55]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

Successful property investors end up in the BRW rich list. Failed property investors end up in homeless shelters.

A career economist simply enjoys a middle class existence.

HAHAHAHA..........

That's what I keep telling myself about accounting and geologist salaries...... LOL....

"You will still have a job and they will be driving cabs"

Needless to say, so far I have been saying that for the last 3.5 years....

I think you have hit the nail on the head here Xoa, those who make it big risk it big (generally speaking) or were born into it. I don't know about the poor house however..... David Coe of Allco made many millions in side deals and looks to have walked away scott free with the excuse of "It wasn't me, it was the sub prime". Needless to say that he is a former lawyer at Mallesons, so I think he had a few smarts about how to work the system. But many entrepreneurs lose the lot and pop up again in a couple of years on the next boat ride. I think that those who are rich generally aren't afraid to go all in, where as most of us prefer the white picket fence..... LOL.

Cheers

 

[wayneL]

I really hope I don't insult anyone, it is certainly not intended, but the reason is that modern economic theory is a load of b0ll0x.

I don't have a shread of evidence, but I suspect that a few in the rich list might just be Austrians, either by study or common sense.

 

[wayneL]

Re: why are no economist's in any of the BRW/or Forbes rich lists?

I think that those who are rich generally aren't afraid to go all in, where as most of us prefer the white picket fence..... LOL.

Cheers

.... I like that summation, pretty much encapsulates the whole deal. Ain't nuttin' wrong with the white picket fence either. Horses for courses etc.

 

[freddy2]

To paraphrase Balzac - "behind every great fortune lies a great crime" would apply to many especially property developers.

 

[Trembling Hand]

To paraphrase Balzac - "behind every great fortune lies a great crime" would apply to many especially property developers.

Ah your a sceptical fella aren't you.

traders don't make money.

Tech/a doesn't work.

anything more than 1% per month is a lie.

And now many fortunes are the result of crime.

Classic.

 

[Julia]

hello,

find it very interesting,

with so many weighed down by a backpak filled with text books for years yet the lists are empty,

like with all the studies, even a humble truck driver creams them

thankyou

robots

Interesting topic, Robot.

Wouldn't it have something to do with mindset? e.g. the type of analytical person who would become an economist would have a quite different mindset from the entrepreneur whose natural inclination is to think up innovative schemes to make more money than the average salary earner.

I believe many people are constitutionally unsuited to be involved in trying to become supa rich. It sounds counter-intuitive, but I think some people actually fear real wealth. It confers too much responsibility.

Much easier to trudge along in a mediocre but still quite well paid position with the kudos of offering other people advice, whilst being under no obligation to actually take it for yourself. This removes the risk of failure.

 

[dhukka]

hello,

find it very interesting,

with so many weighed down by a backpak filled with text books for years yet the lists are empty,

like with all the studies, even a humble truck driver creams them

thankyou

robots

I was once told that the only stupid question is the one you don't ask. I think this thread comprehensively debunks that little nugget of wisdom.

 

[reece55]

I was once told that the only stupid question is the one you don't ask. I think this thread comprehensively debunks that little nugget of wisdom.

I'm in tears dhukka that is hilarious, that comment really has made what has been an otherwise very long slog to get my last annual report finished this evening....

Dhukka, whilst at times you can appear harsh, your constant sarcastic and pessimistic view of this market combined with intelligent wit certainly has my interest, keep it coming....

Cheers

 

[2BAD4U]

The problem with economists is they are always happy with the middle ground, afterall when all those lines cross on the graph all their theories are proven.

 

[reece55]

The problem with economists is they are always happy with the middle ground, afterall when all those lines cross on the graph all their theories are proven.

My favorite quote in regards to economists I found in a business valuation textbook we have at work. It is as follows:

"Economists use statistics like drunks use lampposts - to hold themselves up rather than to illuminate".......

One of my favorite quotes of all time!!!!

Cheers

 

[dalek]

Interesting topic, Robot.
I believe many people are constitutionally unsuited to be involved in trying to become supa rich. It sounds counter-intuitive, but I think some people actually fear real wealth. It confers too much responsibility.

Julia surely wealth excuses responsibility (Paris Hilton?)
Being broke I might be regarded as stupid but become wealthy and I am attractively eccentric.

On the subject of economists I am unreliably informed that after they have spent 50% of their time postulating theories and 50% explaining why they didn't become reality there's just no time to get rich

 

[Kimosabi]

hello,

find it very interesting,

with so many weighed down by a backpak filled with text books for years yet the lists are empty,

like with all the studies, even a humble truck driver creams them

thankyou

robots

I really don't want to upset anyone who is an economist, but I think the answer to this question is that most economists have been the most duped of all of us, sorry any economists out there...

 

[Spaghetti]

The wealthiest person I know USED to be an economist. The truth is economists are employees and employees rarely get very very rich. However the training obviously helps those that want to branch out in their own business.

 

[metric]

uni students, teacher, professors dont make it either.

uni dropouts seem to make it though..

 

[Trembling Hand]

uni dropouts seem to make it though..

LOL. Yeah isn't that funny.