Irrational Expectations

Bear in mind that the Ricardian Equivalence prized by freshwater economists depends explicitly on the condition "that families act as infinitely lived dynasties because of intergenerational altruism," and consider this via Tyler Cowen:

... 78% of NFL players go bankrupt within two years of retirement ... the average NFL career lasts just three years. So, figure a player gets drafted in 2009, signs for the minimum and lasts three years in the league: He will have earned about \$1.2 million [dollars] in salary. Factor in taxes, cost of living and the misguided belief that there will be more years and bigger paydays down the road, and it becomes a lot easier to see how so many players struggle with money after their careers end.

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