07/02/2023
Why aren't economics professors the richest people in the world?
I still remember that Maths class in my School days, when my Maths teacher said few golden words to the class - “The more knowledge you have in a field, the more bias you will bring along.” Seemed confusing in those days but now I can understand what he meant. And I think you will see that here too.
Engineering professors are not the best techies and Entrepreneurs, though they know how the math works.
Political Science professors are not the greatest politicians, though they know what decisions past politicians made.
Medical science professors are not sometimes the best doctors, though they know how organs work.
Management professors are not best at managing firms, though they can solve the most difficult case studies.
Similarily, being an economics professor with knowledge about how money flows doesn’t ensure that one can have the money.
Why it happens??
Because as one gains knowledge and experience by taking lectures, reading, experimenting, etc, etc, they become more biased to what they know and thus shuts doors for new, out of the box, unseen ideas.
And now I ask you few questions here itself,
How does Twitter and Facebook are doing media, though there were media guys before them?
How does Tesla made such successful driverless electric cars, though there were GM Motors, BMW, and Mercedes before it?
How does Amazon become the most profitable and popular retailer, though there was Walmart before it?
So, the solution is, even if we are experienced, we should be open to new ideas because they shape the future.
I think you get the point…
