The aftermath of Donald Trump’s election has led some to cast aspersions on analysts like Nate Silver, who made predictions about the election’s outcome.
Two economists are walking down the street. One sees a $20 bill lying on the sidewalk and says, “Look at that $20 bill!” The second economist responds, “Nah, that’s not a $20 bill. If it was, someone would have picked it up already.”
He talked about how often policymakers, in his opinion, not only missed the power of social norms and influence, they often inadvertently used them in a way that actually backfired.