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题型:完形填空 难度:0.4 引用次数:219 题号:16159828

If economist are so smart, why ain’t they rich?

After I wrote a newsletter last month on how economists’ views differ from those of ordinary people, I got emails to the effect of, “If economists are so smart, why ain’t they rich?” I’m not an economist, so the question doesn’t _________ me. The possible explanations, _________, are interesting — sometimes funny, sometimes kind of deep. Here are five theories.

1. Economists aren’t trying to be rich. A lot of economists go to work for institutions of government and higher education. You don’t go to work for such employers because you _________ to vast riches. Nobody asks Trappist monks why they aren’t rich, because it’s understood that getting rich is not their aspiration. Economics likewise offers rewards beyond _________.

2. Economists are too good at economics. Learning a little economics is useful for a lot of _________ careers, from management to banking. Warren Buffett, Steven Cohen, Kenneth Griffin, Henry Kravis and Elon Musk are among the billionaires who have bachelor or master degrees in economics. The _________ is loving it so much that you get your doctorate and become an impoverished postdoc or assistant professor.

3. Economists aren’t actually smart. I don’t _________ this one. I think that economists are smart. But some — not the good ones — can be _________. They know their subspecialties well but are weak on others, such as economic history. These economists have _________ but not wisdom.

4. Economists are __________ by the “efficient market hypothesis”. There’s a joke about a young economist who bends down to pick up a $20 bill he sees on the sidewalk. An older colleague tells him not to __________ because if there were really a $20 bill there, someone would have picked it up already. Devotion to the efficient market hypothesis — which assumes that prices reflect all available information—__________ economists from trying to beat the market, and that’s why they never get rich.

5. Economists do think they can beat the market, but they’re wrong. A great __________ of this is Long-Term Capital Management, a heralded hedge fund (对冲基金) that included a pair of Nobel economics laureates, Robert Merton and Myron Scholes. It __________ in spectacular fashion in 1998.

Warren Buffett, despite earning a master of science degree in economics from Columbia University in 1951, told a CNBC interviewer in 2016, “I don’t pay any attention to what economists say, frankly.” He is __________ that economics isn’t an ideal way to make money as an investor. On the other hand, that’s not what it’s for. It’s a science of means and ends. Let economists be economists!

1.
A.benefitB.annoyC.amazeD.sacrifice
2.
A.thereforeB.moreoverC.thoughD.instead
3.
A.aspireB.objectC.contributeD.appeal
4.
A.challengeB.knowledgeC.imaginationD.money
5.
A.profitableB.academicC.professionalD.competitive
6.
A.meritB.opportunityC.mistakeD.shortage
7.
A.opposeB.convinceC.buyD.confront
8.
A.short-sightedB.well-roundedC.under-educatedD.narrow-minded
9.
A.prospectsB.allowanceC.expertiseD.weaknesses
10.
A.inspiredB.restrainedC.overwhelmedD.fueled
11.
A.botherB.overlookC.initiateD.withdraw
12.
A.bansB.distinguishesC.isolatesD.discourages
13.
A.obstacleB.exampleC.highlightD.consequence
14.
A.overtook rivalsB.went bankruptC.reaped rewardsD.was launched
15.
A.sophisticatedB.falseC.biasedD.right

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【推荐1】As children enter and move through their school years, they become increasingly able to manage matters like homework and school projects on their own. _______, each year they should take on more responsibilities in the classroom and at home. These daily chores (家务) and responsibilities are an important part of learning that life requires _______, not just play.

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A.authoritiesB.elementsC.divisionsD.whistleblowers
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A.competitivenessB.inventivenessC.carefulnessD.selflessness
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