James Heckman (Ph.D., Princeton University) is the Henry Schultz Distinguished Service Professor at the University of Chicago. He was awarded the Nobel Prize for Economics in 2000.
You majored in math as a college student. Did math lead to economics because you were interested in applying math, or were you interested in economics and saw that math was the way to understand economics better?
I was a math major who discovered economics. Actually, I was a physics major who took a lot of math. Hated physics labs and majored in math. Then I discovered economics. The math was useful. The economics was fascinating.
What's the most common mistake you see students and even fellow economists make?
Ignoring the budget constraint. Fellow behavioral economists especially. They fail to see fundamental irrationality of the modeled agents with budget constraints. Economics is all about it. They ignore it.
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