How to Think About Careers, Global Risk, and Teaching Money — ft. Ed Elson & Kyla Scanlon
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Every year, hundreds of thousands of people from all over the world flock to Las Vegas for the Consumer Electronics Show. And they spend a week trying to sell each other on the weirdest gadgets you've ever seen in your entire life. This week on The Verge Cast, we're talking all about everything happening at CES. From the TVs, to the AI gadgets, to the humanoid robots that everybody is hoping might someday do your laundry and wash your dishes. All that and much more on The Verge Cast, wherever you get podcasts.
Welcome to Prof G on Economics, a special series focused on the forces shaping the economy and your financial life. Scott Galloway is away this week, so I am filling in. Who am I? I'm Ed Elson, co-host of Prof G Markets, and I am more importantly joined by the one and only Kyla Scanlon, economic commentator and author of In This Economy, How Money and Markets Really Work. Kyla, thank you for doing this. Thank you for doing... Scott's job for him. It's great to see you.
Great to see you.
So we will be answering your questions on the economy that you have, you as the audience, have sent us and what it means for your money. If you would like to submit a question for next time, you can send a voice recording to officehoursatprofgmedia.com. Again, that is officehoursatprofgmedia.com or you can post your question on the Scott Galloway subreddit. Okay, Kyla, are you ready to do this?
Yeah.
So our first question comes from Afroturk on Instagram. They say... How should young professionals who feel priced out of home ownership by rent, student loans, and higher living costs think about whether to keep chasing big city careers versus moving to more affordable markets to accelerate saving, investing, and eventually buying a home? How has the American dream changed for you both? So I'm kind of reading this as like a... do I go to a city or not question. I'm going to throw this over to you to start, Kyla. What would be your response to AfroTurk on Instagram?
I mean, I think it's a fair question, and it's one that is a lot harder to decide than I think people give it credit for. So for me, like, I grew up in Kentucky and ended up moving to L.A. immediately after I graduated in 2019. So I chose the big city career, but then the pandemic hit. And so I think that's one part of it, is that... You don't know what's going to happen. And so I think here you have to optimize for what you want. Like if you want to buy a house right away, it's not the smart thing to move immediately to a big city. It's just not going to happen unless you have generational wealth. And I think the American dream has evolved really substantially for everybody because we consider buying a house the American dream, but it's gotten very expensive everywhere.
So even though this question says, like, should I stay in my small town and buy a house? Like, those homes are still quite expensive too. And there's something called Baumol's cost disease. Have you heard about this? Have you heard of Baumol's cost disease, Ed?
No.
So I think it gives a lot of... support to what this person is asking, where we've gotten really productive as a country over the past several decades. We've gotten really good at producing goods cheaply because we did a lot of international trade. And so goods have gotten a lot cheaper because we've gotten more productive at producing them, but it's much harder to get productive with services. So you can't really automate a physician, but you can automate a car factory. And so I think that has also really shifted the American dream where like the average American today has a ton of stuff. Like most Americans have a lot of things. But that, you know, more if you're thinking broadly speaking about buying that house, it's a little bit more difficult.
to achieve. And so I think the American dream at one time was like accumulation of goods, buying the house, getting married, having kids, retiring. Buying a lot of stuff is achievable, but the other half of it is not so achievable. But anyway, I think the point of this question is it's very much preference.
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