Friday, April 04, 2008

Save That Tiger

The economics of dropping out of college:
In the fall of 1995, one of the students who took [John] Taylor’s introductory economics course was golfer Tiger Woods, who left Stanford soon thereafter. “Perhaps I explained the concept of opportunity costs a bit too clearly,” Taylor jokes. He adds that he now uses the example of Woods—and the estimate of the $40 million in earnings the golfer would have forgone had he stayed at Stanford—to explain the concept of opportunity costs to incoming students. “They get the idea right away.”

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