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Time Inconsistency

by Jadrian

Haley, Phil and Luke are participating in a psychology study. Luke has convinced Phil that they should push the big red button that says "DO NOT PUSH" but Haley stops them. She says one in a million college drop outs go on to become Steve Jobs. The other 99 thousand don't (her math is a little off). She recently dropped out of college and is having a crisis. This demonstrates several economic concepts including the importance of human capital and time inconsistency. Human capital comes from going to college but Phil reminds her that there are other sources of human capital. Time inconsistency occurs when you regret a decision in the past.

Modern Family: One in a Million

Haley talks about dropping out of school

from Modern Family (2014)
Creator: Chris Lloyd and Steven Levitan
Distributor: Google Play Store
Posted by Jadrian
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