Tom Brady, Captain of Industry
|03.24.11 at 3:38 pm ET|
Tom Brady is not only a big deal in the football world, he’s also apparently a big wheel in the business world as well. The Patriots quarterback recently sold his New York City condo for $17.5 million (the same condo he paid $14 million for in 2006) to Robert Stiller, the head of the Green Mountain Coffee.
And now, it turns out that Brady has replaced Tiger Woods as an example for economic theory in the academic world. For many years, the widely-used economic textbook “Principles of Economics” helped explain economic theory with a chapter entitled “Should Tiger Woods Mow His Own Lawn?” But for the latest edition, author Greg Mankiw has replaced Woods with Brady. Why did he do it? Mankiw told the Harvard Crimson that he and his editor chose Brady because he was another celebrity athlete. (Previous editions of the textbook also used Michael Jordan as an example.)
“From my perspective, this was a relatively small change,” wrote Mankiw in an email to ABC News. “I wanted students to focus on the economics of comparative advantage ‘ the main point of this section of the book. I was afraid that keeping Tiger Woods in the hypothetical example would have raised thoughts of an altogether different set of issues.”