US Federal Reserve chair Ben Bernanke has given his 2nd commencement speech of the season. Today he delivered a speech to graduates of Princeton, where of course he was an economics professor before becoming taking his position with the US government.
His speech is short and simple, offering 10 pieces of advice and wisdom to the graduates. Here is a summary of the pieces of wisdom from Bernanke in bullet form.
- Almost everyone ends up along a different life plan than they intended. You can try to map out your life, but it probably won't end up that way.
- That being said, it's still wise to think about goals, and the people you want to be around.
- A meritocratic system is the best, but no system is truly meritocratic. And within meritocratic systems, many are successful due to pure luck (i.e. background, upbringing) and so those successful have a duty to work for the betterment of everyone.
- The people who best use their advantages, or overcome adversity, and work honestly are those most worthy of admiration.
- Cynicism is bad.
- Economics isn't good for predicting the future, but it can help people to avoid horrible, illogical ideas.
- Money matters, but making big decisions based just on money is a bad move.
- Failure is essential. If your uniform isn't dirty, you weren't part of the game.
- In picking a life partner, think beyond beauty and sexual attraction.
- Call your parents.
And if you are interested, here is the whole speech:
http://www.businessinsider.com/ben-bernankes-10-suggestions-to-college-grads-2013-6
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