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| If you want to go forward look back more often, lest you forget whence you came and where you are going. (Leonid Andreyev) |
| Anecdotes about economists |
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All models are wrong but some are useful.
Copying an idea from an author is plagiarism. Copying many ideas from many authors is... research !!
Q: Why do Economists provide estimates of inflation to the nearest tenth of a percent?
A: To prove they have a sense of humour.
The last severe depression and banking crisis could not have been achieved by normal civil servants and politicians, it required economists involvement.
An economist is someone who gets rich explaining others why they are poor.
Q: Why has astrology been invented?
A: So that economy could be an accurate science.
An econometrician and an astrologer are arguing about their subjects. The astrologer says, "Astrology is more scientific. My predictions come out right half the time. Yours can't even reach that proportion". The econometrician replies, "That's because of external shocks. Stars don't have those".
True story: One day in microeconomics, the professor was writing up the typical "underlying assumptions" in preparation to explain a new model. I turned to my friend and asked, "What would Economics be without assumptions?" He thought for a moment, then replied, "Accounting."
Q: How many economists does it take to change a lightbulb?
A: Eight. One to screw it in and seven to hold everything else constant.
Two economists meet on the street. One inquires, "How's your wife?" The other responds, "Relative to what?"
What's the difference between economists and businessmen: the first don't keep their feet on the ground; the latest use to keep their four feet in the ground
During the waning days of communism in the Soviet Union, an inspector was encharged with visiting local poultry farmers and inquiring about the amount of feed they were giving their chickens. Central planning was still in effect and each farmer was allocated 15 Roubles to spend on chicken feed.
One farmer very honestly answered that he spent five of the allocated 15 Roubles on chicken feed. The inspector took this to mean that the thieving farmer pocketed the other ten and promptly had him imprisoned.
Hearing of this through the rumour mill, the next farmer down the road insisted that he spent all 15 Roubles on food for the chickens. The inspector saw this as a case of budget-padding and the farmer as a wasteful opportunist. He too was imprisoned.
The third farmer heard of both episodes and was more prepared for the inspector's arrival.
"How many of the 15 Roubles do you actually spend on chicken feed," asked the inspector.
Like a true nascent capitalist, the farmer threw his hands in the air and answered, "hey! I give 15 Roubles to the chickens. They can eat whatever they want!"
An economist is someone who doesn't know what he's talking about - and make you feel it's your fault.
Q. What's the difference between an economist and a befuddled old man with Alzheimer's?
A. The economist is the one with the calculator.
Q: How many economists does it take to change a light bulb?
A: Seven, plus/minus ten.
Q: How many marxists does it take to screw in a lightbulb?
A: None - the bulb contains within it the seeds of its own revolution.
Q: How many investors does it take to change a light bulb?
A: None - the market has already discounted the change.
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