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Jokeconomics
1. With Malice to None
A lighter view of Economics & Economists
Indraneel Bhowmik
Tripura University
2. Economics
………………dismal science
Man Goods &
Services
Economics
Choice Money
… is that science which studies human behaviour as a relationship
between ends and scarce means, that has alternative uses………..
3. Features
• …………………. is the painful elaboration of the obvious.
• Makes a lot of assumptions………………… without it, would be accounting
• Supply of ‘talk’ greater than demand
• Has a lot of external shocks
• Decisions about decentralisation often taken centrally…………
• A study usually reveals that the best time to buy anything is last year
• Business Cycles are often real……… but you cannot touch
• Trapped by Liquid
• ………… the only subject where two people can get a Nobel Prize for saying
exactly the opposite thing
• [Econometrics is...] the art of drawing a crooked line from an unproved
assumption to a foregone conclusion.
• ………………………An Employment Opportunity for the Economists
4. The Economist
• Works with the invisible hand…….
• Explains tomorrow ,why his forecast about today made
yesterday, went wrong….
• Real life is a special case
• Says a lot in the short run, which amounts to nothing in the
long run
• A mixed evidence means that theory says one thing and data
says the opposite
• Commonality with computers- need for punching information
• Can give estimates if asked for phone-numbers………..
5. The First Law of Economists:
For every economist, there exists an equal and opposite economist
The Second Law of Economists:
They're both wrong.
Economists are better solvers-
E.g- A mathematician, an accountant and an economist were asked
the same question "What do two plus two equal?" by the Boss
• The mathematician confidently replied “ Exactly Four.“
• The accountant said "On average, four - give or take ten percent, but
on average, four.“
• The economist coyly asked "What do you want it to equal"?
6. 3500
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0
Artists Philosopher Scientist Manager Economist
High not due to market demand but due to the greater
number required to get the requisite weight