Thursday, February 26, 2009

Economist Jokes---What are economists doing now?

The following is taken from a website that collects jokes for economists and economics:
http://netec.mcc.ac.uk/JokEc.html

TOP 10 REASONS TO STUDY ECONOMICS
1. Economists are armed and dangerous: "Watch out for our invisible hands."
2. Economists can supply it on demand.
3. You can talk about money without every having to make any.
4. You get to say "trickle down" with a straight face.
5. Mick Jagger and Arnold Schwarzenegger both studied economics and look how they turned out.
6. When you are in the unemployment line, at least you will know why you are there.
7. If you rearrange the letters in "ECONOMICS", you get "COMIC NOSE".
8. Although ethics teaches that virtue is its own reward, in economics we get taught that reward is its own virtue.
9. When you get drunk, you can tell everyone that you are just researching the law of diminishing marginal utility.
10. When you call 1-900-LUV-ECON and get Kandi Keynes, you will have something to talk about.

I find that the third reason is especially funny to me. It turns out that I do not even talk about money as an economic researcher. Although we have written and read papers about money, interest rate, yield curve, stock return, inflation, etc., we did not know much about what's going on in the money market, as evidenced by the financial crisis prevailing over the world.

Indeed that we are researching into different blocks of the complicated economic world, and no one is able to link one senario with all others. To me, the quantitative methods are more interesting and I understand that there are so many difficulties to apply them in empirical work. So, to stay safe in the academic world is my dominant strategy. We economist are not sure that if we could really understand the economics. This is true for all branches of scientific research. It's a phylosophical question to answer. The world may be known to us, yet may be not. Then what should we do is really a more basic question relating to the source of the world and our human beings. The question is never fully answered and answeres are accepted highly on a religious basis.

Yet, I do believe the world should be known to us and we are right in the process, although it might take us forever to reach the knowledgable state of mind. We march on as we believe that we are in the right direction.

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