- A top reason to be an economist - When you are in the unemployment line, at least you will know why you are there.
- Microeconomists are people who are wrong about specific things; macroeconomists are people who are wrong about things in general.
- I asked an economist for her phone number....and she gave me an estimate.
- If you torture the data long enough, Nature will confess.
- Eighty percent of rules of thumb only apply 20 percent of the time (including this one).
- A physicist, a chemist and an economist are stranded on an island, with nothing to eat. A can of soup washes ashore. The physicist says, "Lets smash the can open with a rock." The chemist says, "Lets build a fire and heat the can first." The economist says, "Lets assume that we have a can-opener..."
- The First Law of Economists: For every economist, there exists an equal and opposite economist.The Second Law of Economists: They're both wrong.
- Talk is cheap. Supply exceeds Demand.
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.
But Chicago School economists are different.
Q: How many Chicago School economists does it take to change a light bulb?
A: None. If the light bulb needed changing the market would have already done it.
Finally, Bentley's second Law of Economics: The only thing more dangerous than an economist is an amateur economist!
You have been warned.
