All models are wrong but some are useful.
In the long-run, there’s just another short-run.
Economics is to be found in the library – in fiction.
A Jesus-optimal allocation – when one person really gets it bad while all the rest are much better off.
An economist returns to visit his old school. He’s interested in the current exam questions and asks his old professor to show some. To his surprise they are exactly the same ones to which he had answered 10 years ago! When he asks about this the professor answers: “the questions are always the same – only the answers change!”
Economics is extremely useful as a form of employment for economists.
Copying an idea from an author is plagiarism. Copying many ideas from many authors is … research!
I know that economics is ruling my life when:
– I tried to calculate my 3 year old son’s discount rate by seeing how many sweets he would require to be promised to him after dinner to be equivalent to one sweet before dinner.
– I spent one hour in a toy shop making up over 20 bundles of toys that could be purchased for $25 and then asked my son to select one of these bundles.