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It’s all coming back to me. Crazy ECON classes.
Hard to believe this guy has a Ph.D.
Most micro econ is based on the idea that people engage in voluntary trades, choosing among alternatives. If they find the status quo preferable to any of the choices, then they can choose not to trade at all. Then, (1) any trade must be preferable to not trading (it is voluntary) and (2) increasing choices cannot make people worse off (and will likely make them better off).
He’s not bad, but he could learn a thing or two about economic satire from The Mogambo Guru whose E-Economic Newsletter archive is located here: http://www.safehaven.com/archive-238.htm
This was a very clever and entertaining piece, but was it just me, or did it seem like they had a laugh track added to the video, because the people were laughing TOO hard
This is funny, I saw it on Greg A. Mankiw’s blog a week or so ago. I like the, “macroeconomics have accurately predicted 9 out of the last 5 recessions.” I told a couple of the jokes in my econ seminar and they found a nice reception, the micro vs. macro jokes are popular. Oh and John, PhD economists are a strange bunch, so I wouldn’t put it past them to laugh so outrageously.
#2 Hard to believe you saw no humor (look it up) in that bit.
#6, I didn’t say I saw no humor in it, just that some of his economics is dead wrong. Plus, some of the funniest jokes aren’t his. For example Nobel Prize Winner Paul Samuelson said “predicted 9 out of the last 5 recessions” in 1966 – every economist knows this, so why didn’t he say “as Samuelson said….”?
Economics seems to be mostly smoke and mirrors. That’s all this guy is pointing out, and it’s pretty funny!
“Economics – the dismal comedy” – but he’s right, going on personal experience. I chose to watch it and now I’m out of coffee, which means I’m worse off, and yet I’m sitting here typing this, which is consistent with Principle 3 (drinking coffee is stupid).