The Equation Engineers and scientists will never make as much money as business executives. Now a rigorous mathematical proof has been developed that explains why this is true:Postulate 1: Knowledge is Power.Postulate 2: Time is Money.As every engineer knows,Work = Power * TimeSince Knowledge = Power, and Time = Money, we have:Work = Knowledge * MoneySolving...

Top economist Valentine’s Day cards4. You raise my interest rate thirty basis points without a corresponding dropoff in consumer enthusiasm.3. Let’s raise housing starts together.2. You stoke the animal spirits of my market.1. Despite your decade of inflation, I still love...

Ten things to do with a graduate Economics textbook1. Press pretty flowers. 2. Press pretty insects. 3. Use it as paper weight on your already overcluttered desk. 4. Leave out in obvious places to impress uninformed undergraduates. 5. Mail to the White House as an intimidation tactic. 6. Give it a walk-on part in a boring European existentialist play. 7. Just throw...

Economics is ruining your 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...

An econometrician and an astrologer are arguing about their subjects.The astrologer says, “Astrology is more scientific. My predictions come out right half the time. Yours can’t even reach that proportion”.The econometrician replies, “That’s because of external shocks. Stars don’t have...

Dinosaur #1: “How many economists does it take to screw in a light bulb?” Dinosaur #2: “What is an economist?” Dinosaur #1: “A flunkie mathematician who tries to predict the population of kangaroos in Australia. But that’s not important and don’t ask what a Kangaroo is.” Dinosaur #2: “I don’t know, how...