Wednesday, March 24, 2010

You Know You are an Economist When...

  • You continually include "optimize", "budget (set)" and "limit tends to" in your vocab without even realizing it
  • You trying figuring out if you have smooth, convex preferences
  • You wonder if and how much to save, keeping in mind "The Paradox of Thrift"
  • You make Economics jokes (you reach heights when you can incorporate "neighbourhoods" and "open balls" in the jokes- if you don't understand this, don't bother, you are safe!)
  • People around you understand your jokes or give a puzzled frown
  • You assume and predict
  • You claim to understand most phenomena in the world with an "epsilon" error term
  • Epsilon is sufficiently small to suit your model but big enough to create a major disturbance
  • Data doesn't suit your fancy models
  • "In the Long Run we are all dead!" is knowledge to you!
  • demand, supply and extraction of consumer surplus is a way of making ppl understand the essence of bargaining.
  • Monopoly power is a term so common while discussing prices.
  • Time constraint n budget constraint are terms which seem easier to use than time limit n just budget!
  • You have found the above extremely "normal"
P.S. This list is not exhaustive, suggestions and additions are welcome.

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