If you do some acrobatics with a little mathematics it will take you far along. If your idea’s not defensible don’t make it comprehensible or folks will find you out, and your work will draw attention if you only fail to mention what the whole thing is about. Your must talk of GNP and of elasticity of rates of substitution and undeterminate solution and oligonopopsony.

The following is supposedly a true story.An economist was about to give a presentation in Washington, DC on the problems with Black-Scholes model of option pricing and was expecting no more than a dozen of government officials attending.To his amazement, when he arrived, the room was packed with edgy, tough-looking guys in shades. Still, after five or so minutes into the presentation all of them stood up and left without a word.The economist found out only later that his secretary ran the presentation through a spell-checker and what was ”The Problem with Black-Scholes” became ”The Problem with Black Schools”.

An economist is a trained professional paid to guess wrong about the economy. An econometrician is a trained professional paid to use computers to guess wrong about the economy.Talk is cheap. Supply exceeds Demand. --------------------------------------------------------------------------------Bentley’s second Law of Economics: The only thing more dangerous than an economist is an amateur economist! --------------------------------------------------------------------------------Berta’s Fundamental Law of Economic Rents.. ”The only thing more dangerous than an amateur economist is a professional economist.” --------------------------------------------------------------------------------Definition: Policy Analyst is someone unethical enough to be a lawyer, impractical enough to be a theologian, and pedantic enough to be an economist. --------------------------------------------------------------------------------Three econometricians went out hunting, and came across a large deer. The first econometrician fired, but missed, by a meter to the left. The second econometrician fired, but also missed, by a meter to the right. The third econometrician didn’t fire, but shouted in triumph, ”We got it! We got it! ” --------------------------------------------------------------------------------Q: How has French revolution affected world economic growth?A: Too early to say.--------------------------------------------------------------------------------Q: What do economists and computers have in common?A: You need to punch information into both of them.--------------------------------------------------------------------------------Q: Why does Treasury only have 10 minutes for morning tea?A: If they had any longer, they would need to re-train all the economists.--------------------------------------------------------------------------------Q: Did you hear of the economist who dove into his swimming pool and broke his neck? A: He forgot to seasonally adjust his pool. --------------------------------------------------------------------------------NATURAL RATE OF UNEMPLOYMENT: Newlan’s Truism: An ”acceptable” level of unemployment means that the government economist to whom it is acceptable still has a job. --------------------------------------------------------------------------------Q: Why did the market economist cross the road? A: To reach the consensus forecast. --------------------------------------------------------------------------------Q: What does an economist use when calculating constant-dollar estimates? A: Deflator mouse --------------------------------------------------------------------------------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. --------------------------------------------------------------------------------Q: How many mainstream economists does it take to change a light bulb? A: Two. One to assume the existence of ladder and one to change the bulb. --------------------------------------------------------------------------------Q: How many neo-classical economists does it take to change a light bulb? A: It depends on the wage rate. --------------------------------------------------------------------------------Q: How many conservative economists does it take to change a light bulb? A: None. The darkness will cause the light bulb to change by itself. --------------------------------------------------------------------------------Q: How many B-school doctoral students does it take to change a light bulb? A: I’m writing my dissertation on that topic; I should have an answer for you in about five years.--------------------------------------------------------------------------------Q: How many investors does it take to change a light bulb? A: None - the market has already discounted the change. --------------------------------------------------------------------------------Q: How many Keynesian economists does it takes to change a light bulb? A: All. Because then you will generate employment, more consumption, dislocating the aggregate demand to the right.--------------------------------------------------------------------------------Q: How many marxists does it take to screw in a lightbulb? A: None - the bulb contains within it the seeds of its own revolution. --------------------------------------------------------------------------------When drawing up the guest list for a dinner party, inviting more than 25% economists ruins the conversation. --------------------------------------------------------------------------------Economics is the painful elaboration of the obvious.--------------------------------------------------------------------------------Q: How many economists does it take to change a light bulb? A: Seven plus or minus ten.--------------------------------------------------------------------------------Q: How many economists does it take to change a light bulb? A: Irrelevant - the light bulb’s preferences are to be taken as given. --------------------------------------------------------------------------------Q: What’s the difference between an economist and a befuddled old man with Alzheimer’s? A: The economist is the one with the calculator. --------------------------------------------------------------------------------Q: What’s the difference between economists and businessmen?A: The first don’t keep their feet on the ground; the latest use to keep their four feet in the ground --------------------------------------------------------------------------------Given 1000 economists, there will be 10 theoretical economists with different theories on how to change the light bulb and 990 empirical economists laboring to determine which theory is the *correct* one, and everyone will still be in the dark.--------------------------------------------------------------------------------Q: Why did God create economists?A: In order to make weather forecasters look good.--------------------------------------------------------------------------------Q: What does an economist do?A: A lot in the short run, which amounts to nothing in the long run.--------------------------------------------------------------------------------Two economists meet on the street.One inquires, ”How’s your wife?”The other responds, ”Relative to what?”--------------------------------------------------------------------------------To an economist, real life is a special case.--------------------------------------------------------------------------------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.--------------------------------------------------------------------------------Economists have forecasted nine out of the last five recessions.--------------------------------------------------------------------------------When an economist says the evidence is ”mixed,” he or she means that theory says one thing and data says the opposite.--------------------------------------------------------------------------------Econometrics is the art of drawing a crooked line from an unproved assumption to a foregone conclusion.” --------------------------------------------------------------------------------Q: Why has astrology been invented?A: So that economy could be an accurate science.

A businessman tells his friend that his company is looking for a new accountant.His friend asks, ”Didn’t your company hire a new accountant a few weeks ago?”The businessman replies, ”That’s the accountant we’re looking for.”

An accountant is having a hard time sleeping and so he decides to go to see his doctor. ”Doctor, I just can’t get to sleep at night,” complains the man.”Have you tried counting sheep?” inquired the doctor.The accountant replied, ”That’s the problem, Doc. I make a mistake and then spend three hours trying to find it! ”

A man walking along a road in the countryside comes across a shepherd and a huge flock of sheep. Stopping to rest, he tells the shepherd, ”I will bet you $100 against one of your sheep that I can tell you the exact number in this flock.”The shepherd thinks it over. It’s a big flock, so he takes the bet.The man looks around and answers, ”869.” The shepherd is astonished, because that is exactly right.The shepherd says, ”Okay, I’m a man of my word, take an animal.” The man picks one up and begins to walk away.”Wait,” cries the shepherd, ”let me have a chance to get even. Double or nothing that I can guess your exact occupation.” The man agrees.”You are an accountant for the government,” says the shepherd.”Amazing! ” responds the man. ”You are exactly right! But tell me, how did you deduce that?””Well,” says the shepherd, ”put down my dog and I will tell you.”

Kowalski, fresh out of accounting school, went to a interview for a good paying job. The company boss asked various questions about him and his education, but then asked him, ”What is three times seven?””Twenty-two,” Kowalski replied.After he left, he double-checked it on his calculator (he knew he should have taken it to the interview!) and realized he wouldn’t get the job.About two weeks later, he got a letter that said he was hired for the job! He was not one to look a gift horse in the mouth, but was still very curious.The next day, Kowalski went in and asked why he got the job, even though he got such a simple question wrong. The boss shrugged and said, ”Well, you were the closest.”

An accountant dies and goes to Heaven. He reaches the pearly gates and is amazed to see a happy crowd all waving banners and chanting his name.After a few minutes St. Peter comes running across and says, ”I’m sorry I wasn’t here to greet you personally. God is looking forward to meeting such a remarkable man as yourself.”The accountant is perplexed. ”I’ve tried to lead a good life, but I am overwhelmed by your welcome,” he tells St. Peter.”It’s the least we can do for someone as special as you are. Imagine, living to the age of 123 and still looking so young,” says St. Peter.The man looks even more dumbfounded and replies, ”123 years old? I don’t know what you mean. I’m only 40.”St. Peter replies, ”But that can’t be right - we’ve seen your time sheets! ”

The stockbroker received notice from the IRS that he was being audited. He showed up at the appointed time and place with all his financial records, then sat for what seemed like hours as the accountant pored over them.Finally the IRS agent looked up and commented, ”You must have been a tremendous fan of Sir Arthur Conan Doyle.””Why would you say that?” wondered the broker.”Because you’ve made more brilliant deductions on your last three returns than Sherlock Holmes made in his entire career.”

An investment counselor decided to go out on her own. She was shrewd and diligent, so business kept coming in, and pretty soon she realized that she needed an in-house counsel. The investment banker began to interview young lawyers.”As I’m sure you can understand,” she started off with one of the first applicants, ”in a business like this, our personal integrity must be beyond question.” She leaned forward. ”Mr. Mayberry, are you an honest lawyer?””Honest?” replied the job prospect. ”Let me tell you something about honest. Why, I’m so honest that my father lent me $15,000 for my education, and I paid back every penny the minute I tried my very first case.””Impressive. And what sort of case was that?” asked the investment counselor.The lawyer squirmed in his seat and admitted, ”He sued me for the money.”