Wednesday, February 6, 2008
Happy Birthday Marie!
So today is my wife’s birthday. I thought I would give her a blog entry today (yes I got her something else). So I thought I would share some economic lessons from people who were also born today.
Babe Ruth was once asked why he got paid more than President Hoover, Ruth replied “I had a better year than the president.” Well the President is still my wife’s boss, but I bet I know who had the better year. For what it is worth Hoover was paid more than Bush, adjusted for inflation (see the bottom of the link).
Axl Rose, lead singer of Guns and Roses, also shares a birthday. The opening lines of Welcome to the Jungle suggest that the market can provide “Whatever you may need” of course “If you got money honey.” Axl and his band mates claim “We got your disease”. In other words the market can provide the needs of consumers.
A few more quick ones:
Aaron Burr: duels can decrease your utility
Bob Marley: Those who are treated unequally should band together to get up and stand up for their rights.
Ronald Reagan: Jelly beans do not have decreasing marginal utility and when it is Bed Time for Bonzos it is best to put your monkey to bed.