Monday, August 25, 2008

What are Economists Good For?

When I tell people I’m an economics professor, I usually get one of two reactions.

1.The econ class I took in college was really boring, hard, or yuck! (Occasionally it is positive)
2.What do you think is going to happen with the stock market, price of oil, or housing prices?

Scott Adams, the man behind Dilbert, offers up his view of what economists are good for.
“…if an economist tries to tell you where the stock market will be in a year, you can safely ignore that. But if he tells you a gas tax holiday is an unambiguously bad idea, that's worth listening to, especially if economists on both sides of the aisle agree.”

So ironically, we are asked most about what we cannot give a good answered for, but ignored when we can give a good one.

At least I don’t have to hear the same lawyer joke over and over again.

Also, I wonder what people ask proctologists.

h/t to Newmark’s door
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