If one of your New Year’s resolutions is to sound like an economist, please remember our yearly econlife Top Ten:
The Original Top Ten List
- Whatever the question, always answer, “There’s no such thing as a free lunch.”
- Defend a decision by declaring, “It was worth the opportunity cost.”
- Whether you like or dislike government, point to, “The power of the market.”
- Explain a love of low prices with, “It’s the law of demand.”
- Explain high prices with, “It’s the law of supply.”
- Preface a position with, “on the one hand…but on the other…”
- Justify your Thai T-shirt, Japanese camera, and Sumatran coffee beans by repeating, “comparative advantage, comparative advantage…”
- When asked, “How are we doing?” just cite the GDP, CPI, and S&P.*
- Know that the size of the pie has nothing to do with food.
- And finally, the most dependable way to “think economically” is to remember that, no matter what the topic, “It’s about the economy…”
*#8 was appropriate in the past, but not now.
Also, several years ago, I received this sound-like-an-economist suggestion from Kevin Denny (Thank you!).
- To reject any inconvenient fact, “The econometric evidence is not clear on this.”
Do be sure to send your Top Ten additions.
I love doing this with my friends! I’m 15 so they are somewhat amazed 🙂
1. Explain all price differences with elasticity of demand (drinks at sports games are a good one for this).
2. Mention the word “externalities” at least 5 times in a conversation about climate change lol
Your additions are great! I hope to publish a new list soon–before New Year’s 2022. Please share all that you think of.