If one of your New Year’s resolutions is to sound like an economist, please remember our yearly econlife Top Ten:
The Top Ten List
- Whatever the question, always answer, “There’s no such thing as a free lunch…” (or see #10)
- 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 Japanese toilet, Sumatran coffee beans, and South Korean washing machine by repeating, “comparative advantage, comparative advantage…”
- When asked, “How are we doing?” start by citing the GDP, CPI, and S&P. And know that there is so much more to look at.
- Recognize that the size of the pie has nothing to do with food.
- And finally, the most dependable way to sound like an economist is to remember that, no matter what the topic, Say “tradeoff” as often as possible…
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 me your Top Ten additions.