If one of your New Year’s resolutions is to sound like an economist, please remember our yearly econlife Top Ten List:
Our Top Ten List for Sounding Like An Economist
- Whatever the question, always answer, “There’s no such thing as a free lunch.”
- Because choosing is refusing, explain that “Every decision has a cost (defined as sacrifice).”
- Do not be surprised by the unexpected. Just say that you predicted the unintended consequences.
- Whether you like or dislike government, point to, “The power of the market.”
- Explain your love of Black Friday sales with, “It’s my demand elasticity.”
- Defend the stratospheric amount you paid for a Taylor Swift ticket with, “It’s my demand inelasticity.”
- Cite anchoring to a reference point when you say that, “Gas prices seem too high.”
- Justify your Japanese toilet, Sumatran coffee beans, and South Korean washing machine by repeating, “comparative advantage, comparative advantage…”
- When asked why you saved for your retirement, answer that, “A default created the nudge.”
- And finally, asked why you will sound like an economist, say that, “I am using commitment devices.”
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 suggestions and check out our past Top Ten Lists.
Our Bottom Line
To all of my econlife friends, I send my best wishes for a healthy and happy New Year!
