New Year’s Resolutions: The Top Ten Ways to Sound Like an Economist

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

1. Whatever the question, always answer, “There’s no such thing as a free lunch…”
2. Defend a decision by declaring, “It was worth the opportunity cost.”
3. Whether you like or dislike government, point to, “The power of the market.”
4. Explain a love of low prices with, “It’s the law of demand.”
5. Explain high prices with, “It’s the law of supply.”
6. Preface a position with, “on the one hand…but on the other…”
7. Justify your Japanese toilet, Sumatran coffee beans, and South Korean washing machine by repeating, “comparative advantage, comparative advantage…”
8. 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.
9. Recognize that the size of the pie has nothing to do with food.
10.  And finally, the most dependable way to sound like an economist is to remember that choosing is refusing; every decision has a “cost.”

To reject any inconvenient fact, “The econometric evidence is not clear on this.”

Do be sure to send me your Top Ten additions.

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