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.