Friday, August 31, 2012

Top 10 Reasons for studying Economics

Should I study Economics? Here are 10 absolutely foolproof reasons for studying economics.

1. Economic Forecaster.

As an economist, you can make a living from predicting future economic events. The key to being a good economic forecaster is to use a mixture of dice and lottery numbers. (some economists make the mistake of using just lottery numbers, but this can lead to really bad forecasting) If this method fails just use the statistics from the previous year; they are always more accurate than the actual predictions of economists.
  • Note: Economists have successfully predicted 10 out of the last 2 recessions.
2. You can always give advice.

When the economy enters a recession, you will be able to tell everybody why the economy is in a recession. Also, you will be able to suggest several conflicting reasons as to how we can get out of a recession. This will simultaneously, both confuse and impress everybody; but it doesn't matter because nobody ever listen to economists.

3. Diminishing Returns.

When you get ill from drinking 10 pints of beer in one night, you will be able to impress your parents with the knowledge that the law of diminishing returns is actually perfectly correct. As a side effect, you may also learn about opportunity cost:
  • Spending £40 on drink equals hangover.
4. Rational Behaviour

Economics assumes people are rational. Economics assumes that people choose the activity which optimises our utility. When people want to buy a season ticket to watch Leeds United, you can tell them this is irrational behaviour. However, the Leeds United supporter will definitely appreciate the cogency of your economic reasoning and will, more than likely, start supporting Doncaster Rovers with immediate effect.

5. Economics is a very humorous subject

Did you know that you can rearrange Economics to get "comic nose." If, this alone, was not sufficient proof of the hilarity endemic in the subject of Economics, try these economics jokes:
  • How many Free Market economists does it take to change a light bulb? None, in the long run, it will change of its own accord.
  • How many Marxists does it take to change a light bulb? None, smash the light bulb, a light bulb is a mere representation of the capitalist ideology that gives a feeble light, rather than the True source which is the sun.

6. Economics gets you a high paid job

Actually, this is the only reason people study economics. Unless, of course, you have a strange desire to be an economics teacher; in which case you will enjoy your students repeatedly asking you the question; "Why didn't you get a proper job in the city, Sir?"

7. It's better than studying Geography

True, but purists may argue this doesn't prove very much.

8. Economies of Scale

When you forget your wife's / girlfriends birthday you can say that you were merely seeking to maximise economies of scale and productive efficiency, because you are waiting to get her a really big present at Christmas. This always goes down very well.
  • (In the incredibly unlikely event it doesn't, don't forget to also check out:
9. However - On the Other Hand

Economics is the only subject where contradicting yourself is seen as a highly desirable attribute. To double the mark on your economics essays, just say after each paragraph: however, on the other hand, this is probably not true at all...

10. You will Know Why you are Unemployed

When you are standing in the unemployment queue, you will be able to tell everyone the type of unemployment they are suffering from. This will greatly endear you to the ranks of the unemployed; who will definitely not, sarcastically, ask you;
"If you know everything, how come you haven't got a job then?

See also: 10 Principles of Economics Explained

Applying economics in everyday life



Anonymous said...

this is not funny because i am a recently laid off and unemployed economist:(

I guess I shoulda been an accountant

Anonymous said...

Good one!! It brought a smile to my face.

Anonymous said...

Great list! I especially loved the one about funny economics.

Anonymous said...

Thanks for the humour. Some of it was very true but some of it not so. But a good laugh nonetheless.

Anonymous said...

Coming from a economist I found this brilliant! Laughed me head off. :)

mangesh007 said...

it is very vital role in the life i m enjoy it

Tailor Finch said...

I will add how to allocate resources. I believe many people learn economics so they can fairly and judiciously distribute limited resources.

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Anonymous said...

Great article, inspiring young potential economists to have aspirations and pursue them. The benefits of studying economics is endless and will have an impact, not only on your knowledge of the specific job, but also on every day problems

Mubarak Alhassan said...

this blog is awesome