Q: How Many Economists Does It Take To Change A Lightbulb?
May 17, 2017 15:11:25 #
A: Fourteen. One to prepare the proposal, an econometrician to run the model, one each MS and PhD students to write the theses and dissertations, two more to prepare the journal article (senior authorship not assigned), four to review it, and at least as many to refine the model and replicate the results.
What is 1+1?
Senior management had collected a lot of operations data but did not know what to do with it. They knew they needed a numbers person and decided to interview an accountant, an engineer and an economist. During the interview they assessed their math skills.
First was the accountant.
Interview: What is 1+1?
Accountant: 1+1 = 2.
Interview: Are you sure?
Accountant: Absolutely. 1+1 equals 2 and only 2.
Next the engineer.
Interview: What is 1+1?
Engineer: 1+1 = 2.
Interview: Are you sure?
Engineer: Well, within acceptable tolerance levels yes, 1+1 is 2.
Last the economist.
Interview: What is 1+1?
The economist got up, closed the door, drew the blinds, leaned across the table and replied "What do you want it to equal?"
National Product
An economist and an accountant are walking along a large puddle. They come across a frog jumping in the mud. The economist says: "If you eat that frog, I'll give you $20,000!"
The accountant checks his budget and figures out he's better off eating it, so he does and collects his $20,000.
Continuing along the same puddle, they almost step on yet another frog. The accountant says: "Now, if you eat that frog I'll give you $20,000."
After evaluating the proposal the economist eats the frog and gets the $20,000 back.
As they're walking, the accountant starts thinking: "Listen, we both have the same amount of money we started with, but we both ate frogs. I don't see us being better off."
The economist, without missing a beat, says "Well, that's true, but you overlooked the fact that we've just increased the gross national product by $40,000."
An economist is someone who, when he finds something that works in practice, tries to make it work in theory.
If you laid all the economists in the world end to end, they still wouldn't reach a conclusion.
What is 1+1?
Senior management had collected a lot of operations data but did not know what to do with it. They knew they needed a numbers person and decided to interview an accountant, an engineer and an economist. During the interview they assessed their math skills.
First was the accountant.
Interview: What is 1+1?
Accountant: 1+1 = 2.
Interview: Are you sure?
Accountant: Absolutely. 1+1 equals 2 and only 2.
Next the engineer.
Interview: What is 1+1?
Engineer: 1+1 = 2.
Interview: Are you sure?
Engineer: Well, within acceptable tolerance levels yes, 1+1 is 2.
Last the economist.
Interview: What is 1+1?
The economist got up, closed the door, drew the blinds, leaned across the table and replied "What do you want it to equal?"
National Product
An economist and an accountant are walking along a large puddle. They come across a frog jumping in the mud. The economist says: "If you eat that frog, I'll give you $20,000!"
The accountant checks his budget and figures out he's better off eating it, so he does and collects his $20,000.
Continuing along the same puddle, they almost step on yet another frog. The accountant says: "Now, if you eat that frog I'll give you $20,000."
After evaluating the proposal the economist eats the frog and gets the $20,000 back.
As they're walking, the accountant starts thinking: "Listen, we both have the same amount of money we started with, but we both ate frogs. I don't see us being better off."
The economist, without missing a beat, says "Well, that's true, but you overlooked the fact that we've just increased the gross national product by $40,000."
An economist is someone who, when he finds something that works in practice, tries to make it work in theory.
If you laid all the economists in the world end to end, they still wouldn't reach a conclusion.
May 17, 2017 15:33:24 #
Larry the Legend wrote:
A: Fourteen. One to prepare the proposal, an econometrician to run the model, one each MS and PhD students to write the theses and dissertations, two more to prepare the journal article (senior authorship not assigned), four to review it, and at least as many to refine the model and replicate the results.
Thanks, but I believe I'll just change my own lightbulbs.
May 17, 2017 17:40:49 #
Mr Bombastic wrote:
Thanks, but I believe I'll just change my own lightbulbs.
B.... but..... It's....... Free!
May 17, 2017 17:54:52 #
Larry the Legend wrote:
B.... but..... It's....... Free!
Yeah, right. It may be free but I'd have to feed those jokers while they are there. They'd all be using my bathroom. They'd be scaring the cats, and probably marking up the kitchen floor with their boots. No thanks.
May 17, 2017 20:46:12 #
Mr Bombastic wrote:
Yeah, right. It may be free but I'd have to feed those jokers while they are there. They'd all be using my bathroom. They'd be scaring the cats, and probably marking up the kitchen floor with their boots. No thanks.
OK then. You're the customer. Can't say I didn't try...
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