A joke for the times:

[Dichromate]

A physicist, a chemist and an economist are shipwrecked on a desert isle, along with a container full of cans of baked beans.

The chemist says that if they can start a fire, he can calculate the temperature at which a can will explode.

The physicist says that she can work out the trajectory of the baked beans after the explosion, so that they can gather the baked beans and eat them.

The economist looks at them in disdain, and finally says Guys, you’re going about it the hard way. Let’s assume we have a can opener.

Originally brought up among my friends in reference to the Australian treasury's hilarious forward estimates, where 'the most serious crisis since the great depression' is predicted to be milder than the early 90s 'recession we had to have', but also relevant in regards to the hilarious stress tests for US banks.

TLDR: most economists (who advise politicians) and therefore politicians, didn't predict the crisis, have no idea whats going on, and make hilarious assumptions as to when we're going to have a 'recovery'.

[Some Old Drunk Guy]

kewl?

[Dichromate]

I guess it's funnier if you've studied economics.

[supperrfreek]

while we're talking about political jokes I've got one:
four political commentators are walking down a street. There's a liberal, a conservative, a socialist and a libertarian. They see a couple having sex on the steps of a public library. They try to rationalize it.
The liberal says: well I guess if neither one is enjoying it, it's ok
The conservative says: well I guess if their minister okayed it, I can too
the socialist says: as long as it benefits the proletariat in their struggle to overthrow the bourgeoisie capitalist overlords, it's the kind of thing I can get behind
The libertarian says: hold on....we have public libraries?

[LiquidIce]

So, this is the reason why so many people go for economics in college - they think it's about making money.

[Dichromate]

So, this is the reason why so many people go for economics in college - they think it's about making money.

I really don't get where you're coming from there.

[LiquidIce]

Originally Posted by Dichromate

I really don't get where you're coming from there.

People go on economic courses because they think they will magically make money. It turns out they... don't know shit, c'ptain.

[Dichromate]

Originally Posted by LiquidIce

People go on economic courses because they think they will magically make money. It turns out they... don't know shit, c'ptain.

I get the 'don't know shit' aspect, but I'm not sure where you got the 'make money' thing from.

[LiquidIce]

Because many people around here think in terms of economy=money, economics=making money. Dad, I'm gonna study economy and become filthy rich! Sure thing son, just don't fuck up so you don't end up flipping pattys in a McDrive because you'll be learning some useless shit that just propels people into deeper economic disaster.

[Some Old Drunk Guy]

superrfreek's was kinda funny.

Yeah I haven't studied economics.

[Dichromate]

Originally Posted by LiquidIce

Because many people around here think in terms of economy=money, economics=making money. Dad, I'm gonna study economy and become filthy rich! Sure thing son, just don't fuck up so you don't end up flipping pattys in a McDrive because you'll be learning some useless shit that just propels people into deeper economic disaster.

Economics =/= Finance.

Also, you'll make a fuckload more money with an MBA than a Phd in economics.

[reallystupidstuff]

Dichromate, I lolled at your joke even though I have never studied economics


Now let's just assume we have a housing market and we'll be out of this slump in no time!

[Chubigans]

Originally Posted by supperrfreek

while we're talking about political jokes I've got one:
four political commentators are walking down a street. There's a liberal, a conservative, a socialist and a libertarian. They see a couple having sex on the steps of a public library. They try to rationalize it.
The liberal says: well I guess if neither one is enjoying it, it's ok
The conservative says: well I guess if their minister okayed it, I can too
the socialist says: as long as it benefits the proletariat in their struggle to overthrow the bourgeoisie capitalist overlords, it's the kind of thing I can get behind
The libertarian says: hold on....we have public libraries?

Are you implying that libertarians are ignorant/don't know where to read or that they hate spending on public services / institutions?

[postdiluvium]

Originally Posted by Dichromate

Economics =/= Finance.

Also, you'll make a fuckload more money with an MBA than a Phd in economics.

Yeah, I've never heard of anyone thinking going into Economics will somehow make them rich. Are there any popular, rich economists out there? If so, I haven't heard of any. An MBA is the way to go. You can get a bachelors in basically anything and get an MBA. As long as you have that MBA you could be running a company that has nothing to do with that bachelors degree. I pretty much blame the failure of industry on this. People know this, they work the system by doing it, and you end up with fuck ups in really high places because they got that damn MBA from some third rate vocational night school.

In terms of the OP, the Market itself is just one big assumption. Is it not? Stocks, marketing, advertising, supply and demand... Isn't it all made based on assumptions? Every Quarterly Finances meeting I sit through at work seems to be Management and Marketing telling the company how they think things are going and will be going based on data collected from consumers and last years results. And of course, they ARE ALWAYS optimistic. Even during last October when everything was tanking and all the senior staff were crying about their 401Ks, optimism can still be found just by comparing yourself to the person that got hit the hardest. Its all a bunch of BS really. Glorified crystal ball invoking mind readers is what I see them as.

[Dichromate]

Originally Posted by postdiluvium

Yeah, I've never heard of anyone thinking going into Economics will somehow make them rich. Are there any popular, rich economists out there? If so, I haven't heard of any.

Totally. Not to say there are many poor professors out there of course.

Originally Posted by postdiluvium

In terms of the OP, the Market itself is just one big assumption. Is it not? Stocks, marketing, advertising, supply and demand... Isn't it all made based on assumptions? Every Quarterly Finances meeting I sit through at work seems to be Management and Marketing telling the company how they think things are going and will be going based on data collected from consumers and last years results. And of course, they ARE ALWAYS optimistic. Even during last October when everything was tanking and all the senior staff were crying about their 401Ks, optimism can still be found just by comparing yourself to the person that got hit the hardest. Its all a bunch of BS really. Glorified crystal ball invoking mind readers is what I see them as.

IMO the big problem is neoclassical economics. The actual concept of studying the economy and coming up with theories is a perfectly good idea, but that isn’t what neoclassical economics usually does.

A lot of the 'optimism' at the moment though is utter bullshit though, in the sense that even the people saying it know it is. There's no way for instance that the Australian Treasury department believes their own figures. Even the IMF has called them on their shit FFS.

[sideshow]

Stop flaming on studying economics!
There is more to it then just learning how to estimate suply and demand, stock, etc.
The cources are mutch wider then economie alone..
There are cources like: Accounting, psychologie, languages, informatics, management, math,... So the "don't know shit" remark is just bullshit.
The making money part sadly is true, alot of people that start to study economics think it is eassy to make money...
The modern world needs economists, even more in times of crisis.
If you want to hate economists hate the fucking greedy American ones, they coused this crisis!

[Death_Merchant]

I liked the joke. Fucking optimistic economists, lol.