Economics 201

Introduction to Economic Analysis

Fall 2010

Jeffrey Parker, Reed College

Economics humbles its practitioners both in their optimism and in their doubts. The experience of being disastrously wrong is salutory; no economist should be denied it, and not many are.

- John Kenneth Galbraith

Class News

Bad Economist Joke of the Week

An economist was crossing a road one day when a frog called out to him and said, "If you kiss me, I’ll turn into a beautiful princess." He bent over, picked up the frog, and put it in his pocket.

The frog spoke up again and said, "If you kiss me and turn me back into a beautiful princess, I will stay with you for one year." The economist took the frog out of his pocket, smiled at it, and returned it to his pocket.

The frog then cried out, "If you kiss me and turn me back into a princess, I’ll stay with you for a year and do anything you want." Again the economist took the frog out, smiled at it and put it back into his pocket.

Finally, the frog asked, "What’s the matter with you? I’ve told you I’m a beautiful princess, and that I’ll stay with you for a year, and do anything you want. Why won’t you kiss me?"

The man said, "Look, I’m an economist.  I don’t have time for a girlfriend… But a talking frog is cool!"

-Adapted from Jeff Thredgold's On the One Hand