Memes-Econ

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Economics is largely comparing seen to unseen outcomes, and looking for the bigger picture or consequences.

Economic Memes: who knew economists had a sense of humor?

Memes-Economics : 16 items

These Memes mock Keynesian macro-economic theories. While Keynes was brilliant micro-economist, his macro-economic ideas are mock-worthy and disproven... time and time again.

Memes-Keynes : 8 items

Krugman may have once been an accomplished micro-economist, but he is a mock-worthy Keynesian macro-economist (an oxymoron). Since working for the NYT, he's taken off his economics hat and put on his polemic propagandist hat (politics trump economics).


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Memes

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I updated the Memes section. Life is short, why not mock it?
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Economics

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  • Broken Window Fallacy :
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    The Broken Window Fallacy is a fundamental concept of economics (and logic) about seen advantages versus unseen costs. Henry Hazlitt summed up the art of economics as not merely looking at the immediate consequences but the longer effects of any act or policy, and tracing those consequences not merely for one group but for all groups
  • Milton Friedman goes to China :
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    There’s a famous economics fable of Milton Friedman going to China or India, and what happens is another way to explain The Broken Window Fallacy, in a more Socratic way. Some refer to this as Shovels vs. Spoons. The story predates Milton, but he did tell variants of it and popularized it.
  • Minimum Wage : Minimum wage is the delusion that bureaucrats and politicos know more about what's fair than the laborer and the employer, and that there's a magic round number that fair for everyone, everywhere, at the same time. We know that it hurts employment, increases automation and offshoring, and hurts the people it's supposed to help. Either these consequences are unintentional, or the politicians want to make the problem worse while pretending to help, so they have something to campaign on.
  • Goldilocks and the 3 wages :
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    Minimum wage is like Goldilocks, there are three ways you can set minimum wage: too low, too high, and just right. Too low, means it's doing nothing of value. Too high means it's hurting employment and growth. And since just right can never apply to two different people, places or moments in time, there's really only one way to set minimum wage: and that's at the wrong level.
  • Minimum Wage as Price/Wage controls : Minimum wage is the delusion that bureaucrats and politicos know more about what's fair than the laborer and the employer, and that there's a magic round number that fair for everyone, everywhere, at the same time. We know that it hurts employment, increases automation and offshoring, and hurts the people it's supposed to help. Either these consequences are unintentional, or the politicians want to make the problem worse while pretending to help, so they have something to campaign on.