As we near the end of the summer semester, it’s time to reflect back on what I’ve learned. Dr Tufte’s website asks the question Are you thinking about a degree in economics? Maybe at the beginning of class you are, but by the end the answer might have changed, here’s why.
In the beginning things make sense, you’ve got your short run and your long run and growth etc. pretty straight forward. Then everything changes. It goes kind of like this.
When you’re in a recession you actually might be coming out but don’t know it and by the time you’re coming out you might be going back into one somewhere in there there’s a trough but you can only figure out when that came later when you realized expansion was taking place and let me show you how this works by this graph see that curve it’s not really a curve because it’s a straight line but then in can bow in or out and this can make it move this way but if that happens it can move that way but it will always return to an equilibrium but by then it has already moved because we forgot to factor in this and contraction is actually expansion and even though people have more money they’re poorer and that Keynes guy had it all figured out until some other guy figured out he didn’t then there’s the multiplier effect………….oh wait… I understood that and velocity isn’t constant but really close is that E=MC^2 too late write down these three sentences and then cross them out because that’s not the way it is because a surplus isn’t good and a deficit isn’t bad.
So I’ve given it some thought, and I’ve decided economics is not for me!
And besides, I can’t afford the expensive haircut!
Thanks Dr. Tufte it’s been a great summer.