Here’s the latest of my videos for the IHS LearnLiberty.org project. I love the way they edited this. Big thanks to IHS’s Scott Barton for coming up with the five-syllable synonym for ceteris paribus. Stephen Ziliak at Roosevelt University gives an econ haiku assignment in his classes; I wouldn’t be surprised if one of his students has come up with wording like this before.
As a bonus, here are a couple of extra haiku in response to a student’s request:
Unemployment, an
Unintended consequence
of Minimum Wage
What? Card and Krueger?
I’ll see that, and I’ll raise you
Neumark and Wascher.
And another:
Socialism fails.
Believe Mises and Hayek?
Or piles of corpses?
And another, with a nod to our friends at Bureaucrash:
Thousands and Thousands
Killed by the Guy on Your Shirt
Communism Kills
{ 4 comments }
FYI you shouldn’t wear those pants with that jacket.
To be accurate as well as poetic I would change:
Thousands and Thousands
Killed by the Guy on Your Shirt
Communism Kills
TO
Millions and Millions
Killed by the Guy on Your Shirt
Communism Kills
Indeed. I’m thinking of Che, who has a body count of some 17,000.
Here are some of mine:
Scarcity is the
primary problem with which
economics deals.
In a world without
scarcity, economics
would be meaningless.
Labor, capital,
and land: these three make up the
production factors.
Robinson Crusoe
helps us understand basic
principles. Agree?
We engage in trade,
Comparative advantage!
Wealth is created.
Diamond, not water?
It seems like a paradox.
Nope – at the margin.
Marg’nal util’ty
explains rational action…
A revolution!
Invisible Hand,
move us, through self-interest,
to efficient outcomes.
Minimum wages
and other price fixing schemes
hamper the market.
Sans property rights
incentives will be lacking:
dead economy.
A broken window
cannot confer a net gain
on society.
Certain theories
imply a cause/effect link
of boom with bust; hmmm.
Interest is theft?
Bah! You forget time pref’rence
implied by action.
Ceteris pari-
bus, the powerful concept,
holds all else constant.
Prices not formed by
costs of production; rather
subjective values.
Giant money pool,
whether Asians spend or save,
must first be printed.
Market int’rest rate,
a signal to coord’nate
action over time.
Candlemakers would
like protection from the sun,
Bastiat lampoons.
The margin between
price and contribution of
factors is int’rest.
The supply curve is
upward sloping; if it were
otherwise…absurd.
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