A small ray of hope

23 Apr, 2016 at 16:14 | Posted in Economics | 3 Comments


I overheard a conversation between two high school students this morning.

The first person was asking about which classes the second was going to take next. One of those mentioned was microeconomics.

“Oh, that’s easy” said the first, “You just have to remember that it’s all rubbish – they want you to believe that people are rational, and that there’s all this perfection in the world.”

“Really?” responded the second, “That’s really dumb. I wonder why they do that?”

“It doesn’t matter, it’s economics”

“Well maybe I’ll take history instead, at least I might learn something useful.”

Peter Radford


  1. The problem is that while a history degree may help you understand the world, that does not mean that you will get a job, let alone a good one. An economics degree is now kinda like getting good marks in Marxist-Leninist theory studies under the former Communist regimes — the price of admission to the party and a pre-requisite for worthwhile employment. At least that was my experience 20 years ago, and I doubt much has changed.

  2. You remind me of a reported conversation between 2 students of physics. The first year student asks the second year student how he is getting on with the material. “Wonderful, says the second year student, we have just been told that everything we have learned about Newton and gravity is untrue and we should now consider the matter again as Einstein saw it!”

  3. Very wise and very smart that at such a young age they were not seduced by gadgets and gimmicks and they could see modern economics for what it is – something, that in terms of real substance, has very little to say.

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