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Irrational Economics

One of the first things you’d learn on the inside of an economics class is that it assumes us humans to behave rationally- aka like super intelligent beings who know what’s good for us and who act on that impulse. Much like knowing that if I study right now, I might have a marginally better chance of cracking that entrance exam into uni, or the fact that cigarettes increase the probability of lung cancer, but let me tell you ladies, gentlemen and everyone else in between and beyond, this, like most assumptions in Economics, is a scam. I mean, look at us. Here I am, sitting with a cup of black coffee in the middle of the night, blogging (and therefore not studying) and here you are, someone, somewhere, probably smoking stuff or thinking of a smoke while reading this.

Economics, and by extension, economists, despite all our lofty claims of rationality are not entirely rational creatures. We’re human and human-born and we are inherently emotional, despite our well developed brains with all our intelligence – we even classify those who don’t show or have emotions, and those who rely a bit too much on their rational minds, as people who have something wonky up their brains, not normal. To construct a science about how we behave when it comes to meeting our needs with what resources we have, we need the assumptions to hold everything up. Economics is basically a mass of assumptions and their derivatives. A house of cards. Pick one apart, and it all comes tumbling down. That is unless it was made so sophisticated on the inside, or stuck on with superglue, that one (or more) assumptions picked up and picked apart makes no difference.

All this without mentioning that economics is sometimes about as dry as parchment. As in, it severely lacks humour unless you’d like a laugh at a theory of economic development that makes zero sense to you as to how it is supposed to work or what some early economists seemed to think about the subject, but to do that, you’d probably need to come up with a new and improved theory or you’d be made a mockery of. And so, here I am, trying to be funny in economics, more to have a laugh instead of digging my textbooks and shovelling it out like a garden mole. And here you are, reader, reading my attempt at it. Welcome, reader, to the blog of a purely accidental and irrational economist in the making and here’s to hoping I can actually pull a laugh out of you.

Yours,

The Irrational Economist

The Stars, They Shine

The stars, they shine for us, you see,

In the dead of night, by the balcony,

As one owl hoots from the railings

And another lounges on a couch by the French window

With a book in one hand and a mug of coffee in the other

Half asleep, trying to study

But failing miserably – for let’s be honest:

John Nash’s equilibrium looks better in a movie

Than inside a textbook

And the Brilliant Mind’s life is far more interesting

Than the math leading to his conclusions

And Karl Marx makes no sense at all-

His theory is a bunch of concentric circles

That would confuse anyone

Not to mention, the textbook ‘ideal’ version of it

Would never work in real life.

Neither would Adam Smith’s ideal capitalism for that matter,

And he is the ‘Father of Economics’.

That is the tragedy of it all.

Nothing truly explains how the economy works

Only parts of the whole

While we grow old before our time

Trying to keep track of everything.

And yet we slam our heads on our desks

In an effort to make sense of what we’re reading-

Spoiler alert: we’re left with a king sized headache and no enlightenment.

It’s how the world goes round you see-

The sea still roars on the beach

The wind still whispers in the trees

People come, people go,

Try to understand what’s going on around them.

They all leave an imprint,

Even if it’s on one other person

Or a dog probably.

And the stars, they still shine, you see,

And an owl hoots on in the night.


I’ve been a bit busy- it’s nearly exam week and I needed some time to study, so I’m being an bit inconsistent. Plus there are the entrances into university for my postgrad – they’re all tough cookies to crack. Anyhow, good news is I cracked the interview from the last week. So I now have somewhere as a safety net, and bigger fish to fry aka the entrances to all the other universities I have applied to. Here’s to hoping I get into as many of them as I can (for the bragging rights mostly, I’ll go to the best of the lot to have me).

Yours,

The Irrational Economist