The cynicism of age isn’t universal

The ONS finds that older people are far more trusting of others than the young, they just don’t trust the Government. Does this account for Churchill’s apocryphal line?

If a man is not a socialist by the time he is 20, he has no heart. If he is not a conservative by the time he is 40, he has no brain.

A modern version of an old economists joke

You’ve all heard the joke about the Chicago economist who doesn’t pick up the $20 note on the pavement, as someone would have picked it up already.  All very good – it is discussed over at “Economist’s do it with models”.

The always brilliant SMBC has come up with a different take on this in his comic:

In both cases I think our problem stems from poorly defining the choice set – but that is sort of the point, it is an indication of how we can inadvertently misuse the EMH if we haven’t fully considered the types of expectations, the amount of competition involved, the existence of change from a steady state, and the general ideas of history dependent or emergent phenomenon.

Look, I didn’t say anything I said would be funny – but the comic is humorous ok!


Christmas cards from economists

Christmas is a time when economists are wheeled out to proclaim the benefits of giving cash. Of course, we’re not really that out of touch as a discipline and The Atlantic has sought to set the record straight. Drawing on the wealth of economists’ writing on gifts and relationships it has created some heart-warming cards that demonstrate our understanding. As it says,

In some cases, non-pecuniary values are important.

Merry Christmas!

H/T: agnitio