Allocative efficiency, deflation, quantitive easing, backward induction, the propensity to consume and diminishing marginal utility are just a few economic terms I do not understand. The actual list is way longer. I like the idea of economics more than I like economics. Let me give you an example. In undergraduate school, I toyed with changing my major to what Scottish philosopher Thomas Carlyle called the Dismal Science (I also toyed with Katherine Linithcum, but we don’t have time for that now). When a professor breezily took me through the maths requirement for a degree, the effort got scuppered. Wisely, I focused my considerable intellectual firepower on Katherine Linithcum, a far more approachable subject. There’s one technical term I do understand and you will too. Here we go.
© 2024 John Oliver
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