Macroeconomics

Last few days have been hectic since I had to make Case presentations in Economics & Finance ( Hurrah , I am finally thru with my presentations for all subjects ! ). The Finance case was on Risk Analysis in Capital Budgeting ( Is there a topic which can be more dry than that ? ) .

My Macroeconomic case was on the " Impact of ICT (Information & Communications Technology) on Macroeconomics" . To start with I reverse my opinion (Contrary to my earlier post where I found Microeconomics to be too Abstract) on Economics. Macroeconomics is one the most interesting subjects you can ever read. As I dug more into the effects of ICT on Inflation,Unemployment,Productivity & GDP , the more I understood the economy of Nations ( And the more my respect for Alan Greenspan grew ! ). My prescribed text book in Economics ( By Gregory Mankiw) is an excellent book . (Although I keep wondering how an economics book would look if written by a communist ! ).

To end with, found some nice jokes on Economics & Economists on the web :

1. Economics is the painful elaboration of the obvious.

2. Someone told me recently about an architect, a surgeon, and economist. The surgeon said, 'Look, we're the most important. God's a surgeon because the very first thing God did was to extract Eve from Adam's rib.' Th e architect said, 'No, wait a minute, God is an architect. God made the world in seven days out of chaos.' The economist smiled, 'And who made the chaos?'

3. If you laid all the economist end to end, they would never reach a conclusion.

4. Economists have forecasted 9 out of the last 5 recessions.

5. Someone once said about partisan analysts that they use economic data the way a drunkard uses a lamppost: for support rather than illumination. Or as Disraeli put it, there are three kinds of lies: lies, damn lies, and statistics. -Paul Krugman