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Principles of economics, translated

by Yoram Bauman • 1,196,847 views

"Mankiw's 10 principles of economics, translated for the uninitiated", by Yoram Bauman, http://www.standupeconomist.com . Presented at the AAAS humor session, February 16, 2007. For the record, the...

Steven Rose Shared on Google+ · 7 months ago
Would you rather be offered a Snickers bar, or the choice of one Snickers bar from a set of two? It might seem like this amounts to the same thing ... if you're not an economist.
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What does it really mean?
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Haha, this is great! I love the humor.
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Just finished listening to his newest material.  Buy his books!  (so I don't have to).  Then, when the supply exceeds demand, I can come in and corner the used Yoram Bauman book market at a discount!
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Best stand-up economist I have ever heard!
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Just met this guy today with my high school economics class and I was impersonating Kool Aid Man's ~"OH YEAAAH!"~ for answers!
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If you haven't seen this, you really ought to give it five minutes...
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My econ professor showed this at the beginning of his 1st lecture. Classic lol
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This was shown at my economics class hahahaha
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Jeff Bigler Shared on Google+ · 1 year ago
It all makes sense now!
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This is the funniest 5 mins of stand up ever
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I could watch this thing over and over again. Good stuff Yoram!lol
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Shudve finished with a song ! A cupla verses and choruses of " the ballad of Merton & scholes " ( to the tune of ' big rock candy mountain '), or mad wee Milt's classic " it'll all come trickling down ". Would've made me laugh !
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Chet Gaines Shared on Google+ · 1 year ago
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Have to admit Professor Dr. Dr. Mankiw is one pretty smart guy; his $325 required textbooks kinda prove it. 
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Joey Dong Shared on Google+ · 1 year ago
#economics  Economic principles for the uninitiated. High brow #humor  
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Joris Claeys Shared on Google+ · 1 year ago
The whole essence of economics embodied in this 5 min presentation!  "Mankiw's 10 principles of economics, translated for the uninitiated", by Yoram Bauman. Presented at the AAAS humor session, February 16, 2007. For the record, the talk contains two unattributed quotes ("9 out of 5" is adapted from a line attributed to Paul Samuelson---although apparently he said it about Wall Street indices, not macroeconomists---and "wrong about things" is paraphrased from P.J. O'Rourke's Eat the Rich) and, of course, the Einstein "simple" quote is an intentional misquote.
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I'm going to think about this lecture every time I eat a snack bar.
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CAN SOMEBODY PLEASE EXPLAIN THE SNICKERS ANALOGY?
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Yorum has a great show, but being an economics major, I might be biased.
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@mrboycom I don't think it's caused by economics. Learning economics won't necessarily make you want to commit suicide. It's human greed that's screwing everything up.
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I didn't laugh once. This is nothing but an exercise in linguistics manipulation to advance his collectivist, anti-capitalism, pro-government ideologies, with a pathetic attempt at humor thrown in.
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@MrSieish lol if u guys really wanna learn something about economics, watch "microeconomics: second period swag"
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@kingkongwong007 lol what you concentrate in? and is it a B.A.?
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@agentmel that is precisely why people's economic rationality is not very used outside microeconomic classes. It would seem naive at least to think that forcing people to make certain choices is a solution. The fact is that people do trade despite being better or worse if they're rightly persuaded; why they do it when they get worse is a much harder question...
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Given how many grammatical and spelling mistakes you have in your comment here, I feel like you do need to go to college...
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54 people are wrong about specific things, and 54 people are wrong about things in general. XD
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Watch "Oh Canada Movie", you'll learn something
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@jaffijoe i don't understand how the government can use legal tender as the new standard of exchange...how is it legal?! and how does fractional reserve banking work?, i've watched videos explaining it, but then came across a comment that was saying "what you just described is illegal and banking doesn't function like that, it's a complicated process where all the countries work together so that when one person deposits $100, the banks get 10 times that!" why must it be so confusing?!
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Queridos estudiantes de Economía, este video del Dr. Yoram Bauman de seguro "les abrirá la cabeza" sobre los famosos "10 Principios de Economía" del amigo Manliw. LOL
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@agentmel that, of course, believing that people do think before the trade... but people don't do that, do they? I mean, buying stuff they don't need? =P
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@LKC9215 And the flaws of the monetary system...
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Watch my video, and see Keynes' quack system refuted at: watch?v=Jiv1-ZvgMnc
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actually in thery choices are bad because they increase the probability bf making a wrongchoice and therefore being unhappay y.
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@kingkongwong007 so is it basically applied statistics and some econ theory cuz im interested in this major lol :\
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@heartlessvietboy We should be chopping down trees with out hands and killing skeletons with swords we make!
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@ballr88 Come to George Mason University, we have them here!
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@kingkongwong007 Learn to dig ditches.
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Absolutely brilliant! Loved the bit about the circular reasoning. One of the VPs at a company I used to work for said "If all the economists were laid end-to-end, that would be a GOOD thing!". Thanks for posting the vid!!
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All of the profound economic comments posted.... No one seems to be stopping to point out that this guy is absolutely hilarious. That was TV worthy.
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He's explaining that when people face trade-offs there is an opportunity cost to the choice, If you value a snickers bar for 1 dollar and there is no other option, there is no other opportunity cost. But if you have to choose between a M&Ms and a snickers, but you value the M&Ms for 70 cents, the difference between the two is 30 cents (The opportunity cost of choosing M&Ms over the Snickers)
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Opportunity cost is what you give up to get something. If someone offers you a snickers (valued at $1) and you take it, you haven't given up something else to get it. However, if he offers you a choice between 2 identical snickers, you have to give up 1 of those snickers. So basically, you have to give up a snickers bar to get a snickers bar. Therefore your net profit is zero.
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the einstein quote really is - "make everything as simple as possible, BUT not simpler" not "IF not simpler" which means something wholly different
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i wud like my profs. to be like that XD lol..and easy to understand
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We watched this today as kind of a supplemental little tidbit to Naked Economics, and I was dying I couldn't stop laughing.
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I wish it were this simple in my AP Econ class.
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@MooseOfReason probably most of them.....its tough to really understand the height of the humor without understanding the principles
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Some community of economic is forcing people to believe in their way, They shouldn't cross mental boundaries. Principle of economic is just limit in materialism making people self-fish by their idea.
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hilarious. though for those of you who haven't taken economics; the snickers joke is not actually how opportunity costs work.
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New book on Kindle "Your Life is a Business" talks about this.
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Krugman, real brain? What planet do you do you live on?
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Is this canned laughter? I would not be able to take this lecturer seriously. given this, I would have to make efforts to draw gain from this material.
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@zwiespaltu2 I don't know where you got the idea that "economics is not generally taught at the high school level" in the US. I'm from the US. I took econ in HS. Mankiw's principles are just that: guiding principles meant to help the uninitiated. Basing your argument that "economics is stupid" on a school of economic thought is ridiculous. If you haven't read work by Keynes, Friedman, Smith, Marx, and Ricardo, then you have no basis for discourse on modern economic thought.
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@TheSpiritOfTheTimes So in your mind, truth = worhtless. Maybe you should hang out with some macroeconomists.
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The Poushal, they laugh at the Einstein quote probably because the original quote is: "Everything should be made as simple as possible, BUT NOT simpler" :)
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my professor showed this to us and i wanted to stab myself in the eyes.
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Another reason to love this subject. xD
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@anryth yea it almost seamed like he was exaggerating for the sake of humour. weird.
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OMG — those principles a kindergardener could understand, seriously.
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i have seen mankins economic principals at work in a casino. haha
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why did he uploads fake laughs over this video?
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Err, nope. Basic economics tends to begin by completely ignoring the complex issue of money.
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@ballr88 you would hear people giggling in the exams probably..lol
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After I attended AEA meeting, I check this video again. It is always cool!
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No it's not. It is just an equation really. [A county's standard of living](x) [depends on](=) [ability to produce goods and services](y).
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what the hell people are laughing?
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Economics is no laughing matter' it devastates peoples lives everyday leading suicide and degrading situations' a Phd doesnt mean jack' unless you know the whole game related to technological evolution' and know actually how to read the good book' people arent stupid they just dont know how to explain whats happening to them' but they still know' from experience and feel embarrassed that they are not successful' capitalism is evil' but what does it mean to capitalize?
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… Babbling Rubbish. … Intelligent commentators should start by defining “Economics”, which must be “the Science of Fulfilling Consumer Desires Efficiently”. … That would indicate that primitive Market Capitalism and Socialistic Slavery are NOT economic systems and should be excluded. … Start your economic education by reviewing “The Revolutionary ConsumerCard Article”, then "The Great Pyramid, Why Was It Built".
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not very accurate at all but still enjoyable to watch
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our microeconomics teacher told us to search this video....surely because he saw how desperate we were :D :D greeting from czech republic :D...even in europe we are taught from Mankiw :D
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@zxcv73 i disagree in that economics is a social science. among other things, it deals with benefit and cost analysis which can be applied in almost every field of study, if not all. we can study how certain behaviors and actions affect the productive and social well-being of a society. economics isn't restricted to retail, tax dollars, and inflation. i feel that depending on your definition of morality, economics or science can study and answer those questions.
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hahah...my economics teacher just emailed this to me..lol..to take a break from cramming for out test..lol
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I'd like to see how you express your opinion in Italian bro.
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Blah Blah Blah- I actually said that phrase during one of my macroeconomics lectures. Unfortunately, my professor didn't view your video Bauman. She would have learned that blah blah blah is a useful explanation for macro lol.
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