Thursday, September 13, 2007

Some Economic Concepts Interpreted

Thursday, September 13, 2007

As an Economics major, I studied these concepts in college not knowing then that they can be put to non-academic use:

  • Opportunity costs. We cannot but make sacrifices in life.
  • Indifference curves. Yes, they both yield the same level of satisfaction but you’ve got to choose, man. You can’t keep them both.
  • The law of diminishing marginal utility. Some good things never last. We eventually arrive at that point where we say, I have had enough!
  • External diseconomies. We sometimes do small, harmless things - not thinking that they have BIG and damaging consequences.
  • Adaptive expectations. “..She sighed the sigh of someone used to having her constantly lowered expectations disappointed...”
  • Nash equilibrium. The point where couples say, “do what you want. I’ll do what I want. To hell with everything and everybody else."
  • Elasticity of demand. How responsive are we to the changes occurring around us? How sensitive are we to the needs of our significant others?
  • Game theory. Once you decide to enter into a relationship with someone, you have entered the realm of game theory.
  • Economic surplus. Receiving more than what you give.

13 comments:

Daddo said...

I was an economics major too and this is the only economic concept I know that can be applied to non-academic use.

Voodoo Economics: You are the geekest person I know and I love you even more than ever.

Angeli said...

You're from UP Baguio too?

Daddo said...

Pareto Principle: I was expecting a 20% derision and 80% haha funny response. ;)

Is that the school on a hill with a naked man in front?

Angeli said...

haha. okay, here it goes, then: voodoo economics is "based on highly improbable suppositions." so me being the geekest person you know and loving me more than ever is something that is extremely implausible or unrealistic?

Daddo said...

Ouch!
"Love means never having to say you're sorry."
- Oliver Barrett IV from Love Story 1970

Did I tell you are very, very, very attractive and I love you even more?

Angeli said...

hahaha.. i read erich segal's book then watched the movie after. did you know that in the movie ms. mcgraw (jenny) mispronounced the title of the music piece by Bach (if i remember right) when she was about to die and making her huling habilin to oliver?

Daddo said...

I did not know that.
All I know is I didn't mean to get you mad. ;)

Angeli said...

not mad, just puzzled. how can you say that you love a person you haven't even met?

Daddo said...

The first time love was mentioned, it was meant to translate an economic concept. The second time is to tell you that it is not improbable, implausible and unrealistic to love the geekest person I know. Clear as mud?

Angeli said...

yup.. mud ain't clear though.. :)

Daddo said...

Whew! ;)

Angeli said...

you are one intriguing person..

Daddo said...

I have something good going here. Better not blink.

 
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