Thomas Robert Malthus and John Stuart Mill inspired Thomas Carlyle to coin the sobriquet “the dismal science” for economics. This nickname has stuck, in part because economists often seem overly serious. But dismal scientists and others interested in the dismal science have created some economic humor. Unlearning Economics tweeted today a link to this wonderful cartoon about the fact that a large enough Keynesian multiplier would mean that make-work tasks could be a good thing if the economy was in a bad recession and there was no better way to stimulate the economy.
Kevin McDonald replies to the tweet by recommending the video “Fear the Boom and Bust” a Hayek vs. Keynes Rap Anthem.” This is a very funny video about two very famous, but unfortunately very dead economists, Friedrich Hayek and John Maynard Keynes (the economist Keynesian economics is named after—there is a debate about whether Keynesian economics accurately represents his thinking). There is also a very funny sequel to this video: “Fight of the Century: Keynes vs. Hayek Round Two.”
I have put a date in this post’s title hoping that more economic humor worth sharing will come my way in the future. Please let me know about any economic humor that tackles your funny bone in the comments.