An understanding of economics is increasingly important in the 21st century's globalized world. -- Yoram Bauman (Ph.D., Economics, University of Washington) has taken it upon himself to explain the ten principles of economics (according to Gregory Mankiw, formerly chairman of the President's Council of Economic Advisers, and author of Principles of Economics, 4th ed. [Southwestern College Publishers, 2006; orig. ed. 1998], which has sold more than one million copies). -- His explanatory talk has been watched 183,912 times on YouTube as of Jun. 10, 2007; it also appears on Bauman's web site, a link to which is provided below....
MANKIW'S 10 PRINCIPLES OF ECONOMICS, TRANSLATED FOR THE UNINITIATED
By Yoram Bauman
American Association for the Advancement of Science
February 16, 2007
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.
The talk is based on a published article in Annals of Improbable Research, which sponsored my talk and to which you should subscribe (http://improb.com/subscribe/). In the paper you can see the "constructive example" of how trade can make everyone worse off (or you can just wait fifty years to see what happens with climate change).
More info and other clips on my website, and please sign up for my email list. (No spam I promise.)