Economics joke
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I just came across this Economics joke, which can be used to explain some key concepts in economics:
A traveler wandering on an island inhabited entirely by cannibals comes upon a butcher shop. This shop specialized in human brains differentiated according to source. The sign in the shop read:
Artists’ Brains $9/lb
Philosophers’ Brains $12/lb
Scientists’ Brains $15/lb
Economists’ Brains $19/lb
Upon reading the sign, the traveler noted, “My, those economists’ brains must be popular!” To which the butcher replied, “Are you kidding! Do you have any idea how many economists you have to kill to get a pound of brains?!”
This joke echoes the Paradox of Value. (How can essentials like water be so cheap while baubles like diamonds are so costly? A basic question about price determination.)
Or more simply it gets pupils to think that a high price does not necessarily mean there is high demand for something, that is the cost of production could be too high too.
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