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Assume A Can Opener
"Assume a can opener" is a catchphrase used to mock economists and other theorists who base their conclusions on unjustified or oversimplified assumptions. The phrase derives from a joke which dates to at least 1970 and possibly originated with British economists. The first book mentioning it is likely ''Economics as a Science'' (1970) by Kenneth E. Boulding: There is a story that has been going around about a physicist, a chemist, and an economist who were stranded on a desert island with no implements and a can of food. The physicist and the chemist each devised an ingenious mechanism for getting the can open; the economist merely said, "Assume we have a can opener"! The phrase was popularized in a 1981 book and has become sufficiently well known that many writers on economic topics use it as a catchphrase without further explanation. Examples of usage The joke and its application to economists were taken up in the 1981 book ''Paper Money'' by George Goodman (under the pseudon ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Catchphrase
A catchphrase (alternatively spelled catch phrase) is a phrase or expression recognized by its repeated utterance. Such phrases often originate in popular culture Popular culture (also called mass culture or pop culture) is generally recognized by members of a society as a set of practices, beliefs, artistic output (also known as, popular art or mass art) and objects that are dominant or prevalent in ... and in the arts, and typically spread through word of mouth and a variety of mass media (such as films, internet, literature and publishing, television, and radio). Some become the de facto or literal "trademark" or "signature" of the person or character with whom they originated, and can be instrumental in the typecasting of a particular actor. Catchphrases are often humorous, but are never long enough or structured enough to be jokes in themselves. However, a catchphrase can be (or become) the punchline of a joke, or a reminder of a previous joke. Culture According to ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economist
An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are many sub-fields, ranging from the broad philosophical theories to the focused study of minutiae within specific markets, macroeconomic analysis, microeconomic analysis or financial statement analysis, involving analytical methods and tools such as econometrics, statistics, economics computational models, financial economics, mathematical finance and mathematical economics. Professions Economists work in many fields including academia, government and in the private sector, where they may also "study data and statistics in order to spot trends in economic activity, economic confidence levels, and consumer attitudes. They assess this information using advanced methods in statistical analysis, mathematics, computer programming n ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Kenneth E
Kenneth is an English given name and surname. The name is an Anglicised form of two entirely different Gaelic personal names: ''Cainnech'' and '' Cináed''. The modern Gaelic form of ''Cainnech'' is ''Coinneach''; the name was derived from a byname meaning "handsome", "comely". A short form of ''Kenneth'' is '' Ken''. Etymology The second part of the name ''Cinaed'' is derived either from the Celtic ''*aidhu'', meaning "fire", or else Brittonic ''jʉ:ð'' meaning "lord". People :''(see also Ken (name) and Kenny)'' Places In the United States: * Kenneth, Indiana * Kenneth, Minnesota * Kenneth City, Florida In Scotland: * Inch Kenneth, an island off the west coast of the Isle of Mull Other * "What's the Frequency, Kenneth? "What's the Frequency, Kenneth?" is a song by American alternative rock band R.E.M. from their ninth studio album, ''Monster'' (1994). The song's title refers to an incident in New York City in 1986, when two then-unknown assailants att ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
George Goodman
George Jerome Waldo Goodman (August 10, 1930 – January 3, 2014) was an American author and economics broadcast commentator, best known by his pseudonym Adam Smith (which was assigned by Clay Felker at ''New York'' magazine in order to keep his published articles about Wall Street anonymous). He also wrote fiction under the name "George Goodman". Background, education, and career Goodman was born in St. Louis, Missouri, the son of Alexander Mark Goodman and Viona Cremer Goodman. He attended Harvard College, graduating ''magna cum laude'', and served as an editor of ''The Harvard Crimson''. Goodman won a Rhodes Scholarship to Brasenose College, Oxford, where he read for the B. Litt. His first novel, ''The Bubble Makers'', published simultaneously in the UK and the United States, was written during this period. In 1954, before the Special Forces became the Green Berets, he joined the US Army Special Forces in the Intelligence group known as Psywar (psychological warfare). In 1 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Pseudonym
A pseudonym (; ) or alias () is a fictitious name that a person or group assumes for a particular purpose, which differs from their original or true name (orthonym). This also differs from a new name that entirely or legally replaces an individual's own. Many pseudonym holders use pseudonyms because they wish to remain Anonymity, anonymous, but anonymity is difficult to achieve and often fraught with legal issues. Scope Pseudonyms include stage names, User (computing), user names, ring names, pen names, aliases, superhero or villain identities and code names, gamer identifications, and regnal names of emperors, popes, and other monarchs. In some cases, it may also include nicknames. Historically, they have sometimes taken the form of anagrams, Graecisms, and Latinisation (literature), Latinisations. Pseudonyms should not be confused with new names that replace old ones and become the individual's full-time name. Pseudonyms are "part-time" names, used only in certain contexts – ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Adam Smith
Adam Smith (baptized 1723 – 17 July 1790) was a Scottish economist and philosopher who was a pioneer in the thinking of political economy and key figure during the Scottish Enlightenment. Seen by some as "The Father of Economics"——— or "The Father of Capitalism",———— he wrote two classic works, '' The Theory of Moral Sentiments'' (1759) and ''An Inquiry into the Nature and Causes of the Wealth of Nations'' (1776). The latter, often abbreviated as ''The Wealth of Nations'', is considered his '' magnum opus'' and the first modern work that treats economics as a comprehensive system and as an academic discipline. Smith refuses to explain the distribution of wealth and power in terms of God’s will and instead appeals to natural, political, social, economic and technological factors and the interactions between them. Among other economic theories, the work introduced Smith's idea of absolute advantage. Smith studied social philosophy at the University of Gl ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Inflation
In economics, inflation is an increase in the general price level of goods and services in an economy. When the general price level rises, each unit of currency buys fewer goods and services; consequently, inflation corresponds to a reduction in the purchasing power of money. The opposite of inflation is deflation, a sustained decrease in the general price level of goods and services. The common measure of inflation is the inflation rate, the annualized percentage change in a general price index. As prices do not all increase at the same rate, the consumer price index (CPI) is often used for this purpose. The employment cost index is also used for wages in the United States. Most economists agree that high levels of inflation as well as hyperinflation—which have severely disruptive effects on the real economy—are caused by persistent excessive growth in the money supply. Views on low to moderate rates of inflation are more varied. Low or moderate inflation may be a ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Model
In economics, a model is a theoretical construct representing economic processes by a set of variables and a set of logical and/or quantitative relationships between them. The economic model is a simplified, often mathematical, framework designed to illustrate complex processes. Frequently, economic models posit structural parameters. A model may have various exogenous variables, and those variables may change to create various responses by economic variables. Methodological uses of models include investigation, theorizing, and fitting theories to the world. Overview In general terms, economic models have two functions: first as a simplification of and abstraction from observed data, and second as a means of selection of data based on a paradigm of econometric study. ''Simplification'' is particularly important for economics given the enormous complexity of economic processes. This complexity can be attributed to the diversity of factors that determine economic activit ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tommaso Padoa-Schioppa
Tommaso Padoa-Schioppa, OMRI (; 23 July 1940 – 18 December 2010) was an Italian banker and economist who served as Italy's Minister of Economy and Finance from 2006 to 2008. He previously served as a member of the Executive Board of the European Central Bank from 1998 to 2005. Padoa-Schioppa is considered as a founding father of the European single currency. He was a former member of the Steering Committee of the Bilderberg Group. Biography He was born in the mountain town of Belluno in north-eastern Italy. Both his parents were intellectuals. His father, Fabio (1911–2012), whom he did not meet until after the war in 1945, was a teacher and later became a senior executive at the insurance company Assicurazioni Generali. He graduated from Bocconi University (Milan) in 1966 and received a master's degree from the Massachusetts Institute of Technology in 1970. After his first job in Germany with the retailer C&A Brenninkmeijer, he joined the Bank of Italy in 1968, eventually ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Treasurer Of Australia
The Treasurer of Australia (or Federal Treasurer) is a high ranking official and senior minister of the Crown in the Government of Australia who is the head of the Ministry of the Treasury which is responsible for government expenditure and for collecting revenue. The Treasurer plays a key role in the economic policy of the government. The current Australian Treasurer is Jim Chalmers whose term began on 23 May 2022. The Treasurer implements ministerial powers through the Department of the Treasury and a range of other government agencies. According to constitutional convention, the Treasurer is always a member of the Parliament of Australia with a seat in the House of Representatives. The office is generally seen as equivalent to the Chancellor of the Exchequer in the United Kingdom or the Secretary of the Treasury in the United States or, in some other countries, the finance minister. It is one of only four ministerial positions (along with Prime Minister, Minister fo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Greenhouse Gas
A greenhouse gas (GHG or GhG) is a gas that absorbs and emits radiant energy within the thermal infrared range, causing the greenhouse effect. The primary greenhouse gases in Earth's atmosphere are water vapor (), carbon dioxide (), methane (), nitrous oxide (), and ozone (). Without greenhouse gases, the average temperature of Earth's surface would be about , rather than the present average of . The atmospheres of Venus, Mars and Titan also contain greenhouse gases. Human activities since the beginning of the Industrial Revolution (around 1750) have increased the atmospheric concentration of carbon dioxide by over 50%, from 280 ppm in 1750 to 421 ppm in 2022. The last time the atmospheric concentration of carbon dioxide was this high was over 3 million years ago. This increase has occurred despite the absorption of more than half of the emissions by various natural carbon sinks in the carbon cycle. At current greenhouse gas emission rates, temperatures co ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
