Share on Facebook Share on Twitter Share on Reddit + - How many economists can change a light bulb? By Houses and Holes in Economicsat 10:09 am on July 27, 2011 | 21 comments I don’t know. But perhaps the Australian Economic Society’s survey of 500 economists can answer the question. Survey results below: Share on Facebook Share on Twitter Share on Reddit + - YOU MAY ALSO BE INTERESTED INShane Oliver on the rise of the Millennial leftVia Shane Oliver comes a nice piece on the riseJacob Greber kidnapped by aliens!We are sorry to report that the AFR's USHere's a Black Swan for ya: Trump does MMTThe Economist tackles MMT today: ThatEl-Erian nails MMTVia Bloomie comes Mohamed A. El-Erian on Comments L July 27, 2011 at 10:56 am It’s good to see that the views on the abolition of the FHBG are broadly consistent (Agree: 32.5%, Strongly Agree: 40.4%). As for the number of economists required to change a lightbulb, from my highschool days I recall the answer to that question to be two. One to assume the existence of the ladder and one to change the bulb. Marcia July 27, 2011 at 11:26 am None. The existence of darkness will cause the lightbulb to change on its own. Mav July 27, 2011 at 11:07 am I am interested in the 8 people who never studied beyond high school and still call themselves economists !! . Also, pity that question about educational qualification didn’t include a category for half-PhDs 🙂 Stavros July 27, 2011 at 12:06 pm Paul Keating didnt finish high school…was voted best Treasurer in the world in 1988 I think Jason July 27, 2011 at 1:17 pm You mean “best advised” Treasurer in the world, surely? SteveB July 27, 2011 at 6:23 pm The ability to know your limitations, seek out good advice and then act decisively on it is underrated. 3d1k July 27, 2011 at 11:10 am How many to change a lightbulb. Mmmmmm – around 577 if this survey is anything to go by. A few questions there seems broad agreement but in general hopelessly divided – my guess is they couldn’t agree how and by whom. 3d1k July 27, 2011 at 11:11 am Meant to add this link: http://blogs.reuters.com/great-debate/2011/07/26/a-great-divide-holds-back-the-relevance-of-economists/ Lori July 28, 2011 at 9:19 am I am sorry 3d1k, but this statement from the site (http://blogs.reuters.com/great-debate/2011/07/26/a-great-divide-holds-back-the-relevance-of-economists/)is totally wrong :”The failure of academic economists to predict the crisis shows just how costly such insularity and arrogance can be.” The problem is in the business and political elite, which is raised through the corporations’ financial support. If you read the right academics you would know they have warn the world what is coming. No one listened to them, because everyone was too busy to make money on a bubbling market. david July 27, 2011 at 12:10 pm How many economists does it take…? That depends on whether darkness is a state of market equilibrium and whether an artificially induced increase in the supply of light (interfering with the market by adding a new bulb) would cause light inflation – that is, the economy would become too bright. Since the velocity of light is assumed to be fixed in this economy, all other things being equal, an addition of light bulbs will cause overheating, and, ultimately, in the absence of measures by authorities to absorb light, meltdown in the light accounts. Prudent managers will look to the past – to the dark ages – when no meltdowns were ever recorded. The Prince July 27, 2011 at 12:12 pm On the other hand… david July 27, 2011 at 12:31 pm 🙂 On the other hand… Every economist knows these things are best left to the invisible hand. The_Mainlander July 27, 2011 at 12:15 pm Wow how skewed is the Gender with Economists – that is dire! +80% Male. TM. romish July 27, 2011 at 12:36 pm What was I thinking when I did my economics degree. Should of been one of the smart guys who did Science etc to have more females around. Less then 10% females in my lectures. Maybe that was good, maybe I learnt something without the distractions. Miss the old days of macro 101. Our professor’s first words to us innocent bright eyed pupils “economists rule the world, with their friends the lawyers”. how true that is, even more so today I would say. Micheal July 27, 2011 at 12:54 pm How many does it take? Depends if you can deregulated a light bulb john cage July 27, 2011 at 2:34 pm yeah, invisible hand will replace the bulb Jake July 27, 2011 at 2:49 pm I can’t tell you how many until you let me know what the consensus is so that my estimate is not too far away from that number. Miss P July 27, 2011 at 7:34 pm Spending the last 2 hours with 100 future economists, I’m not sure they’ll be able to even change their underpants tomorrow… 3d1k July 27, 2011 at 9:25 pm lol! Alex Heyworth July 27, 2011 at 8:24 pm How many economists does it take to change a light bulb? On the one hand … On a more serious note, the questions leave something to be desired. “There would be less unemployment if the minimum wage was lowered.” By how much? I don’t think a one cent an hour reduction would have much impact. Ten dollars an hour? You bet it would. PeterJB July 27, 2011 at 9:40 pm … change a what? Economic’s fundamentals are founded in opinion; not consensual opinion but individual opinion and as such, this allows the trump card of the totally corrupted Banking System. No conspiracy, as they are not intelligent enough – just stupidity and incompetence.