While Adam Smith and John Maynard Keynes probably both loved a good chuckle, you have to wonder how good they were at cracking wise on the economic news of the day.
It's not a leap to say that economists have not generally garnered a reputation for their humor.
Until now.
You see, we at AWB are frequently treated to talented presentations and speeches by business leaders and policymakers, almost always on deeply serious subjects. Workers' comp. Budget deficits. Unemployment insurance. Back in March, the state's chief economist, Dr. Arun Raha, managed to put a smile on our session-weary faces with several well-timed jokes at an AWB Lobby Lunch.In addition to being a very skilled economist, he apparently could deliver a good punchline.
The News Tribune's Joe Turner also picked up on the Raha effect in a recent post ("The state's chief comedian also a two-handed economist, or vice-versa.") So when Raha had the Policy Summit attendees in stitches, we knew we were onto something.
Behold, the Raha-has: A collection of our favorite witticisms, self-deprecating zingers and bon mots Raha shared with attendees during his presentation at the Policy Summit:
- On his outlook: “You’ve heard Michael [Parks] and how he’s optimistic about the future: So am I. But my optimism is tinged with caution, because my job is to rain on the parade just when it gets going.”
- On economists: "Do you know what George Bernard Shaw said about economists? He said if you laid all economists end to end, there would be no conclusion, and I paraphrase!"
- On the home lending scandals: "And then of course, we had bad underwriting. We gave money to people...who, well, just had a pulse."
- On his pinpointing the exact date of the end of the recession: “If it isn't August 2009, remember — my name is Steve.”
- On determining the rate of increase in the GDP: "In our back room, we have a monkey with a dart board, and he got three [percent], so I had to stick with that. I personally wanted to make it 3.5 or 3.7, but you know personal opinion counts for nothing in that office. The monkeys rule."
- On the release of Microsoft's new Windows 7 operating system later this year: “This is the year to buy a PC with Windows on it. Not only will your computer be better, but we’ll also get some revenue from it.”
- On the question of whether Americans’ new frugality is here to stay, or just a temporary symptom of the recession: “Don’t underestimate the power of Madison Avenue to take your money away.”
- On the influence of TVW: “When I came before you in may, I said the recession will be over in the third quarter. On the fourth of September, at a public meeting, I said, ‘Well, the recession’s over.’ Then, a week later, Ben Bernanke —you know the guy who runs the Fed —he said, ‘Looks like the recession’s over.’ I didn’t know he watched TVW, but I’m glad he does.”
In all seriousness, watch Dr. Raha's full presentation, along with Michael Parks, at the Policy Summit via TVW below:
