A physicist, a chemist and an economist are stranded on an island, with nothing to eat. A can of soup washes ashore. The physicist says, "Lets smash the can open with a rock." The chemist says, "Lets build a fire and heat the can first." The economist says, "Lets assume that we have a can-opener..."Seems like something every student of economics should know, if only because one sometimes hears references to it in economics talks and even in popular culture. And, of course, also because it makes a useful substantive point about economists.
Who was my favorite student this term?
10 months ago