Economists Obsession with Efficiency
There were three people playing golf; a priest, a psychoanalyst, and an economist. The got very upset because the guy in front was playing extremely slowly and he had a caddy to help him. So these guys get very upset and they start to shout and say “Come on, can we play through please! You can’t waste all of our afternoon!” They sent the priest up to find out what was going on and he came back absolutely crestfallen and said “You know why that poor guy is laying so slowly? It’s because he’s blind. I’m so upset because every Sunday I’m preaching to people to be nice to others.” He turns to his psychoanalyst friend and say’s “Joe, what do you think?” Joe says “I have these guys on my coach every week. I’m trying to help them live with this problem and here I am screaming at this guy. It’s horrible!” Then they turn to the economist and say “Fred, what do you think?” Fred says “I think that this situation is totally inefficient. This guy should play at night!” As you can see, this is a very different attitude to how the world works.