Wednesday, September 29, 2010

Assume nothing

One day in microeconomics, the professor was writing up the typical "underlying assumptions" in preparation to explain a new model.

Steve turned to his friend, Mike, and asked, "What would Economics be without assumptions?"

Mike thought for a moment, then replied, "Accounting."

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T-shirts for accountants

Perhaps the original here was the T-shirt that offered a definition of an accountant: "Someone who does precision guesswork, based on u...