Nihil Obstat Posted October 30, 2009 Share Posted October 30, 2009 (edited) Background: This is an introductory microeconomics class, and we're studying how tax rates affect market equilibrium. The very basic points are these: -taxes distort the market equilibrium -within the model, consumer surplus is lower, producer surplus is lower, and government revenue takes most of the place -some money actually leaves the market because of the distortion in the form of deadweight [img]http://www.economypedia.com/wiki/images/thumb/5/5e/Deadweight-loss.jpg/450px-Deadweight-loss.jpg[/img] -deadweight is higher in an elastic market, and lower in an inelastic market. -groceries are considered inelastic, fancy restaurants are considered elastic. Professor: So if you wanted to pick a good or service to tax based on the least amount of deadweight loss, which makes more sense to pick? Now keep in mind, this student actually put up his hand to volunteer an answer. Student: Well the government needs to tax us so that they can like, you know, fix the economy and give us healthcare and stuff. Professor: .......... FACEPALM We've been going over this model for a half hour now. Seriously, how can you not know what we're talking about?? BUT IT GETS BETTER. Somehow the professor managed to make him understand that our model is assuming that a tax is going to be applied.... sort of inherent in the question, right? Here's his new brilliant answer: Oh, but before I show you his brilliant answer, remember that deadweight loss is money that is GONE. It's out of the market. Period. He says: well shouldn't we pick luxury restaurants since we can create the most deadweight loss? IS THAT A FACEPALM OR A HEADDESK??? This wasn't a slacker who doesn't show up and doesn't care. This was some keener kid that thought he had all the answers. That just makes it worse. Remember, in a few years this brilliant young man will have a degree. Soon enough he'll have a position of authority. Gross. Edited October 30, 2009 by Nihil Obstat Link to comment Share on other sites More sharing options...
aalpha1989 Posted October 30, 2009 Share Posted October 30, 2009 [quote name='Nihil Obstat' date='30 October 2009 - 02:20 PM' timestamp='1256926824' post='1993967'] This wasn't a slacker who doesn't show up and doesn't care. This was some keener kid that thought he had all the answers. That just makes it worse. Remember, in a few years this brilliant young man will have a degree. Soon enough he'll have a position of authority. Gross. [/quote] Degrees are overrated ways of showing off knowledge you haven't retained and don't need to make a living. It's basically just to earn the respect of men. I hate how necessary they have become. I also hate gen-ed requirements... *sigh*. Link to comment Share on other sites More sharing options...
InHisLove726 Posted October 30, 2009 Share Posted October 30, 2009 (edited) Edited October 30, 2009 by InHisLove726 Link to comment Share on other sites More sharing options...
Aloysius Posted October 30, 2009 Share Posted October 30, 2009 sounds like this person belongs as an education major. Link to comment Share on other sites More sharing options...
mommas_boy Posted October 30, 2009 Share Posted October 30, 2009 Link to comment Share on other sites More sharing options...
mommas_boy Posted October 30, 2009 Share Posted October 30, 2009 [quote name='Aloysius' date='30 October 2009 - 02:33 PM' timestamp='1256927620' post='1993980'] sounds like this person belongs as an education major. [/quote] Hey! It's so true! Link to comment Share on other sites More sharing options...
CatherineM Posted October 30, 2009 Share Posted October 30, 2009 I hated Ag economics and business calculus. Thanks for reminding me why. Link to comment Share on other sites More sharing options...
TempleofVesarius Posted October 30, 2009 Share Posted October 30, 2009 [quote name='aalpha1989' date='30 October 2009 - 03:26 PM' timestamp='1256927211' post='1993974'] Degrees are overrated ways of showing off knowledge you haven't retained and don't need to make a living. It's basically just to earn the respect of men. I hate how necessary they have become. I also hate gen-ed requirements... *sigh*. [/quote] A degree doesn't mean you know anything, it just means that you were able to drone through monotonous and sometimes meaningless tasks for an extended period of time and be a good student(read [i]employee[/i]). Our education system isn't designed to produce intelligent thinking individuals, its meant to produce [i]workers[/i]. Link to comment Share on other sites More sharing options...
Arpy Posted October 30, 2009 Share Posted October 30, 2009 Our society smells of elderberries. Link to comment Share on other sites More sharing options...
Marie-Therese Posted October 30, 2009 Share Posted October 30, 2009 That is beyond headdesk. That is where you pick up the desk and throw it out the window. Link to comment Share on other sites More sharing options...
Thy Geekdom Come Posted October 30, 2009 Share Posted October 30, 2009 [quote name='aalpha1989' date='30 October 2009 - 02:26 PM' timestamp='1256927211' post='1993974'] Degrees are overrated ways of showing off knowledge you haven't retained and don't need to make a living. It's basically just to earn the respect of men. I hate how necessary they have become. I also hate gen-ed requirements... *sigh*. [/quote] Actually, in many ways, I agree with this statement. Obviously there are some fields that have a real and legitimate needs for degrees, but the fact is that most of the people in college right now are going to go into fields or at least levels within their fields that do not truly require degrees. Anyone who gets a degree and then doesn't get a job in that field...worthless degree. Anyone who gets a degree in, say, culinary sciences and then goes to get a job cooking at Applebee's...worthless degree. Anyone who gets a degree in business and then goes to work middle management for a telephone company...worthless degree. My older brother has a degree in history and journalism and is a thesis away from his masters in history. He works as a customer relations rep for Marriott Hotels. Worthless degree. That, of course, doesn't apply for liberal arts degrees, which are sought not only for practical and job-related reasons, but for humanist reasons and trying to be more complete persons. Link to comment Share on other sites More sharing options...
Era Might Posted October 30, 2009 Share Posted October 30, 2009 [quote name='Raphael' date='30 October 2009 - 06:40 PM' timestamp='1256942408' post='1994111']That, of course, doesn't apply for liberal arts degrees, which are sought not only for practical and job-related reasons, but for humanist reasons and trying to be more complete persons. [/quote] As a person seeking a degree in a liberal arts subject, I can attest that nothing kills humanity and personality like the modern university. Link to comment Share on other sites More sharing options...
morostheos Posted October 31, 2009 Share Posted October 31, 2009 [quote name='aalpha1989' date='30 October 2009 - 02:26 PM' timestamp='1256927211' post='1993974'] Degrees are overrated ways of showing off knowledge you haven't retained and don't need to make a living. It's basically just to earn the respect of men. I hate how necessary they have become. I also hate gen-ed requirements... *sigh*. [/quote] I know I'm in the minority, but I use things I learned for my degree on a daily basis for my job - specific things, not general ones. So it can happen... Link to comment Share on other sites More sharing options...
Totus Tuus Posted October 31, 2009 Share Posted October 31, 2009 Ha! I am a Latin major, and every time I see the title of this thread I think it's a Latin word until I do a double-take. Sorry, return to your regularly scheduled programming now. Link to comment Share on other sites More sharing options...
CatherineM Posted October 31, 2009 Share Posted October 31, 2009 I use my degrees every day as well. Link to comment Share on other sites More sharing options...
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