Despite rumors to the contrary, economists have long had a sense of humor. In 1849, Thomas Carlyle called economics “the dismal science” to mock economists for opposing slavery. The phrase lost its pro-slavery origins and came to mock economists’ miserable focus on scarcity and trade-offs. 

Frédéric Bastiat wrote the Candlemakers’ Petition (1845) as a satire where candlemakers ask the government to block sunlight to help them sell more candles. The essay highlights how protectionism harms consumers by favoring producers at their expense. 

John Maynard Keynes was not only a famous economist but also known for his sharp wit. Keynes joked, “In the long run we are all dead,” criticizing too little focus on the here and now. He also said, “If you owe your bank a hundred pounds, you have a problem; if you owe a million, it has.” To Keynes’ first quip, Murray Rothbard responded: “Keynes is dead and we are in the long run.”  

Michael Munger argues that economist jokes serve three purposes: to be funny, to illustrate economic concepts, and to mock economists themselves.  

Two economists see a Ferrari. One says, “I really want one of those.” The other replies, “Apparently, you don’t.” Non-economists often don’t get it, but the point is: If you haven’t bought it, you don’t really want it.  

Behavior economists often tend to value only observable data and are wary of self-reported data. Mocking this idea is the joke: two behavioral economists are romantic partners in a hotel room. “Darling,” says one, “I observed that that was wonderful for you. How was it for me?”  

An economist and a friend are walking along the street. The friend spots a $100 bill on the sidewalk. The economist responds, “That can’t happen; someone would have picked it up.” The friend pockets the $100, and the economist excitedly responds: “See, I told you no $100 bills anywhere in sight.” The joke is that economists focus on equilibrium situations where people have already taken advantage of profit-making opportunities.  

Though economists often agree on many things, there is much disagreement, as evidenced by the jokes. “If all the economists in the world were laid end to end, they would never reach a conclusion.” And, President Truman once said that he wanted a one-handed economic adviser. Why? Because the economists giving him economic advice always said: “On the one hand . . .” 

Economic jokes are not just funny, they also teach and critique.