Rational Expectations

I’m far beyond cursing the College Board but I felt a little sentimental today as I completed my last AP Exam.

I took Economics Mircro and Macro exms today in a “2 for the price of 1” special. It occured to me during the break in between the exams that people have real misconceptions about what economics is. Somehow it is so far from “making money” or “being efficient.” Despite all the graphs and such, it almost is a philosophy on life. The idea of the marginal benefits and costs can apply to almost everything. Yet even Raleigh Werberger, our substitute, is unconvinced that economics means anything in reality.