I realized that I actually have very few pictures of what it looks like to actually be in school. These first two are from my economics class after the Halloween party, where we discussed the aftermath of the Halloween party in economics terms. It says:

From anonymous feedback: I applied economics to my alcohol consumption decisions the other day at the Halloween party. The tickets were $60 and there was an open bar throughout the night so I wanted to get my moneys worth. I love economics and lived by its laws until last night, but I think I may have to change my ways. Please remind your students about the risks of going for cost effectiveness.

Prof. Bursztyns analysis:


Once the $60 were paid, they were a sunk cost.

The marginal cost of each additional drink was $0.

The perceived instantaneous marginal benefit was incalculable certainly greater than zero.

Principle of Maximum Net Advantage: MB>MC, so drink more. But

was the author really following the laws of economics?

No he or she ignored the long term costs [hangover].

Maximize the net present discounted value of present and future net benefits, not just instantaneous benefits.

As a side note, this Professor is super cool and moonlights as a DJ. His most recentwent viral.


****Economics at UCLA with this professor has been great, incidentally. Perhaps its the fact that Im taking it for the third time and know all the concepts. Perhaps its the fact that unlike the giant, passive, 600-person lecture classes at Harvard, the class is now being taught in a small, interactive setting with a fun, dynamic professor. I still think that majoring in economics at Harvard was perhaps one of the worst decisions I made, and the fact that I can ace economics now because I used to be an econ major is not a compelling benefit, but at least Im enjoying myself this time around.

Accounting is also a riot. We have the legendary Professor Aboody perhaps the most entertaining professor Ive ever had this old guy from Israel who wears a Nike T-shirt, board shorts and tennis shoes to class every day, and yells at us constantly. I dont have a great picture but here are some quotes weve gathered over the last month

<span data-ft="{"tn":"K"}">Current liability? Non-current liability? I dont care. You choose! ITS YOUR LIFE!

<span data-ft="{"tn":"K"}">My kid is my asset. Why? Because I control it and it has probable future economic benefit. And it was due to a past transaction.

<span data-ft="{"tn":"K"}">I dont remember you. I WONT remember you because if I do, Ill forget my family.

<span data-ft="{"tn":"K"}">(Fire alarm goes off in an adjacent building; everyone looks around, confused)

<span data-ft="{"tn":"K"}">Aboody: It is not in this building. We dont care. Someone else is on fire.****<span data-ft="{"tn":"K"}">

**<span data-ft="{"tn":"K"}">

**<span data-ft="{"tn":"K"}">(on Farmville) Dont ask me what it is because I dont understand it, but I think they sell virtual tractors.

<span data-ft="{"tn":"K"}">Are you bored or confused? It is not good if you are confused. I dont care if you are bored.

<span data-ft="{"tn":"K"}">Its agonizing to look at your faces. I am not even going to start on the next example because you guys are depressing.

<span data-ft="{"tn":"K"}">**Dont go but just say, I agree. **

<span data-ft="{"tn":"K"}"><span data-ft="{"tn":"K"}"><span data-ft="{"tn":"K"}">

<span data-ft="{"tn":"K"}">On a side note, I took accounting at MIT in undergrad with a terrible professor. Im glad that this experience is so much better. However, its kind of wasted too because grades in business school simply dont count. Companies dont care about them, and students stop caring about them past midterms too. You dont even put it on your resume.<span data-ft="{"tn":"K"}"><span data-ft="{"tn":"K"}">