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There's an old joke that explains world religions[br]through the example of "Shit happens."

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This is actually a very useful tool for understanding [br]different world religions. I think that it's instructive.

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So I thought that maybe we could attempt to do [br]something similar to this in economics.

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The basic economics version, of course, is the [br]difference between microeconomics and macroeconomics.

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There's actually been a tremendous amount of progress in macroeconomics [br]over the last century, so if you want the macroeconomics version...

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There are of course other fields in economics, which happens to be...

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Then there are a couple of fan submissions.

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I told folks that I would give them a free copy of my Cartoon Macroeconomics [br]book if they submitted something that I used during the show tonight.

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…which is actually a brilliant definition[br]that no one will be able to use in class ever.

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That is a very in joke among the [br]environmental economics crowd.