economics joke #1

Economics Joke #1: Two economists walked past a Porsche showroom. One of them pointed at a shiny car in the window and said, "I want that." "Obviously not," the other replied.

I think of this joke every time I see an article like this one explaining that "most smokers want to quit."

Among those defined as current smokers -- people who had smoked at least 100 cigarettes in their lives and still smoke regularly -- 70 percent said they would like to quit.

There are essentially two reactions. One is the CDC's: "Look at all those poor people who want to quit but can't. We've got to do something for them." The other is the economist's: "Obviously not." Quitting smoking has costs. There's the unpleasantness of withdrawal, the loss of "coolness", and the deprivation of nicotine. Insofar as these costs outweigh the benefits of quitting (health, money saved, smiles from your doctor, etc...), people aren't going to quit. When I taught Calculus, I had students come to me after class and tell me that they "wanted" to do well in the class. I kept lots of office hours and helped everyone who stopped by. But most of the kids who "wanted" to do well never came to ask for extra help. Many of the kids who "wanted" to do well skipped homeworks and quizzes. And lots of the kids who "wanted" to do well ... didn't. Doing well in Calculus carries a cost -- you have to study when it might be more fun to drink. You have to show up and take quizzes when you'd rather be sleeping. You have to think when it might be easier to watch "The Price is Right." I suppose I could have followed my students around, turned off their TVs, physically dragged them to class on quiz days, taken away their beer, and done everything in my power to make sure their actions matched their purported "wants." I can't imagine that I or they would have been better off. Lots of people say they want things. Many, many fewer are willing to bear the costs. This is not itself a bad thing. But when we design public policies to convert purported "wants" into reality, we're asking for trouble.