Studying change

Revisiting one's past is not always a good idea. Illusions can be shattered. Negative feelings that had been repressed can reappear. And one can be left with a feeling of disappointment. But sometimes, it's all positive.

Earlier this week, I took the risk of revisting my student past. I was in Cambridge, England, where I studied economics from October 1977 to June 1980. With a couple of hours to kill, I decided to join today's undergraduates at one of their lectures.

I apologize to the authorities if this was illegal, but as an almunus of the university I didn't feel too guilty. I sat quietly at the back, while a hundred or so students paid varying degrees of attention to a lecture on econometrics. This is the use of statistical methods to analyse economic theories and data.

The first bit of good news was that I enjoyed the lecture thoroughly and understood most of it. The second bit was that I was delighted not to have to sit any more exams. Been there. Done that. Got enough t-shirts.

A third bit of good news — although one that almost made me wish I were 30 years younger — was the professional way in which the lecture was delivered, with the help of PowerPoint slides and a high-quality audio system. There was no illegible writing on the blackboard.

As for the audience, there were lots more non-white students than in my day, many no doubt from overseas and paying high fees to be there. Another difference was that the bored students were playing with their iPhones rather than whatever it was we played with (newspapers?).

But fundamentally, the scene in the lecture hall hadn't changed, which I found comforting. As usual, the women seemed to be paying more attention, although maybe they are just better actors.

The highlight, however, came when the lecturer was discussing a specific problem with economic data, namely, that we can observe only the events that happen, rather than all the events that could have happened.

At this point, the lecturer uttered these immortal words (or something very similar): "The usual way to get around problems is to make assumptions that allow you to get around the problems."

An economist, you see, is a person who can open a tin of food on a desert island by assuming that he has a tin opener. It was worth revisiting my student past simply to be reminded of this fact.

And next time my football team is losing, I know what I'll do — I'll just assume they are winning. Problem solved.