Macroeconomics Gone Wrong: The Ratchet Effect
November 15, 2001: Question #4 on my macroeconomics quiz, junior year of high school:
Question 4. Graph and explain the ratchet effect (in detail as usual).
Answer: like a ratchet, it can turn one way, but not the other way
(Teacher note: “lol!”)
The money shot here is that after grading my test – on which I received a 15/60 – my teacher wrote, in thick green marker across the entire page: PRAY
Yes, I’m serious… my teacher actually handed my paper back with “PRAY” written across it. He was a hilarious guy, though, seriously! I’m glad he re-paid the laugh I gave him with my ridiculous answer to the final question on the quiz.