In keeping with last week’s theme on true charity and altruism, kick off your week with this classic Seinfeld clip. (Thanks to The Economics of Seinfeld!)
{ 0 comments }
Economic growth is not an elimination tournament like the current NCAA basketball madness, where one team wins and the other goes home. When a previously poor part of the world gets richer, everybody wins.
That’s Bill Easterly’s take on the rise of Eastern economies. Full Aidwatch post here.
{ 0 comments }
After a couple of weeks off, it’s time to climb back on the horse! Hopefully you were too busy enjoying your Christmas and New Years to notice the hiatus.
Now, on to business:
C is for Cookie...and also Costs.
Here at MarshallBirkey.com, we get excited about interesting ways to explain important-yet-often-dry subjects. In case you missed it, last month we featured the Economics of Seinfeld.
Here’s a pop-humor approach from student Joy Buchanan Chapman University: Economnomnomics.
On first glance, I think the “younger generations” will find this more “digestible” than the typical supply & demand textbook sandpaper dryness.
Cookie Monster would be proud. And hungry.
HT: Cafe Hayek
{ 0 comments }
Time to learn from the master.
Thanks to the work of three awesome college professors, we can now learn The Economics of Seinfeld.
Seinfeld clips + economic concepts + short description = GENIUS
For example, the following clip from “The Strike” illustrates the concept of sunk costs:
Sunk costs are costs already incurred in the past that can’t be recovered. Like the money Elaine spent on the first 23 subs, the time spent watching the first hour of a bad movie, or the first 200 pages of that bad book you’re reading. Economic theory teaches that sunk costs should be ignored when making decisions about the future.
In plain English: You can’t change the past. Cut your losses and move on.
Thus, Elaine shows poor economic thinking when feeling compelled to buy a 24th sub even though she’s sick of them, and when feeling compelled to stick out the final minutes of a bad movie just because “I made it this far.”
Needless to say, check out the site (here it is again), learn some econ, and spread the love!
{ 3 comments }
A Wall Street investor?
Excellent post from Russ Roberts on why we shouldn’t equate Wall Street with Capitalism.
(Russ was referring to this post on taxing wealth in his opening sentence.)
{ 3 comments }
