In this satire piece, The Onion News Network interviews employees who are outsourcing their labor to foreign workers so that they can have more fun in the office.
Rihanna Tap Water
Would you buy tap water if it was marketed by Rihanna? This comedy clip works as a great introduction to the idea of product differentiation and marketing. It can also be used to talk about why a celebrity would endorse a product and the signalling value of hiring those celebrities.
Credit: Michael Coon
Adam Ruins Everything — Trophy Hunting
Some markets fail because of the lack of property rights, but trophy hunting could actually be used to alleviate some of those issues by assigning property rights to game wardens and then selling licenses for the right to hunt the animals. The funding from the licenses could then be used to help maintain the population. We don’t think Adam ruined anything here.
Big thanks to Kalina Staub for sharing this one with us!
Adam Ruins Everything — Gift Giving
Adam does a great job working through the inefficiency of gift giving because of how people value different items.
The Colbert Report: Evan Osnos & Cashmere
Evan Osnos discusses many of the externalities that arise from the increased production of Cashmere in China over the past decade. Osnos explains that cashmere goats in China have sharp hooves that tear up the landscape and create dust, which then travels to the United States and reduces air quality, particularly along the west coast. As cashmere consumption has increased, so has the pollution. Osnos refers to the “real costs” of cashmere items (such as a cashmere toilet seat cover that Colbert has) as including the health care costs for those affected by the dust.
Here’s a lesson plan from SERC: https://serc.carleton.edu/econ/interactive/examples/43020.html
College Humor: Second Cheapest Wine
A good topic in the behavioral section covers blind tastings and price anchors. The story of wine rating inconsistencies (here’s one from Vox) is a great example and this video can be used to put a little humor into the narrative.
Neal Brennan: College Loans
A student in my Labor Economics class shared this great clip of standup comedian Neal Brennan discussing why banks don’t want to loan for college degrees. This is a great clip to talk about capital market imperfections and even signalling.
Saturday Night Live — Chris Rock on Minimum Wage
Chris Rock explains on Weekend Update how a minimum wage (a price floor) is above equilibrium wage. Firms may want to pay lower wages, but an effective price floor is one that is set above the equilibrium such that firms aren’t able to pay the lower wages. Thanks to Jodie Beggs for finding the Jeopardy reference that led me to finding this video.
Last Week Tonight — Minimum Wage Controversy Explained
John Oliver responds to the critics of minimum wage increases and living wage opponents.
Above Average: Everyone’s Upstairs Neighbor
Here’s a nice satirical video of what an upstairs neighbor sounds like. Traditionally, they aren’t factoring in the impact of their loud noises on the people who live below them, but in this case, the upstairs neighbor knows exactly what they’re doing.