The Pajama Game — 7 1/2 Cents

Asking for a raise is tough, but even a modest raise in wages can have a huge impact on worker salaries. In this scene from The Pajama Game, we see how a 7.5 cent raise can impact a worker’s wage. The cast goes through the calculations of what they could earn with additional income, including an automatic washing machine, a year supply of gasoline, and a vacuum cleaner.

Assessment idea: This is a neat opportunity to calculate real wages and see what 7.5 cents would be worth today versus 1953. The BLS has a calculator so you don’t have to wait!

Looking for more: Do you want to see more economics in Broadway shows? Check out BroadwayEconomics.com

Thanks to Mark Sammons from the University of Arizona for sending this clip in!

Agents of SHIELD — She Wanted Gold!

 

Loralei is seeking to take over the world and she wants money, but Rooster shows up with a bag full of paper money instead of gold. Rooster explains to her that on Earth, paper money is just like gold although he mistakenly says that Ben Franklin was a US president. While dollars used to be based on gold, they have since been converted to fiat money is backed on faith of the US government.

 

Disjointed — The Role of the Federal Reserve (Conspiracy)

 

In a “puff and paint” party, someĀ patrons of a local dispensary have gone a bit too far in the describing the role of the Federal Reserve. While the stated goals of the Fed are price stability and full employment, this hallucination has the Fed at the center of a universe-wide conspiracy. Bloomberg has a podcast that looks at why so many conspiracy theories seem to form around the Federal Reserve.

My former student, Luke, sent me this clip. You should follow him on Twitter!

The Simpsons — 3 Kids & No Money

Homer laments of his problem of having no money and three children, but would instead prefer no kids and “3 money.” Kids, thankfully, cannot be used as money, but do represent a tradeoff in that parents could spend their money on other items instead.

Thanks to Nick Covington for the clip!

West Wing — CPI Increases

 

At this part in the episode, Senior Communications Director Toby Ziegler tells Press Secretary C.J. Cregg about the Bureau of Labor Statistics reporting the CPI increased by 0.7% in one month (could this be info that they released on Jobs Friday?). C.J. is about to go to a press briefing and quickly practices an answer in case a reporter asks about this startling statistic. C.J. and Toby, though they don’t name these exactly, talk about New Product Bias and Quality Bias as ways of explaining why CPI is not always reliable!

Thanks to Katie Cook and Kalina Staub from UNC for getting this clip on the website!

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