Superstore — A Pharmacist’s Salary

Tate has no problem sharing his salary, but it’s unclear the main driver of the salary. In reality, salaries are comprised of a variety of skill and compensating differentials as well as potential efficiency payments. Tate has a doctorate of pharmacy, which should result in higher pay for human capital investments. In the clip above he mentions that people could die if he messes up, which probably adds a lot of pressure to his workday. This pressure could be a compensating differential that increases his pay. However, there’s also a chance he’s paid highly so that he doesn’t goof off, which would be an efficiency payment.

Superstore — Flu Shot Equity

Jonah’s helping out in the pharmacy, but there’s only one flu shot left. The actual pharmacist isn’t much help, so Jonah has to decide who deserves the last flu shot available for the day. Many of the customers are unwilling to drive to a nearby store or come back the next day, and each make an important point about who “needs” it the most. Should the last flu shot go to a pregnant woman, a kindergarten teacher, or the man who was next in line? Rationing can often lead to equity issues when trying to decide who is more deserving of a limited item.

 

Young Sheldon — Germaphobe

Sheldon is a bit of a germaphobe and flu season may be the worst time for him. While one sneeze could be caused by a variety of different items, someone who is sick may be contagious and harm others. Having the flu can impose a variety of external costs on others if they get sick. These externalities often plague college classrooms around exam time though, but it’s not as convincing of a story as The Dead Grandmother/Exam Syndrome.

Life in Pieces — Coupons as gifts

Matt isn’t the best at giving gifts and he’s realizing that this year. Matt gives his wife a homemade coupon book that she decides to finally cash in to show him how awful the gifts are. After a while he doesn’t work as hard, but then at family dinner he finds out that no one really appreciates his gifts because it doesn’t seem like he puts much thought into them. There is a small line about positive externalities because Jen got a flu shot for her birthday once, which her husbands announces was “the gift that keeps on giving.”

Life in pieces also has another great clip on opportunity cost that’s worth checking out!

Chris Rock — High School Orientation

Chris Rock describes taking his daughter to her high school orientation and hearing the vice principle talk about how students can be anything that they want to be. While optimistic, Rock points out that it’s more appropriate to tell them that they can be whatever they’re good at as long as someone is hiring. It turns out Chris Rock¬†and stand up comedy has a lot of insights on economics.

Thanks to Kim Holder and ECONShots for clip idea!

 

Friends — Rent Control

This is a classic example of a price ceiling, where the government comes in and sets a maximum price on what can be changed to consumers. One of the most prolific examples of price ceilings is rent control. In this episode of Friends, Chandler brags about how because the apartment was rent controlled, it was a ‘freaking steal!’

Thanks to James Tierney for the clip and description.

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