Friends — The One With All the Candy

 

Monica decides she wants to makes candy for the neighbors even in an attempt to get to know them better (or to liked?) She decides to place the candy in a basket on her door so that anyone can take a piece, but a tragedy of the commons ensues. Her neighbors are taking more than their “share” of the candy and are bothering her throughout the day to get more candy from her. When the commons has been exhausted, the neighbors form a mob.

Thanks to Dawn Renninger for the clip recommendation!

Family Ties — Turtle Business

Alex Keaton talks to pre-schoolers about starting a business and taxes. It is a fun clip to show when introducing a discussion about taxes. To avoid any issues with political differences, I usually note beforehand that Michael J. Fox, who plays Alex, was a Democrat in real life but played a Republican on the show.

Thanks to Matt Rousu for the clip and description!

JoJo’s Bizarre Adventure: Stardust Crusaders — Negotiations

In this anime scene, Joseph teachers viewers how to haggle for sandwiches in a market. While shop owners may try to start with a high price for foreigners (perhaps as a price discrimination technique), requesting lower prices may help identify the sellers’ willingness to accept.  The benefit of trade and exchange is a mutual coincidence of wants. The two are able to find an acceptable trade, and thinks to the storyline, we can even calculate consumer and producer surplus!

Thanks to Lynne Tierney and Edison High School for submitting this! Lynne shared that a student in her class shared this video after going through a negotiation simulation.

Young Sheldon — Candy Entrepreneur

 

George has become quite the entrepreneur through arbitrage. First, he buys snow globes from a company going out of business to resell at a higher price than to his neighbors. Now, he realizes that he can buy candy in bulk and then sell it outside the vending machine to people looking for a cheaper option. Even though it’s against school rules, he realizes that the school’s monopoly power over the vending machines results in higher prices than what’s necessary.

Young Sheldon — Snow Globe Arbitrage

George notices that the greeting card store downtown is going out of business and he sees this as a business opportunity! He believes that he can buy Texas-themed snow globes for $1 and resell them to his neighbors for $5. George is arbitraging the snow globes, buying low and selling high. He goes through some struggles at first, but finds out how to sell them by the end of the episode.

Have Gun – Will Travel — Bitter Wine

 

Paladin is hired to settle an issue between a vineyard owner and a neighboring oilman. The smoke and runoff from the oil well are damaging the grapes of the award-winning vintner. This is a classic case of externalities and the Coase Theorem would suggest the two could meet and solve the problem on their own (if there were low transaction costs), but the Coase Theorem wasn’t written about until two years AFTER this episode aired.

Check out this Econlib post for more discussion. This clip, and a forthcoming working paper, was presented at the 2019 Southern Economics Association Annual Meetings by Jon Murphy and John Schuler.

The Simpsons — Day Laborers

 

In this scene, Homer and Bart are loading construction materials into their car at Builder’s Barn (a Home Depot-type store). Bart isn’t sure his dad is capable of handling the word himself when a group of immigrant day laborers offer their services. The day laborers have come from nearby Barleyville due to a recent “Barley Bust.” Homer accepts their offer and welcomes them to his home. He now feels superior because he’s able to hire workers to do jobs “we don’t want to do,” but then a hoard of laborers rushes the town of Springfield.

For a deeper look at economics and The Simpsons, check out Josh Hall’s book Homer Economicus.

West Side Story — America

“America” compares life in America versus life in Puerto Rico. While the men favor the lifestyle of their homeland, the women prefer the mainland. This is a fun introduction to a discussion on mobility and migration in a labor economics or even to discuss standards of living and preferences in a macroeconomics course.

Assessment idea: Have students list things things they would miss if they were asked to move to another country.

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!

Saturday Night Live — Chance The Rapper’s 2nd Favorite Things

Chance the Rapper is grew up in Chicago, which is nicknamed “The Second City.” In honor of his hometown, Chance the Rapper (along with Kyle Mooney) shares some of his other favorite second-best items, which he considers better than the first. This is a fun introduction to substitutes, or even monopolistic competition and product differentiation. This could be used in an upper-level class to discuss ordinal preferences or transitivity.

Thanks to Kim Holder and Darshak Patel for tweeting this video!

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