Category: Upper-level Clips

Friends – A Selfless Good Deed

Phoebe and Joey engage in a spirited debate about whether any good deed is truly selfless. Joey argues that all good deeds ultimately make the person feel good, so they’re not entirely altruistic. Meanwhile, Phoebe insists that true selflessness is possible. As the conversation unfolds, the discussion centers on motivations and emotional payoffs.

This clip is an engaging way to introduce utility maximization. Joey’s argument that people help others because it makes them feel good offers a humorous entry point into the idea that individuals make choices to maximize their own utility, even when the actions appear altruistic. It also sets the stage for deeper classroom discussions about rationality, behavioral economics, and how utility functions may include emotional satisfaction, not just material outcomes.

Thanks to Charlie Ben-Nathan for the clip submission!

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The Smiths – Heaven Knows I’m Miserable Now

This track by The Smiths offers a rich backdrop for exploring the opportunity costs associated with how people allocate their labor. The lyrics reflect the emotional cost of employment: the narrator moves from idleness to employment, only to express regret and dissatisfaction:

I was looking for a job and then I found a job
And heaven knows I’m miserable now

The chorus questions why he spends his valuable time (a scarce resource) on work that feels meaningless and unappreciated:

In my life, oh, why do I give valuable time
To people who don’t care
If I live or I die?

This song is a great opening to discuss opportunity cost in labor decisions: just because someone can allocate their time to paid work doesn’t mean it’s their most valued use of time. It’s important to remember that most labor models don’t focus on maximizing income, but rather utility. There is a tradeoff between the income we earn from paid labor and the loss of leisure time. The cost of that tradeoff is much higher when the work we do isn’t satisfying.

Thanks to Allison Murphy from Oregon State for the clip submission and topic recommendation

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Exodus: Gods & Kings – Moses & Slavery

The rapid growth of the Israelite population in Egypt, outpacing native Egyptians, led to their enslavement by a fearful Pharaoh, fundamentally changing the labor market dynamics through forced labor policies. This economic strategy, aimed at controlling the Israelite threat, devalued their labor, stifled economic diversity, and perpetuated inequalities.

The oppressive regime highlighted the impact of governance and policy on labor markets, demonstrating how exploitation and poor working conditions undermine productivity and economic health. The story underscores the critical need for equitable labor practices and the dangers of economies built on forced labor, emphasizing the importance of fairness and inclusivity for sustainable development.

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The Simpsons – Ten Commandments

The opening scene of this episode from The Simpsons features a parody of the 1956 film The Ten Commandments. Homer the Thief is the local thief at Mt. Sinai in 1220 B.C. His job in the town is to steal. Moses then comes to say the Ten Commandments, and as soon as he says: “You shall not steal”, Homer realizes that he has just lost his job.

The Ten Commandments provided a foundational set of rules intended to govern personal behavior and social interactions among the Israelites. From an economic perspective, laws and regulations serve a similar purpose: they provide a framework within which economic activities can be conducted in an orderly and predictable manner. Just as the Ten Commandments sought to create a moral and social order, modern economic laws and regulations aim to ensure fair trade, protect property rights, prevent fraud, and promote market efficiency.

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Joseph: King of Dreams

Disney’s Joseph: King of Dreams is based on the Biblical story story of Jacob and his twelve sons, with a particular focus on Joseph, Jacob’s favorite son. Joseph’s privileged status, marked by a special coat given to him by Jacob, stirs deep jealousy among his brothers. This animosity intensifies after Joseph shares dreams that symbolize his future dominance over his family.

This scene highlights how Jacob’s brothers are motivated by envy and the desire for profit. They seize an opportunity to rid themselves of Joseph. In a calculated move, they decide to sell Joseph into slavery, a practice institutionalized in their society, gain profit. This decision reflects not only their personal resentment but also a profit motive, as they benefit materially from selling their brother. Their actions are facilitated by the existence of slavery as an institution within their society, which provides them with the means to translate their malicious intent into a profitable outcome.

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Blacklist – VSL & Ethics

A CEO (Digby) kills a 12-year-old in a hit-and-run, but there is a witness. This is where “The Ethicist” comes in. He offers to eliminate the witness because statistically, her life is worth less than the CEO’s life. Klepper summarizes the concept of the value of statistical life (VSL) and how he uses that to determine who he will murder. Whoever he determines has a more valuable contribution to the world is who gets to live.

Thanks to Alfredo Paloyo for the clip suggestion!

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WSJ: Drive-Thru AI Chatbot vs. Fast-Food Worker

In this video from The Wall Street Journal, senior personal tech columnist Joanna Stern examines the performance of an AI chatbot versus a fast-food worker. Are these two inputs clearly substitutes or are their complementarities that could be exploited by companies? If the goal were only to produce the same amount of food as before with lower costs, we might expect to see a reduction in fast-food workers. However, this technological improvement may end up increasing output and subsequently requiring more tech and more labor.

Thanks to John Raby of Thorton Academy for the clip suggestion!

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Dodgeball – I Know You

An event is considered common knowledge among a group of agents when each player knows the information, each player knows that the other one knows it, and so on. Common knowledge is the limit of a potentially infinite chain of reasoning about knowledge. In this scene from Dodgeball, White Goodman (Ben Stiller) is trying to assert that common knowledge exists between himself and Pete LaFleur (Vince Vaughn).

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Ted Lasso – Common Knowledge

Warning: this scene does contain explicit language

In this scene, Beard and Roy are trying to decide how to use their new star player in a match against a former coach from their team, who is familiar with their tactics and players. This creates a common knowledge problem because both Beard and Roy need to make a decision based on what they think the other person knows, what they think the other person thinks they know, and so on.

The problem is that neither Beard nor Roy can be certain about what Nate is thinking or planning, and this uncertainty can make it difficult to make the best decision for the team. In other words, they need to have common knowledge of each other’s intentions and strategies in order to make an informed decision. This common knowledge problem is an example of how information asymmetry can create challenges in decision-making.

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Rod Wave – Fight The Feeling

This song is about a girl in emotional pain following a breakup. Rod Wave watches her dancing and pretending she’s fine, but he can see she’s hurt behind her makeup, her look, and her attitude. He recognizes someone hiding their feelings because he’s one of them: he had a story of pain as well, and hiding feelings is something he knows very well.

The video can be a good segue into a conversation about sunk costs. The time we spend thinking about past romances doesn’t allow us to move on to better things. The past is sunk and can’t be recovered, so it shouldn’t be factored into how we make decisions. Unfortunately, that’s easier said than done.

Thanks to Brad Scott for the recommendation!

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