Vox analyzes the gender pay gap and explains with how the measure is calculated and some of the issues with the way the gap is calculated. In particular, the measure focuses on the median earnings of men and women across the United States, but that isn’t necessarily the fairest representation of underpayment for women in the United State.
In the episode, everybody in South Park is buying that Amazon Alexa as a voice assistant to make their lives easier, however there is a negative externality to buying the Alexa. The local low-skilled workers in their town believe that these new machines are stealing their jobs, a classic South Park catchphrase, and they start to protest. Randy Marsh, a tv show personality comes up with a solution to fix this by having the locals replace the personal assistants, but not all of the locals are happy about this.
Thanks to John Miller for the clip suggestion!
Amy wants to ask her boss for a raise, but she’s nervous. Jonah attempts to encourage her to fight for a higher wage because a portion of the wage gap is partly due to women being socialized that negotiating isn’t in their favor. Amy isn’t in the mood for his lecture, and Jonah gives up.
What would you do if you won the lottery? This clip fits nicely with two different sections of an economics course. The first is how people respond to income increases in terms of purchasing normal goods or luxury goods. For labor economics, this discussion is a good segue to discussion how increases in income decrease the time people devote to work assuming leisure is a normal good.
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.
Tate is asked to ring up some additional items for a customer, despite his main job duty as a pharmacist. With a long line behind the customer, Tate recognizes that his Doctorate of Pharmacy is probably better spent helping his customers with medical needs.
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.
Peter needs incentives or he is not going to work hard. You can also use this clip to discuss the principle-agent problem when it comes to workers.
Thanks to James Tierney for the clip and description.
In this scene, cheap inmate labor provided by Shawshank crowds out private investment. The Warden ends up getting bribed to make sure he does not bid on a contract that the private investor needs to have. This can be shown to students to talk about how programs that are meant to help the economy can crowd out private investment. It can also lead into a discussion on corruption and greed.
Thanks James Tierney for the clip and description!