Narcos — Plato o Plomo

This scene from Narcos shows Pablo Escobar, infamous Columbian drug cartel leader, at the beginning of his career. Before he gets into drug running he smuggled stolen goods and jewels. He is attempting to cross a bridge with loads of merchandise when he stopped by the Columbian National Police (i.e. FBI).

It illustrates negative v. positive incentives. As the title of the clip implies, Pablo provides both incentives and lets the police chose. They let can let him through and he will reward them with stolen goods (plato aka silver) or they can try to stop him and he will kill them and their families (plomo aka lead).

You could also talk about the economic way of thinking from the point of view of the police. They had to weigh the benefits of a possible arrest and confiscation of the stolen goods against the cost of their lives and families lives. Ultimately, they decide the costs outweigh the benefits and let him through.

And then it could be used to talk about tradeoffs – when you choose one thing you are giving up another — so they chose to let him go, but that means they are letting him get away with criminal activity, forgoing the glory of arresting a high profile smuggling, doing something immoral, etc.

Thanks to Erin Yetter for the clip and the description! Check our her website as well.

CBS News — Man Loses Life Savings On Carnival Game

Henry Gribbohm lost a few hundred dollars trying to play a carnival game to win an Xbox, but then went home to get his life savings, $2,600, which he then proceeded to spend at the carnival game. Gribbohm claims the game is rigged, but he did walk away with a giant banana with dreadlocks. While humorous at first, it does paint a picture of financial literacy should be an important component of secondary education.

Thanks to Tammy Batson for the suggestion!

Business Insider — Self-Driving Garbage Truck

Volvo has recently unveiled self-driving garbage trucks in Sweden that are designed to be operated by only on single garbage collector. The trucks match the pace of the garbage collector to allow for differences in worker characteristics. This is just one of the many ways in which automation improves the efficiency of tasks.

Hard Knocks — Carl Nassib Teaches Compound Interest

 

Athletes are notoriously bad at saving money and making smart financial decisions after coming into their fortunes. Carl Nassib, a defensive lineman with the Cleveland Browns, discusses the power of compound interest with other rookies. His goal is to convince his teammates not to go out and spend $10,000 on a needless purchase because that means they are giving up a lot more money later in life. While 10% may be an unlikely interest rate, the power of compounding interest is one of the key principles in financial literacy programs.

Star Trek TNG — Data Overanalyzes

 

Data is trying to formulate a battle plan for Commander Riker, but he’s assuming that Commander Riker is rational and knows that Data has analyzed his move. Data takes it a step further and hypothesizes that Commander Riker knows that Data knows that the commander has a battle plan. Full information is a tough assumption about rationality, but bounded rationality lets us assume that people have limitations but still respond to incentives in a predictable way. While perhaps a human failure, most of society does not operate on the same level as Data.

Thanks to Peter Nencka for the clip suggestion!

Gangs of New York — Fire Departments

Instead of being served by a single public fire department, the area has regional brigades of volunteer firemen who are more focused fighting each other rather than putting out the fires. As the brigades fight for the right to put out the fire, the building burns and looters steal what they can.

Thanks to James Gordon from Elbert County Comprehensive High School for the clip suggestion and description!

Joe Dirt — Snakes and Sparklers

 

Joe is trying to find his parents and comes across a Native American selling some fireworks. He naively asks if he can help him track his parents, but Kicking Wing tells him that tracking is a way of the past and he is focused on selling fireworks to help him go to veterinarian school. Amazed, Joe Dirt asks where all the good fireworks are, but Kicking Wing only sells snakes and sparklers because those are the fireworks he sells. Joe explains that Kicking Wing needs to focus on selling fireworks that consumers like if he wants to be successful.

Thanks to James Gordon from Elbert County Comprehensive High School for the clip suggestion and description!

Kiatnakin Bank — Saving for your dream

This young Thai kid dreams of being an astronaut and making great scientific discoveries, but he’s got to save enough Baht (Thai currency) to be able to afford to the telescope. For reference, 2500 baht is about $75 US. The young boy is tempted by ice cream, street food, video games and toys, but he maintains his frugalness and saves up enough to buy the telescope. After enough time, he rushes to the store to buy the telescope, only to find out that the telescope now costs 3500 baht. The message is clear, inflation occurs and makes the value of money deteriorate over time. This Thai bank is encouraging savings to help combat that.

Thanks to Peach Tantihkarnchana for the clip suggestion!

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