ESPN 30 for 30: Broke — Financial Literacy

 

The growth of professional sports over the past few decades has also meant that athlete salaries have grown as well. The issue? Professional athletes fresh out of high school and college (most under the age of 22) are become overnight millionaires, and most lack the financial literacy to handle that adjustment. Surprising to most, a large percentage of professional athletes declare bankruptcy within a few years because of their inability to manage their finances. Nearly 16% of NFL players file for bankruptcy within 12 years of retirement and ESPN’s Broke looked at the prevalence of financial stress for professional athletes.

Abdullah Al-Bahrani and Darshak Patel have a great paper in the Southern Economic Journal that looks at using ESPN 30 for 30 to teach economics.

Curb Your Enthusiasm — Unwritten Rules

Larry David teaches Christian Slater the social etiquette surrounding overconsumption of  hors d’oeuvres a party. To start, Slater’s over consumption represents the individual incentives surrounding common resources. Ostrom’s Noble Prize in Economics explored the way social conventions, which David explains, can solve overconsumption issues even when laws aren’t in place.

Thanks to Greg Caskey for recommending it to the #TeachEcon stream on Twitter.

Curb Your Enthusiasm — Strangers Have a Bad Reputation

Jason and Jerry make a surprise appearance on Curb Your Enthusiasm to reprise their roles of George and Jerry to discuss the struggles of meeting strangers. There are people all around us that we’ll never meet, partly because they don’t want to meet us. They assume we’re bad people even though we know we may not be.

Thanks to Daniel Stone for the clip!

Popeyes — Quantity vs Quality

Popeye’s argues that economics can’t explain why their chicken tastes so good. The professor looks at the inverse relationship between quality and quantity, so maybe this is actually a marketing class?

The Simpsons — 3 Kids & No Money

Homer laments of his problem of having no money and three children, but would instead prefer no kids and “3 money.” Kids, thankfully, cannot be used as money, but do represent a tradeoff in that parents could spend their money on other items instead.

Thanks to Nick Covington for the clip!

Superstore — Gift Wrapping

 

Garrett is on gift wrapping duty at the store and he hides his inability to wrap gifts under the guise that it’s inefficient. While economists may see gift giving, in general, as inefficient, gift giving inefficiencies are scattered throughout television and movies (Blackish, Brooklyn 99, John Mulaney’s Stand Up, Life in Pieces, and Old School). In this scene, Garrett focuses on the wasted time that it takes, beyond just getting the gift, that goes into wrapping a gift only for the wrapping to be destroyed later.

West Wing — CPI Increases

 

At this part in the episode, Senior Communications Director Toby Ziegler tells Press Secretary C.J. Cregg about the Bureau of Labor Statistics reporting the CPI increased by 0.7% in one month (could this be info that they released on Jobs Friday?). C.J. is about to go to a press briefing and quickly practices an answer in case a reporter asks about this startling statistic. C.J. and Toby, though they don’t name these exactly, talk about New Product Bias and Quality Bias as ways of explaining why CPI is not always reliable!

Thanks to Katie Cook and Kalina Staub from UNC for getting this clip on the website!

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