Russ Roberts spins a tale of a local bread market and wonders about the power of such a market. He hypothesizes the trouble that could occur if one person were given supreme power and became a bread czar. You can read the poem online as well, with commentary!
Lil’ Dicky shows the process of trying to make the most epic rap video of all time, but without spending much money. The entire song looks at a variety of ways that Lil’ Dicky tries to save money and avoids spending money on unnecessary expenditures “just to flex.”
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!
The squad is invited over to the Captain’s house for a birthday party, and they all have the same idea when it comes to wine. While Jake wants to try to impress the captain with the finest bottle of wine, he’s a little out of the price range and settles for an $8 bottle of wine. Come to find out, the entire squad buys the same bottle of “wine drink” and Kevin isn’t too fond of their selection.
While it isn’t clear that there is much of a difference between cheap and expensive wine, “wine drink” probably doesn’t send the best signal of quality.
One of the many benefits of international trade is increased product variety because countries can devote resources to the goods they have a comparative advantage in. Monty Python demonstrates what a world without trade would look like. After going through a list of a variety of different types of cheese (even cheddar!), but nothing is available. The finest cheese shop is at least clean!
A few supermarkets in France decided to cut the price of Nutella (an extremely popular item throughout Europe) by 70% and customers responded in droves to scoop up the heavily discounted staple. Police were called to various markets as customers fought to get the remaining jars. Not only is this a great example for demand shifts, but it’s an even better topic of elasticity!
Frank convinces an art gallery director to come to the bar in order to try and convince her to buy their bad art. After looking around and watching a homemade video, she describes how art is worth what the buyer is willing to pay and that everyone has different preferences and values items differently. She also discusses the double coincidence of wants and how she no longer wants to buy back Frank’s painting.
Thank you to Ian Pearson for the clip reference!
Captain Sig Hansen joins Jon Stewart’s Daily Show to discuss life on an Alaska fishing boat. Hailed as the deadliest job in America, Hansen and his crew can earn tens of thousands of dollars in a matter of days so long as the crew is willing to risk their lives. Jon discusses safety on the boats and the motivation for why an individual would risk their lives.
In this clip you see a bar that’s on the South Side of Chicago. The bar is usually dead but very recently “hipsters” discovered the bar. They thought that the snide Russian bartender and expensive drinks made the place different and appealing to them. This bar serves cheap low end alcohol and in the video you can see price discrimination happening. The prices start to change and become higher when the bar serves the hipsters because they are able to pay those high prices versus the people from south side that can’t. The hipsters are also not realizing they are being scammed when the low end vodka is put in a more expensive brand’s bottle.
Thanks for the clip and summary Fiona Brandman!