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Using the characters of The Simpsons and their lives in the town of Springfield, this chapter outlines the fundamental concepts of the economic way of thinking. Economics is built on a core set of principles that must be mastered before meaningful economic analysis can be performed. Ten principles are outlined that provide the starting point for basic economic reasoning. These principles are then illustrated with numerous examples drawn from the actions and interactions of Homer, Marge, Bart, Lisa, Maggie and the rest of the residents of Springfield.
This chapter uses examples from The Simpsons to further illustrate the supply and demand sides of the market, with special emphasis on the market as a process. The most basic lessons of economics are that incentives matter, information about the value of scarce resources is necessary, and accurate feedback is required for individuals to make prudent decisions. Property rights are important because they produce incentives, prices provide information, and profit and loss accounting gives feedback to decision makers. The competitive price system steers economic activity via the structure of incentives and the flow of information so that dispersed individuals within a society will coordinate their plans, and they will do so in such a way that in the limit all the gains from exchange will be exhausted and all least-cost methods of production will be utilized.
Public policies have unintended consequences and can sometimes actually be counterproductive. In some cases, public policies hurt exactly the people a policy is intended to help. The Simpsons episode "King-Size Homer" illustrates how policies have unintended consequences-and how people respond to incentives-by telling us the story of how Homer Simpson ballooned up to three hundred pounds in order to take advantage of disability regulations. Furthermore, this episode shows how changing incentives might cause people to make more self-destructive decisions in the short run. The episode illustrates a number of important economic principles, including trade-offs, marginal analysis, the role of incentives, and the law of unintended consequences.
This chapter presents a discussion of the functions of money and its evolution in the United States using examples from The Simpsons. Money is something that is generally accepted as a means of payment for goods and services. It functions as a medium of exchange, a unit of account, and a store of value. Milhouse fears that he will be used like "currency" in juvenile hall in the episode "Trilogy of Error." Actually, Milhouse does not possess the properties that would make a good candidate for money. Money arises from commodities that are widely valued, portable, divisible, and durable. In "Half-Decent Proposal" Homer laments that he cannot print his own money. Homer is 100 percent correct, but it's not only the government that can print money. In fact, private banks create the majority of new money in the United States economy.
This chapter employs numerous examples from The Simpsons to explain the calculation of economic profits and highlight the role of said profits in society. The importance of the opportunity cost concept, often ignored by Homer Simpson, is emphasized throughout the chapter. The differences between accounting costs and economic costs are discussed through examples in which Homer fails to recognize opportunity costs and refuses to recognize other costs associated with operating a business. The critical function of profits and losses in a market economy are explained, with special emphasis on the signals that economic profits and losses provide for market participants. The chapter ends with a brief discussion of the impact of barriers to entry on economic profit and profit opportunities.
This chapter introduces and discusses the theoretical and empirical body of research on entrepreneurship. The occupational, structural, and functional approaches to the study of entrepreneurship are discussed and illustrated using many thoughtful entrepreneurial experiences from The Simpsons. In addition, the meaning of entrepreneurship as judgment, alertness, innovation, adaptation, and coordination or leadership is demonstrated. Finally, the difference between productive, unproductive, and destructive entrepreneurship is distinguished. The chapter is intended as an introduction to the vast entrepreneurship literature and its many approaches, theories, and interpretations.
Modern economists have identified four main types of market failure: monopoly, public goods, asymmetric information, and externalities. This chapter takes a closer look at the first three types of market failure and, using examples from The Simpsons, illustrates how market mechanisms can overcome those market failure problems. Coolsville Comics, a competing comic book store, destroys the Android's Dungeon's monopoly for comic books in Springfield. Elinor Ostrom, the recent Nobel Prize winner in economics, has illustrated that local self-governance institutions can overcome public goods and commons problems. Efficiency wages easily overcome moral hazard problems that result from asymmetric information problems, such as Bart shirking on the job. Finally, gossip and brand names, such as Duff Beer, overcome adverse selection problems in Springfield and the real world.
This chapter will deal primarily with illustrating the concept of externalities in economics by drawing upon examples and lessons in The Simpsons. The objectives will be to (1) distinguish the types of spillover effects that separate social and private benefits and costs from those that do not; (2) explicitly demonstrate the property rights problem generating the externality; (3) demonstrate the different ways in which policies and individuals try to resolve these problems; and (4) introduce the public choice critique of government solutions, especially regulation.
This chapter presents the government failure (or public choice) perspective as demonstrated in The Simpsons. The public choice perspective is the application of the principles of market economics to the analysis of government. Any differences that arise between individual choices in a market versus a government setting occur because of differences in the institutions that constrain individuals in the market versus in the public sphere. Choice in a public setting is channeled through political institutions such as elections and the voting system. The elections of Sideshow Bob as mayor and of Homer as sanitation commissioner illustrate the problems with choice in a public setting. It is the institutions rather than the motivations that differ in both settings. Like any market agent, public officials in The Simpsons are presented as self-interested. Crucially, they are also presented as being as good as any alternative. There are no superhumans in The Simpsons.
Like many people throughout history, Apu Nahasapeemapetilon's decision to migrate from a poorer place (India) to a richer one (Springfield) was in part an economic one. This chapter uses Apu's situation in the episode "Much Apu About Nothing" as a case study to demonstrate how economists study migration. As the standard models suggest, Apu receives benefits and incurs costs as a result of migrating. The impact of a large migration on an economy is analyzed using the great wave of Ogdenvillians who came to Springfield in The Simpsons episode "Coming to Homerica." The chapter further examines the effect of immigration on wages, taxes, and government spending.
This chapter presents an overview of labor markets through the lens of The Simpsons. Differences in salary across professions and locations are explained using examples drawn from the popular show. Utilizing the perspectives and techniques of labor economics, the following questions are discussed: (1) How can a Joe Sixpack guy like Homer Simpson afford a four-bedroom house with a two-car garage in a world with horrible greedy bosses? and (2) What can people do to earn more money in a market system? In the course of the discussion, the chapter outlines the many things that Homer does to afford his lifestyle, such as earning a compensating differential, searching for a better job, signaling his abilities, and engaging in entrepreneurial activity.
The rise in health care costs over the past few decades and the recent passage of major health care legislation has brought health economics to the forefront of current policy...
| Erscheinungsjahr: | 2014 |
|---|---|
| Fachbereich: | Volkswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | Kartoniert / Broschiert |
| ISBN-13: | 9780804791717 |
| ISBN-10: | 0804791716 |
| Sprache: | Englisch |
| Einband: | Kartoniert / Broschiert |
| Redaktion: | Hall, Joshua |
| Hersteller: | Stanford University Press |
| Verantwortliche Person für die EU: | Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de |
| Maße: | 228 x 151 x 17 mm |
| Von/Mit: | Joshua Hall |
| Erscheinungsdatum: | 14.05.2014 |
| Gewicht: | 0,354 kg |
Using the characters of The Simpsons and their lives in the town of Springfield, this chapter outlines the fundamental concepts of the economic way of thinking. Economics is built on a core set of principles that must be mastered before meaningful economic analysis can be performed. Ten principles are outlined that provide the starting point for basic economic reasoning. These principles are then illustrated with numerous examples drawn from the actions and interactions of Homer, Marge, Bart, Lisa, Maggie and the rest of the residents of Springfield.
This chapter uses examples from The Simpsons to further illustrate the supply and demand sides of the market, with special emphasis on the market as a process. The most basic lessons of economics are that incentives matter, information about the value of scarce resources is necessary, and accurate feedback is required for individuals to make prudent decisions. Property rights are important because they produce incentives, prices provide information, and profit and loss accounting gives feedback to decision makers. The competitive price system steers economic activity via the structure of incentives and the flow of information so that dispersed individuals within a society will coordinate their plans, and they will do so in such a way that in the limit all the gains from exchange will be exhausted and all least-cost methods of production will be utilized.
Public policies have unintended consequences and can sometimes actually be counterproductive. In some cases, public policies hurt exactly the people a policy is intended to help. The Simpsons episode "King-Size Homer" illustrates how policies have unintended consequences-and how people respond to incentives-by telling us the story of how Homer Simpson ballooned up to three hundred pounds in order to take advantage of disability regulations. Furthermore, this episode shows how changing incentives might cause people to make more self-destructive decisions in the short run. The episode illustrates a number of important economic principles, including trade-offs, marginal analysis, the role of incentives, and the law of unintended consequences.
This chapter presents a discussion of the functions of money and its evolution in the United States using examples from The Simpsons. Money is something that is generally accepted as a means of payment for goods and services. It functions as a medium of exchange, a unit of account, and a store of value. Milhouse fears that he will be used like "currency" in juvenile hall in the episode "Trilogy of Error." Actually, Milhouse does not possess the properties that would make a good candidate for money. Money arises from commodities that are widely valued, portable, divisible, and durable. In "Half-Decent Proposal" Homer laments that he cannot print his own money. Homer is 100 percent correct, but it's not only the government that can print money. In fact, private banks create the majority of new money in the United States economy.
This chapter employs numerous examples from The Simpsons to explain the calculation of economic profits and highlight the role of said profits in society. The importance of the opportunity cost concept, often ignored by Homer Simpson, is emphasized throughout the chapter. The differences between accounting costs and economic costs are discussed through examples in which Homer fails to recognize opportunity costs and refuses to recognize other costs associated with operating a business. The critical function of profits and losses in a market economy are explained, with special emphasis on the signals that economic profits and losses provide for market participants. The chapter ends with a brief discussion of the impact of barriers to entry on economic profit and profit opportunities.
This chapter introduces and discusses the theoretical and empirical body of research on entrepreneurship. The occupational, structural, and functional approaches to the study of entrepreneurship are discussed and illustrated using many thoughtful entrepreneurial experiences from The Simpsons. In addition, the meaning of entrepreneurship as judgment, alertness, innovation, adaptation, and coordination or leadership is demonstrated. Finally, the difference between productive, unproductive, and destructive entrepreneurship is distinguished. The chapter is intended as an introduction to the vast entrepreneurship literature and its many approaches, theories, and interpretations.
Modern economists have identified four main types of market failure: monopoly, public goods, asymmetric information, and externalities. This chapter takes a closer look at the first three types of market failure and, using examples from The Simpsons, illustrates how market mechanisms can overcome those market failure problems. Coolsville Comics, a competing comic book store, destroys the Android's Dungeon's monopoly for comic books in Springfield. Elinor Ostrom, the recent Nobel Prize winner in economics, has illustrated that local self-governance institutions can overcome public goods and commons problems. Efficiency wages easily overcome moral hazard problems that result from asymmetric information problems, such as Bart shirking on the job. Finally, gossip and brand names, such as Duff Beer, overcome adverse selection problems in Springfield and the real world.
This chapter will deal primarily with illustrating the concept of externalities in economics by drawing upon examples and lessons in The Simpsons. The objectives will be to (1) distinguish the types of spillover effects that separate social and private benefits and costs from those that do not; (2) explicitly demonstrate the property rights problem generating the externality; (3) demonstrate the different ways in which policies and individuals try to resolve these problems; and (4) introduce the public choice critique of government solutions, especially regulation.
This chapter presents the government failure (or public choice) perspective as demonstrated in The Simpsons. The public choice perspective is the application of the principles of market economics to the analysis of government. Any differences that arise between individual choices in a market versus a government setting occur because of differences in the institutions that constrain individuals in the market versus in the public sphere. Choice in a public setting is channeled through political institutions such as elections and the voting system. The elections of Sideshow Bob as mayor and of Homer as sanitation commissioner illustrate the problems with choice in a public setting. It is the institutions rather than the motivations that differ in both settings. Like any market agent, public officials in The Simpsons are presented as self-interested. Crucially, they are also presented as being as good as any alternative. There are no superhumans in The Simpsons.
Like many people throughout history, Apu Nahasapeemapetilon's decision to migrate from a poorer place (India) to a richer one (Springfield) was in part an economic one. This chapter uses Apu's situation in the episode "Much Apu About Nothing" as a case study to demonstrate how economists study migration. As the standard models suggest, Apu receives benefits and incurs costs as a result of migrating. The impact of a large migration on an economy is analyzed using the great wave of Ogdenvillians who came to Springfield in The Simpsons episode "Coming to Homerica." The chapter further examines the effect of immigration on wages, taxes, and government spending.
This chapter presents an overview of labor markets through the lens of The Simpsons. Differences in salary across professions and locations are explained using examples drawn from the popular show. Utilizing the perspectives and techniques of labor economics, the following questions are discussed: (1) How can a Joe Sixpack guy like Homer Simpson afford a four-bedroom house with a two-car garage in a world with horrible greedy bosses? and (2) What can people do to earn more money in a market system? In the course of the discussion, the chapter outlines the many things that Homer does to afford his lifestyle, such as earning a compensating differential, searching for a better job, signaling his abilities, and engaging in entrepreneurial activity.
The rise in health care costs over the past few decades and the recent passage of major health care legislation has brought health economics to the forefront of current policy...
| Erscheinungsjahr: | 2014 |
|---|---|
| Fachbereich: | Volkswirtschaft |
| Genre: | Importe, Wirtschaft |
| Rubrik: | Recht & Wirtschaft |
| Medium: | Taschenbuch |
| Inhalt: | Kartoniert / Broschiert |
| ISBN-13: | 9780804791717 |
| ISBN-10: | 0804791716 |
| Sprache: | Englisch |
| Einband: | Kartoniert / Broschiert |
| Redaktion: | Hall, Joshua |
| Hersteller: | Stanford University Press |
| Verantwortliche Person für die EU: | Libri GmbH, Europaallee 1, D-36244 Bad Hersfeld, gpsr@libri.de |
| Maße: | 228 x 151 x 17 mm |
| Von/Mit: | Joshua Hall |
| Erscheinungsdatum: | 14.05.2014 |
| Gewicht: | 0,354 kg |
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