Tuesday, February 17, 2015

Economic Impact

Snow, Snow, Snow

We've had interesting weather over the past few days.   With this weather I've begun to wonder about the economic impact of snow and blizzards.  On Monday, I even asked the cashier at Wal-Mart about the economic boom for them with the mention of snow by the local news stations.  

There is usually a run on the stores in East TN with the mention of snow with families preparing for the bad weather.  But does this short term boom impact the economy very much?  It does impact individuals and families -- being out of work for hourly employees can be difficult and sometimes if they do attempt to make it to work the risks of a wreck from driving on icy roads may outweigh the benefits.  Sometimes there is the risk of losing a job,  So how do employers figure out when to require employees to report?  

The North East has been under several FEET of snow for weeks now.  This does have an economic impact, but will that have a significant long term impact?  What about the impact on the people living through the event?  The Homeless.  The Safety Workers.  The Linemen.  The Drivers.  The Healthcare Workers,  And all the others you can think of that are on the frontline in any natural event or disaster.  The economy of the US is interconnected and this winter storm, named Octavia, has caused havoc all over the South.  

Tennessee and several surrounding states have issued a State of Emergency.  Does that declaration have an economic impact?  What do you think may be hidden costs of winter weather events?  How could a winter weather event impact your "Game of Life?"

Risk and reward introduction: Basic introduction to risk and reward

The recent WinterJam event in Knoxville also made my head spin on economic topics.  I wasn't able to find any specifics on the costs associated with the event, but I did check out the FAQ on JamNation.  

At any large event there are producers and consumers.  I was interested in the cost of putting on a concert and how those cost were broken down.  Even a free concert has a cost.

So that is just some of the ramblings of my mind over the past few days.  I can't even watch Netflix without thinking about how the shows would be great ways to teach you guys some Economic concepts.  Big Rig Bounty Hunters and Undercover Boss are two of the shows that make me think of Economics.  Trucking is HUGE to the American Economy and I was awakened to how I take the commerce of our roads for granted.

Enjoy your snow day off from Coop, but please try to keep thinking in a economic way.


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