Economic Thought

We're going to have to rewind a little bit and go over some basics.

Please check out Khan Academy's Videos on Micro and Macroeconomics.  Watching those videos will give you the background lecture to help make sense of the economic concepts covered in the avg High School Econ class.  We are touching on these topics by using a global approach.

Class Discussion this week centered on different Economic philosophies and thought.  Here are some timelines that cover the development of Economic Thought.

Timeline of Economic Thought

Indepth Timeline of Economic Thought

Economic Philosophy and Philosophers are essential to understanding today's view of Economics.  These videos can help you understand some of the main philosophies,

When you watch this video listen for:

• Laws
• Laissez faire
• Malthus
• Wealth and Wealth Gap
• Class
• Competition (Family Business)
• Reforms and Regulations

These next two videos may have some elements of excess that can be offensive, but it is used in a way to explain the danger.  It is not glorified.  Check out the names of the bartenders.  Who do you know with those first names that were in the Fed around the time of the most recent recession?



Check out the names on the robes of those helping the fighters.  Make sure to look for a cameo.



I mentioned a NPR news blurb.  It fits well with what we are learning now.  Here's the link.  It is about the next move of the Fed on Quantitative Easing.

This video is a brief history of Economics.



Book Review of The Grand Pursuit by Sylvia Nasar

And here is an article from Freakonomics on how Malthus' theory is still with us.

I mentioned the books:

• Freakonomics
• Super Freakonomics
• Naked Economics

The Hamblen County Library has all of them available for check-out.  As I mentioned some of the content in these books may not be palatable to everyone (I did not like all of the concepts, but do like the challenge of thought).  It is an interesting look at the Dismal Science and it does peak my desire to understand Economics.  In the next few weeks we are going to explore black-markets, corruption/cheating, and regulation.  Watch these short videos about some interesting areas of cheating: 

Please read this article about the growth of shadow economies from Forbes.  It introduces regulation.  We'll continue to explore thoughts on what you think about free markets and regulation.

Assignments:

• Figure out your budget for a wedding.  Check out Cost of a Wedding.com for a breakdown of wedding costs.  Specifics for Hamblen County are also available.  How could overspending impact a marriage years from the wedding?  
• Explore the cost of a child's first year of life.  Babycenter.com has a Baby Cost Calculator.  Are there things not listed on the calculator you think should be included?  List some cultural expectations Americans have about babies and their needs.  
• How much do you cost?  I know you are all PRICELESS (I am not being sarcastic here -- you are all extremely valuable!)  Try to figure out your spending and the spending your parents do for you.  If you have a job or help around the house, list ways you off-set some of the cost? Check out this link to the USDA Expenditures on Children.  How do you hope to choose to spend on your children?  We discussed some choices parents make and the importance of being compatible with your spouse on these choices.  
• Make sure to review your decade report and explore how Economic Philosophers and Theories impacted that decade?
• Also, please figure out a black-market (shadow economy) product(s) from your decade (list is fine here).
• Explore your own thoughts -- who do you side with (Keynes or Hayek)?  Why?