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Poster |
Film |
Description |
Length of the
Scene |
Location on the
DVD |
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In
this amusing scene, a woman describes why her online Ebay business has a
store front (people bring things in and she sells the items on Ebay and she
gets a share of the proceeds). Her rationale is much like the economic
rationale for branding or advertising; the same reasoning has been used as a
suggestion about why (pre FDIC) banks were stately buildings. - Economics
of the Internet (Contribution from E.
Frank Stephenson, Berry College) |
4
minutes |
Scene
5 (from 33:28-35:30) and Scene 10 (from 1:04:57-1:06:47) |
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Rueben
(Ben Stiller) is fluffing throw pillows and placing them on his bed like he
does everyday when Polly (Jennifer Aniston) asks why he spends so much time
placing and replacing the pillows. Rueben has never really thought about the
opportunity costs involved in keeping the bed looking nice. - Efficiency,
Optimal Behavior |
2.5
minutes |
Chapter
13 |
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Denzel
Washington's character goes straight to the source of heroin in SE Asia to
buy it in bulk. He then is able to sell a better (= more pure) product
at a lower price than existing dealers. In order to accomplish this he brands
his heroin "Blue Magic"—a good illustration that brands convey
information to consumers. Competitors respond by asking him to collude. - Competition,
Collusion, Branding, Economics of Crime, Entrepreneurship (Contribution from E. Frank Stephenson, Berry College) |
5
minutes |
Chapter
8 (from 51:44-54:03) and Chapter 14 (from 1:31:56-1:34:17) |
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Will Farrell is an anchor in the male-dominated broadcasting business of the 1970s. Things change when Christina Applegate is hired as the station’s first female anchor. - Causes of discrimination, occupational crowding, marginal revenue product |
3.5
minutes |
Chapter
5 (from 13:46 to 17:13) |
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Imagine
if you were cryogenically frozen in the 1960’s and revived 30 years
later. Advances in technology, culture, and higher prices would all come as a
shock. After viewing this scene you can encourage students to think about
demand-pull and cost-push inflation. In the intervening time period
demand-pull inflation occurred (as a result of an increase in population) and
cost-push inflation (resulting from the 1970’s oil embargos) also caused
prices to rise. - Inflation, Real and Nominal Prices |
5
minutes |
Chapter
6 |
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The
film won the Academy Award for best picture in 2001 and it chronicles the
life of John Nash who is noted for his pioneering work on general equilibrium
theory. This scene is a great way to discuss self-interest and contrast it
with the social optimum. Nash’s work has augmented Adam Smith’s
“invisible hand” theory by extending how self-interest is modeled.
This is must viewing even though the scene itself contains flawed economics.
- General Equilibrium |
3
minutes |
Chapter
5 |
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Elizabeth
Hurley, as the Devil, attempts to buy the soul of a nerdy computer programmer
played by Brendan Fraser. She grants him seven wishes and he promptly wastes
the first wish on a Big Mac and drink. The amusing part is that Hurley takes
him to McDonalds, orders the meal, and because she “forgot her
purse” he ends up buying the burger and drink with his own money. - No
Free Lunch |
1.5
minutes |
Chapter
5 (from 15:48 to17:00) |
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Conflict
diamonds are a crucial factor in prolonging armed conflict in parts of Africa.
- Black markets, supply and demand |
2.5
minutes |
Chapter
2 (from 6:30-8:55) |
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Johnny
Depp is a West Coast cocaine dealer who decides to market his product on the
East Coast because he can sell it there at a higher price. The clip
illustrates an imbalance in supply and demand, partnerships,
entrepreneurship, and the calculus (cost-benefit analysis) behind the
decision to commit a crime. - Supply and demand, partnerships,
entrepreneurship, economics of crime. |
3
minutes |
Chapter
4 (from 14:15 to 16:00) |
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Matt
Damon is desperate to find a ride to Paris so he offers $10,000 to a stranger
for a lift. He is aware that she needs the money but she is reluctant to take
him up on his offer because no one pays $10k for a ride unless they are in
trouble. Eventually she agrees to help him after he offers to pay her an
additional $10k when they get there. The scene shows how trade can be
beneficial to both parties. - Consumer and Producer Surplus, Gains
from Trade |
1
minute |
Chapter 8 (from 25:40 to 27:00) |
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Tom
Hanks plays a Fed Ex employee who is stranded on a deserted island for four
years. In this scene we see him learning to make fire. There is no one there
to help him so he has to find out the best way accomplish this task by
himself. Effectively, he is forced to live a life without specialization. The
irony is that before he became stranded he helped deliver important packages
around the globe so that people could specialize using their comparative
advantage. This movie is poignant reminder of how difficult life would be if
we had to do everything for ourselves. - Specialization,
Comparative Advantage |
7
minutes |
Chapter
17 |
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A
high-end prostitute snags a playboy with a unique strategy to determine the
price to be paid. - Upward sloping supply curve |
2
minutes |
Chapter
11 (from 1:00:15-1:02:15) |
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Roald Dahl’s well-known classic is filled with economics. - Supply
and demand, substitution effects, scarcity |
5
minutes |
Chapter
5 (from 14:45 to 19:35) |
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Paul
Newman decides to eat 50 eggs on a whim in order to spice things up while in
captivity. - Diminishing Marginal Utility |
7
minutes |
Chapter
12 |
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The
scene makes a very powerful point about the nature of economics and
expenditures. - What is Economics? |
15
seconds |
Chapter
12 (from 47:11 to 47:26) |
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This
is a great example of a successful auction with an unusual ending. The
auctioneer, Violet Sanford, needs to raise $250 quickly to keep her job. When
the bidding reaches $250 she ends the auction, oblivious to the fact that the
bidders would have gone higher (incurring a significant opportunity cost in
the process). This scene can be used to introduce or discuss auctioning
mechanisms. - Auctioning Mechanisms |
3
minutes |
Chapter
7 (from 38:45 to 42:00) |
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Imagine
California without any Hispanics and you have the premise of this offbeat
film. The most memorable scene occurs when all the Hispanics disappear and
the remaining people realize how much they miss them. Another (briefer) scene
shows a television commercial advertising a disappearance sale where the
store marks everything down 50%. - Labor Markets, Trade Barriers,
Immigration |
3
minutes |
Chapter 4 (from 27:45 to 29:32); Chapter 8 (from 51:28 to 51:56) |
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In
the future the world seems blissful (there is no crime and all negative behaviors
have been eradicated). However, under the streets of San Angeles there are a
group of outcasts who live in poverty. Dennis Leary, the leader of the
underground society, gives an impassioned speech that encourages the
downtrodden to resist the stamping out of free expression. Bottom line,
utopia isn’t worth it if it comes at the price of personal liberty. - Monopoly,
Choice, and Economic Freedom |
1.5 minutes |
Chapter
22 (from 1:25:15-1:26:35) |
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The
movie revolves around illegal kidney harvesting. Immigrants sell their
kidneys to get doctored passports so that they can stay in the United
Kingdom. In the scene the “win/win” nature of kidney transplants is
explored. There are serious ethical dimensions here as well as the
exploitation of the poor. The scene will raise eyebrows and prompt a spirited
discussion. - Property Rights, Gains from Trade |
3
minutes |
Chapter
10 (from 49:00 to 51:01) |
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Two
dim-witted pals accidentally open a briefcase full of money and eventually
end up using it as tissue for a runny nose. - Diminishing
utility of money |
3
minutes |
Chapter
22 (from 1:25:15-1:26:35); Chapter 14 (from 1:00:10to1:02:05) |
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Ed
Masry (Albert Finney) and Erin Brockovich (Julia Roberts) meet with a
representative of Pacific Gas & Electric to discuss a settlement offer
from the firm. The company offer compensates the claimants for the value of
the land they own, but no compensation is offered for medical damages as a
result of toxic poisoning. Erin Brockovich believes that many of the health
problems in the affected community can be traced to the introduction of the
poison into the groundwater. However, PG&E counters that the condition of
the residents is a result of lifestyle choices, heredity, and bad luck. - Externalities
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2
minutes |
Chapter
19 |
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This
scene involves four high school graduates who travel to Europe and end up in
an impoverished country (Bratislava) where the U.S. dollar has enormous
purchasing power. The graduates are able to take their last $1.83 and enjoy
an amazing night out on the town. After showing the scene you can use simple
supply and demand graphs to explain how the currency market works. -
Exchange Rates, Purchasing Power Parity |
3
minutes |
Chapter
13 (from 57:32 to 1:00:01) |
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Ben
Stein plays a high school economics teacher, but he has a problem, no one is
listening. In the clip, Ben Stein is lecturing on macroeconomic issues. You
can then contrast what Ben Stein is discussing with what the students are
doing (the micro side). This clip is funny and short. It can also be used as
an icebreaker in an introductory lecture. - Understanding the
Difference Between Microeconomics and Macroeconomics |
2
minutes |
Chapter
2 |
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The
politics and economics of fighting the Japanese during the World War II.
- Financial Instruments |
4
minutes |
Chapter
8 (from 46:40-50:40) |
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A
dare causes two high school students to play chicken while facing each other
on tractors. - Game Theory |
5
minutes |
Chapter
4 (from 27:00-32:00) |
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When
Forrest Gump enters the shrimping industry because of a promise to a fallen
friend it has the expected result initially - Forrest has trouble - finding
shrimp. However, when your life is a series of amazing coincidences things
have a way of working out. The fishing industry is a highly competitive
industry where profits are hard to come by, even for those with experience.
However, the twist is that a hurricane washes ashore and it destroys all the
other shrimp boats, except Forrest’s. Since Forrest has the only boat
left, he gains a temporary monopoly and he catches all the shrimp. In this
scene the shrimp are a metaphor for profits and they provide a compelling way
of contrasting competitive and monopoly solutions. - Sources of
Monopoly, Competition |
8
minutes |
Chapter
12 and Chapter 13 |
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Six
unemployed men take their inspiration from a group of touring strippers and
decide to perform a striptease of their own. This scene nicely illustrates
unemployment and entrepreneurial initiative. - Discouraged
workers, structural unemployment, cyclical unemployment |
3
minutes |
Chapter
4 (from 9:57 to 12:14) |
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This
scene spoofs Enron and is a great discussion starter. - Business
and Corporations (Contribution from E.
Frank Stephenson, Berry College) |
4
minutes |
Chapter
5 (from 12:30 to 16:20) |
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John Cusack plays
a hit man who rebuffs Dan Ackroyd's overtures to form a hit man's cartel or
union. In this scene, Ackroyd's character tells Cusack's character that
they'll have greater bargaining power if they collude instead of
competing. -Collusion, Cartels,
or Labor Unions (Contribution from E. Frank Stephenson, Berry College) |
2
minutes |
From 3:55 to 6:00 |
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Bill
Murray keeps reliving the same day in his life over and over again. Every
morning he wakes up and he encounters the same people and places. Eventually,
he learns exactly what they will say and do and he reacts accordingly. - Rational
expectations, adaptive expectations, learning by doing |
4
minutes |
Chapter 15 (from 41:00 to 42:09); Chapter 24 (from 1:23:02 to 1:24:37) |
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It’s
2:30 in the morning and Harold and Kumar are at a deserted intersection
waiting to cross the road. The “do not walk” sign is lit. Kumar
encourages Harold to walk across anyway and a trooper appears out of nowhere
to ticket him for jaywalking. The fine is $220 and this prompts a spirited
discussion. - Economics of Crime, Rational Self-Interest,
Externalities |
3
minutes |
Chapter
11 (from 51:46 to 54:22) |
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There
is a great scene about the diamond industry and the "a diamond is
forever" campaign that has been made famous by DeBeers, the giant diamond
company. Matthew MacConaughey wants to pitch an important account and to do
so he tries to convince his boss and two women co-workers that he knows how
to market diamonds. He has a clever alternative campaign that he calls,
"a diamond is for everybody." The problem is that the diamond
industry is highly consolidated so it maximizes profits by limiting sales and
defining a luxury experience. MacConaughey's idea is the type of pitch that
works better with beers and pretzels, which is exactly what he is good at
selling in the film. - Elasticity of demand, luxury goods, market
power, cartels, specialization. |
3
minutes |
Chapter
2 (from 6:06 to 7:11); Chapter 4 (from 13:43 to 16:02) |
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One
of the hardest concepts to get across in a principles of economics class are
changes in demand versus changes in quantity demanded. This short scene from
The Hudsucker Proxy solves that problem in a humorous way. I recommend that
you show the clip and then ask your students to help you construct the
appropriate demand and supply curves to illustrate how the price changes in
the clip. - Changes in Tastes and Preferences |
3
minutes |
Chapter
25 |
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George
(James Stewart) returns to find a mob standing outside the Building and Loan
and he lets the crush of people into the lobby. He then talks with Uncle
Billy (Thomas Mitchell) who tells George that he has handed over most of
their cash to the bank and closed for the day to prevent a riot. George
pleads with the throng while he tries to explain how the banking system
works. The Building & Loan doesn’t keep all the depositors money on
hand; it lends the money out into the community as an investment. - Bank
Runs, How Banks Work |
4
minutes |
Chapter
12 |
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Two
dads (Arnold Schwarzenegger and Sinbad) scurry to find a Turboman
action-figure for their sons on Christmas Eve. They both wind up at the Mall
of America where a toy store has received a last minute shipment of Turboman.
When they arrive the store manager doubles the list price and institute a
lottery system to determine which customers will be able to buy toy. This
lead to bedlam. - Elasticity of Demand, Supply and Demand,
Shortages |
3
minutes |
Chapter
7 (from 25:54-29:15) |
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Denzel
Washington plays John Q, a luckless blue-collar worker with insufficient
insurance needed to cover his son’s emergency heart transplant. The
scene describes the costs of elective surgery, how insurance works, and the
ethical and equity issues raised by the existing medical care system in the
United States. - Health Economics |
7
minutes |
Chapter
5 (from 19:15 to 26:05) |
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Three
peasants wrestle with how to spend 15 silver coins that they have won in a
jousting tournament. One of the peasants (played by Heath Ledger) encourages
the other peasants to reinvest their winnings in training and equipment so
that they can make more money later. This creates tension between consuming
more now and saving more with the hopes of enjoying a higher standard of
living later. The three peasants, after an extended argument, decide to spend
two coins now and reinvest the other 13 coins in jousting equipment and
training. You can use this decision to show how an increase in investment can
expand the PPC in the long run. - Production Possibilities Curve |
6
minutes |
Chapter 1 (from 5:38 to 14:23) |
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A
sales associate picks the wrong girl to try to exploit. - Price
Discrimination |
1
minute |
Chapter
2 (from 4:00-5:15) |
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Jim
Carrey, a compulsive liar, is forced to tell the truth for 24 hours after his
son makes a birthday wish. In this scene he is stopped for speeding and ends
up telling the cop that he also ran a red light, failed to yield at a
crosswalk, and that he has many unpaid parking tickets. This is a great
illustration of rational behavior and a good starting point for a discussion
of the economics of crime. - Rationality Assumption |
2
minutes |
Chapter
7 |
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This
documentary focuses on the Jamaican economy and it is a history lesson in
colonialism, free trade, and poverty. You could show the entire film or just
a few chapters from the DVD; highly recommended. - International
trade, free trade agreements, poverty, comparative advantage, IMF, WTO |
12.5
minutes |
Chapters
7 (from 23:14 to 24:41); Chapter 10 (from 36:38 to 45:06); Chapter 11 (from
36:27 to 39:59) |
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In
this scene an American business wants to buy a Scottish beach in order to
drill for oil. All goes well until they encounter a hold out who values his
lifestyle and heritage and does not wish to sell. This raises a number of
provocative questions about the cost of progress and valuations. - Subjective
Values, Utility |
6
minutes |
Chapter
28 and Chapter 29 |
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Negotiating
over a priceless piece of jewelry is complicated. - Asymmetric
information, game theory |
1
minute |
Chapter
20 (from 1:17:00-1:18:00) |
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When
a fabric is created that never needs cleaning and never wears out it is
hailed as a great invention. However, the company and the employees who work
there become fearful for their jobs. This scene will motivate a discussion of
patents, marginal productivity, technological innovation, and profits. - Production |
15
minutes |
Chapters
11, 12 and 13 |
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A
well-intentioned financial lesson accidentally leads to a bank run.
- Monetary system, banking |
5
minutes |
Chapter
16 (from 1:30:45-1:36:00) |
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Based
on a true story, Matewan powerfully captures the elements that make union
formation so difficult. Inside a small store in West Virginia in 1920, Joe
Kenehan gives a speech to a number of the workers describing what it means to
be in a union. - Unions |
6
minutes |
Chapter
7 (from 19:48-25:24) |
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Al
Pacino and Jeremy Irons star in Shakespeare’s tale of greed and love.
When the merchant is short on cash he goes to a Jew to borrow the money.
However, the stakes are higher than usual, the lender wants a pound of flesh
if the loan cannot be repaid on time. - Opportunity Cost, Time
Preference, Risk |
5
minutes |
Chapter
5 (from 18:27 to 23:48) |
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One
of the most powerful scenes in the movie is when Maggie Fitzgerald (Hilary
Swank) buys a small house for her mother and family. She meets surprising
resistance. Her mother turns down her offer in order to maintain her
eligibility for welfare. This is a powerful way of motivating a discussion of
public assistance. - Public assistance programs, incentives,
trade-offs |
2
minutes |
Chapter
21 (from 1:12:34 to 1:14:22) |
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In
this classic film, Charlie Chaplin portrays an assembly line worker who slows
down the production process. This illustrates the interdependency of
production elements and specialization. Also, there is an automatic feeding
machine that is marketed to the company to improve the efficiency of the
workers and shorten the lunch hour. However, the feeding machine ends up
being unreliable and impractical, nicely showing that not all new ideas are
worthwhile. - Production, Innovation, Efficiency |
10
minutes |
Chapters
1, 2 and 3 |
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In
these scenes, William's character, while still in the old Soviet Union just
steps into line hoping to be able to buy one thing, only to find the line is
for something else - which he buys figuring he may be able to barter for what
he needs. Once he's defected to the U.S., he goes to a grocery story looking
for coffee. He asks where the coffee line is and, after being directed to the
coffee aisle, has a breakdown because of the abundant choices. - Command
vs. Market Economic Systems (Contribution
from Tim Schilling, Powell Center for Economic Literacy) |
2
minutes |
Chapter
1 (from 3:30 to 3:55), Chapter 3 (from 10:35 to 11:05, Chapter 17 (from
1:01:45 to 1:02:45) |
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Sandra
Bullock stars in this thriller about game theory. There is a great example of
the prisoner’s dilemma in the interrogation process. - Game
theory, dominant strategies, cooperative games |
2
minutes |
Chapter 21 (from 1:27:10 to 1:29:11) |
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Robert
Duvall stars as publisher Joseph Pulitzer. When the newspaper Pulitzer owns
decides to raise the price it charges its distribution network, the delivery
boys decide to unionize and strike. The shorter version of the scene focuses
on profitability and describes three solutions that will earn the publisher
more money. The second part of the scene (the longer version) showcases a
discussion among the newsies about the desirability of a strike. - Profit-Maximizing,
Collusion, Unions |
5.5
minutes |
Chapter
7 |
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The
movie provides a memorable scene on how a union works and the logic behind
organizing into a union. Norma Rae is still very powerful today. Sally Field
won the Best Actress Oscar for her performance in the film. - Unions |
3
minutes |
Chapter
12 |
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Eddie
Murphy has a problem with eating. - Diminishing Utility |
40
seconds |
Chapter
5 (from 30:42 to 31:20) |
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A
bread maker is re-gifted twice. An excellent introduction to Joel Waldfogel’s
AER article, “The Deadweight Loss of Christmas.” - Consumer
surplus, producer surplus, gains from trade, preferences |
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Chapter
3, 12:40 to 13:29; Chapter 11, 48:20 to 49:01 |
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When
Keynes first put forth the multiplier it helped to reshape macroeconomics.
Pay It Forward extends Keynes’ remarkable idea by suggesting that if
each of us identified and helped three other persons to do something that
they could not do themselves that the world would be a much better place. The
parallels between the clip and Keynes’ multiplier allow the instructor
to develop the theoretical and practical dimensions of fiscal policy. -
The multiplier, fiscal policy, actual deposit expansion multiplier |
2
minutes |
Chapter
10 (from 32:57 to 34:20) |
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What
makes this scene between Julia Roberts and Richard Gere so appealing is that
they negotiate a deal and then reveal after the negotiation is over what each
of them would have accepted. This provides us with a tangible example of
consumer and producer surplus. In addition, you may want to discuss gains
from trade. - Consumer and Producer Surplus |
4
minutes |
Chapter
6 |
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A
amusing battle of wits between two adversaries. - Asymmetric
Information, Game Theory |
5
minutes |
Chapter
9 (from 29:27-34:32) |
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With
few employment opportunities after college a graduate turns to fast food. - Cyclical
Unemployment, Discouraged Workers |
2
minutes |
Chapter
8 (from 46:30-48:40) |
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This
Broadway musical, adapted for film, explores poverty. - Rent
Controls, urban economics, property rights, incentives, substitution effect |
9
minutes |
Chapter 2 (from 4:35 to 13:42) |
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In
this short opening scene the rationale for tipping is discussed. Of
particular interest is the idea that tipping has become a social norm in many
instances and therefore no longer provides a strong incentive for outstanding
service. (STRONG LANGUAGE) - Incentives |
4
minutes |
Chapter
2 |
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Michael
Moore chronicles the impact of General Motor’s efforts to relocate jobs
from Flint, MI and the effect that this has on the local economy. The film is
quite persuasive in making GM out to be a villain. It is also a powerful
introduction to free trade. - International Trade, Corporate
Profits |
Anywhere
from 2 to 15 minutes |
Chapters
5, 29, 30, and 31 |
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Captain
Miller discusses the cost of finding Private Ryan in terms of lost lives.
Under normal circumstances, the calculus of war would smile upon a decision
where lives are saved. However, in Saving Private Ryan, many lives are lost
trying to save one man. This provides a compelling example of opportunity
cost. - Opportunity Cost |
3
minutes |
Chapter
9 |
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Oskar
Schindler exploits cheap Jewish labor for profit. However, in a testament to
the possibility of human goodness, he changes his mind and “purchases”
the lives of a thousand Jews in order to save them from death. - Subjective
Values, Normative Economics |
8
minutes |
Chapter
30 |
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Historian,
David McCullough, narrates the scene, which helps the viewer to appreciate
the economic forces at work during the Great Depression. The film fades to a
series of authentic black and white stills from the Depression era and then
it fades back to color in a homeless camp. Billions of dollars of wealth have
been lost and unemployment reaches 25%. - The Great Depression,
Business Cycles, Unemployment, Stock Market |
1.5
minutes |
Chapter
3 (from 12:50 to 15:21) |
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Markets
exist inside of prison. - Black Markets, Risk
Premium |
2.5
minutes |
Chapter
7 (from 25:20-28:00) |
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Stalag
17 was the precursor to Hogan’s Heroes. The key point of interest in
this film scene is the use of cigarettes as a currency among the prisoners
inside Stalag 17. In the scene, there are three distinct transactions
involving the use of cigarettes as a medium of exchange. You can develop an
excellent discussion by asking your class whether or not cigarettes make the
best choice of a money among the items typically found in a Red Cross shipment.-
Money as a Medium of Exchange |
6
minutes |
Chapter
5 |
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The
movie chronicles obesity in United States. - Health
Economics, Risk, Corporate and Personal Responsibility |
4
minutes |
Chapter
1 (from 0:00:42-0:04:46) |
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Madonna
plays a spoiled rich woman (Amber) who becomes stranded on a deserted island
with a communist sailor, Giuseppe Esposito (Adriano Giannini). Giuseppe
dislikes her snooty behavior and after a falling out they end up fending for
themselves. Eventually Giuseppe spears a fish and Amber offers him increasing
amounts of money (first $100 and then eventually $10,000) to buy the fish but
this only incenses Giuseppe more. - Elasticity of Demand |
1.5
minutes |
Chapter
12 (from 39:42 to 41:12) |
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John
Travolta is a rogue federal agent who believes that the best way to fight
terrorism is to respond to each act of terror with a response that is greater
in magnitude than the original act. This is a short, moving scene that will
spur a spirited classroom discussion of the costs and benefits of deterrence.
- Economics of Terrorism |
2
minutes |
Chapter
20 (from 1:06:39 to 1:08:37) |
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Tom
Hanks is a man (Viktor Navorski) traveling to New York City when his country
experiences a revolution and the government is thrown into chaos. As a
result, he doesn’t have a country and he is forced to reside in JFK
airport until he is cleared to enter the United States. As time elapses he
becomes more desperate and hungry. Eventually he learns that he can round up
luggage carts and return them for a quarter each. The interesting questions
revolve around the price charged (25 cents) and why Navorski is willing to
return the carts and other people are not. - Incentives,
Comparative Advantage, and Opportunity Cost |
3
minutes |
Chapter
10 (from 29:41 to 32:08) |
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In this scene, a car buyer negotiates with a car salesman.
They are bargaining to split the gains from trade--the seller's
reservation price and the buyer's willingness to pay--and neither wants to
make the opening offer because it might hurt his negotiating position. -
Bargaining,
Gains from Trade, Game Theory (Contribution from E. Frank Stephenson, Berry
College) |
1
minute |
From 2:44-3:30 |
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Markets
can be manipulated and exploited when one side had more information than the
other. Guess what happens when two parties have privileged information and
the information that they have is not the same! Dan Aykroyd and Eddie Murphy
outsmart their mentors (the Duke brothers) in an effort to ruin them. This is
a very funny clip on inside information and stimulating look at how markets
work. Moreover, this can also be used as a springboard for a discussion on
the market efficiency hypothesis. - Asymmetric Information,
Efficient Market Hypothesis |
8
minutes |
Chapter
18 |
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Jeff
Bridges plays Preston Tucker an innovator and entrepreneur who designs a
better automobile in the 1940s. However, the big three automobile companies
in Detroit, do not want to compete with a new company so they devise a
strategy that will put Tucker out of business. - Oligopoly,
Collusion |
8
minutes |
Chapter
14 |
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Cousin
Eddie takes his savings and buries the money in metal coffee tins in the
desert. When Clark Griswold losses all of his cash in Las Vegas, Eddie
decides it is time to dig up the money to help Clark out. Since the cash is
taken out and then put back into circulation, it provides an interesting
basis for discussing leakages and injections in the money supply. - Money
Supply |
3
minutes |
Chapter
25 |
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This
classic film extols the virtues of greed and self-interest. However,
ironically, the filmmakers get the economics all wrong. Michael Douglas
incorrectly uses the term, zero-sum game, when discussing gains from trade. -
Zero-sum Games, Gains from Trade |
3
minutes |
Chapter
12 |
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Two
bachelors crash weddings in order to have a good time. - Free-riding,
decision making under uncertainty. |
6
minutes |
Chapter
2 (from 05:15-09:35); Chapter 17 (from 1:44;00-1:45:21) |
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Hilarious
auction scene involving a reluctant auctioneer. - Auctions |
3
minutes |
Chapter
12 (from 45:04-47:50) |
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Roald
Dahl’s well-known children’s classic is filled with economics. Gene
Wilder stars as Willy Wonka, an eccentric candy mogul, who devises a clever plan
to identify his successor. He places five “golden tickets” inside
his candy bars and promises anyone who finds one a lifetime supply of
chocolate. - Supply and Demand, Substitution Effects, Scarcity |
Anywhere
from 5 to 20 minutes |
Chapters
5, 10 and 14 are especially useful |
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Paul
Bettany plays British tennis player Peter Cort whose career is on the wane.
When Peter surprisingly makes the quarterfinals at Wimbledon his agent
reappears and approaches him with new financial opportunities. However, this
time Peter understands the laws of supply and demand. - Labor
Demand |
1.5
minutes |
Chapter
6 (from 32:30 to 34:00) |
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It
has been speculated that L. Frank Baum’s classic was intended as a commentary
on the gold/silver standard debate of the late 1800’s. - Monetary
Systems |
7
minutes |
Chapter
12 (from 45:04-47:50); Chapter 34 (from 57:17-1:01:14) |
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Tom
Hanks is Joe Fox, the owner of a large chain of bookstores, who opens a new
location near a small children’s bookstore run by Meg Ryan. Showing this
clip is a great way to introduce competitive markets, discuss barriers to
entry, promotions, and sales volume. - Competitive Markets,
Economies of Scale |
7
minutes |
Chapter10
and Chapter 11 |
