Category Archives: Videos

The Joy of Stats

Economists tend to hate anecdotal information, despite its prevalence in the news, documentaries, mockumentaries and the like. Those who use these one-off cherry-picked stories justify their use of this non-scientific medium by declaring that individual stories can capture peoples’ attention and interest, while numbers are boring.

Hans Rosling proves this to be untrue, by taking statistics and numbers and showing how they too can tell a story. Not the story of one family or one dog, but the story of our whole world during the past 200 years.

It is interesting to note that while there is more inequality now than before, every single country is now better off than 100 years ago, with no exceptions. Also curious to note how the countries furthest to the top right ‘healthy-wealthy corner’ have arrived there thanks to trade, while aid has been an emphasis for those in the bottom left. Might it be better to free up trade instead in order to see them rise as well?

A Love song for Friedrich Hayek

We thought we’d start the New Year out with a nice Love song. Some of you may remember the Hayek vs. Keynes Rap Anthem. This is a more mellow love declaration, just for Hayek. Sorry Keynes!

We had nothing to do with the making of this song or video, which were made by DorianElectra.

Happy MMXI!

How to Learn Economics from Seinfeld

So if the soup nazi has a monopoly on good soup, how much can he abuse customers without worrying about losing clientele? And once his secret recipe is released (and he gets competition), how quickly is he out of business? How does Elaine allocate scarce goods and determine which men are “Sponge worthy”? When George gives a tip but doesn’t get noticed, does he get utility? Or does he need the recognition? And with diseases like cancer and AIDS ravaging so many peoples’ lives, why do some scientists concentrate on inventing the seedless watermelon? Could be it simply because consumers want it, as Seinfeld concludes?

Yadayadayadaecon.com is a fascinating website, teaching us many of the tenets of Economics via Seinfeld episodes. The argument is that Seinfeld isn’t a show about love, but about 4 people getting by in the city, so it’s only natural that they encounter economics on a daily basis. Have fun exploring the site for other examples. You’ll be amazed at how economics can be applied to everyday life.

Game Theory in Videos

Youtube User JimBobJenkins has some excellent primers on Game Theory available on his Youtube Channel, which include matrices and game trees and address familiar concepts such as The Prisoner’s Dilemma, the Ultimatum Game and Forward Induction.

Videos can be found here.

Of course, if you want to then see some other Game Theory videos from the web, you can check them out on our Youtube channel here.

(HT to the Freakonomics website for pointing this channel out).

Hayek vs. Keynes Rap Anthem

In case you missed it, and in case you find it easier to memorize rap lyrics than economic theories, now’s your chance to do both!
Check out this excellent video, by Econstories.

HT to Andy for bringing this up.
Don’t worry. I wouldn’t skip featuring this.

John Maynard Keynes

“We are all Keynesians now”. This phrase, uttered by Milton Friedman and popularly attributed to Richard Nixon (who did say something similar), shows the influence this one man and his economics has had on our past century, and continues to have in this one. No Economic analysis is complete without an explanation of John Maynard Keynes and what is now called Keynesian Economics. We therefore include some videos and tutorials here on precisely this subject:

From the Dumb Agent Youtube channel, where you can find many other subjects and tutorials as well. All collected and grouped by subject matter.