Learning Economics Through Pictures - Economic Growth under Reagan and Obama

Story here.

The photo here (Source - The Gateway Pundit):

Great Obama quote (but he could have said more)

The quote here:

In communities where there are no fathers who can provide guidance to young men; communities where there’s no investment, and manufacturing has been stripped away; and drugs have flooded the community, and the drug industry ends up being the primary employer for a whole lot of folks — in those environments, if we think that we’re just going to send the police to do the dirty work of containing the problems that arise there without as a nation and as a society saying what can we do to change those communities, to help lift up those communities and give those kids opportunity, then we’re not going to solve this problem.

Wow - I agree with Obama!  I think he should have added that many of these problems are the direct result of government programs.  For example, many welfare programs give people an incentive to not work and punish people for working.  When parents take advantage of those programs you then will have children who don't grow up with a strong work ethic.  (Which creates a "cycle-of-poverty".)  That can lead to the lack-of-skills that will keep investors out and make drugs look like the best job alternative.

Throw in failing government-run schools, and you have a recipe for disaster.

Is NY's fracking ban temporary?

Link here

Excerpt:

In the radio interview Friday, Martens said the fracking ban — which applies only to fracking that uses more than 300,000 gallons of fluid — will be "permanent until the information changes." Studies that have been in the works for years may draw different conclusions when they're finally released, he said.

"I don't think there's any such thing in the environmental world as permanent," Martens said. "Information changes."

In theory, Martens is correct. NY could reverse their decision. However, 20 years after GM foods have become widespread, the confidence in the safety of GM foods among scientists could not be stronger. The evidence, notably that we have never had anybody ever get sick from GM foods, indicates GM foods are safe, but many people (including many who also dislike fracking) are still opposed to GM foods.

Why should we believe that the same people who dislike GM foods now would like fracking 10 years from now, even if all evidence indicates that fracking is safe?  

Forensic Economics Course

During the last three weeks of the semester this year, I got the opportunity to teach forensic economics in a course titled "fraud and forensics".

We have 9 class sessions together, where we work well beyond these videos, but these introductory videos were use in this "flipped" class.

Enjoy!

What Does a Forensic Economist Do?

Calculating Present Value and Future Value (parts one and two)

What Data is Needed?  (Overview)

Life and Worklife Expectancy

How to Calculate Earnings

Economic Discrimination

Link to radio interview

I had a 10-minute interview with WKOK radio.  The link is here (for now).  You'll have to scroll to the Monday (April 13) clips to find mine.

I'll see if I can find a permanent link soon ...

Nate Benefield of Commonwealth Foundation visiting Susquehanna University

Teaching Workshop in Denver - Friday, April 17

Assorted Links

1. USA Today is misleading

The title says lower oil prices are costing jobs.  While some sectors are hurt, lower gasoline prices act as a stimulus which boosts the economy by more than the lost jobs.  (I.e., the extra spending with leftover funds from cheaper gas prices will create more jobs than what is lost in the oil industry.)

2. Funny "news" clip. (Note - one curse word makes this NSFW)



3. Spotted on a tweet celebrating "Earth Hour" ...