Many people assume that importing goods from other countries destroys jobs here in the U.S. Economists believe that trade doesn't destroy jobs, it just moves them around within the economy. This video explains how.
What are the two biggest threats facing future generations? The growing Federal debt, and climate change. The national debt will trash the economy, and global warming will trash the planet. But economics offers a solution to BOTH problems: a carbon tax. So why do economists cry themselves to sleep?
Most people are interested in seeing workers earn a decent wage. But how does that happen? Is forcing employers to be more generous the key to rising standards of living? To find out how to raise livng standards, this video looks at big differences in wages: from 100 years ago to today; and between poor countries and the US. Through these examples, economists identify productivity and output as the key to increasing living standards.
Is raising the minimum wage a good idea? Many people think it's a great way to help low-income families. But some economists worry that the minimum wage doesn't reach the poorest families, helps a lot of people who don't need it, and can lead to job cuts. Here are some facts & figures from the debate over the minimum wage
Many people think that using laws to reduce prices will make things easier to buy. Economists know that the opposite will happen: putting price controls on a good makes it harder to obtain. This video looks at examples, from Venezuela to apartments in the U.S.
When sellers raise prices in response to crises, mere mortals call it "price gouging". Economists call it "arbitrage". Buying low and selling high explains how goods move around in the economy. And preventing prices and arbitrage from working is what caused gasoline shortages after hurricane Sandy.