EconGuy Videos: Complements & Substitutes

Two things we'd all like to see less of: climate change, and mass shootings. The direct way to address these would be to make fossil fuels more expensive, and restrict access to guns. But politically, neither of those policies will happen anytime soon. Fortunately, economists have another approach: change the prices of *related* goods. See how lowering the price of solar panels can change the use of coal, and how raising the price of bullets can reduce shootings.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Does Automation Destroy Jobs?

When machines or computers are used to automate a task, does that mean that human workers will lose their jobs? As with most questions in economics, it depends. See how computers and toilet paper illustrate two different effects of technology on jobs. Overall, EconGuy shows that even when workers in one industry lose out, the economy as a whole benefits from automation and technology.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Does Free Trade Destroy Jobs?

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.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Do the Rich Pay Too Much in Taxes?

We keep hearing that the wealthy pay a disproportionate share of our taxes. Do the rich pay too much tax? We can't answer that question without looking at how income is distributed. It turns out that tax payments are unequal because income is unequal. Even if we taxed everyone at exactly the same rate, the rich would still have huge tax payments - because they're the ones making the most income.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: How to Reduce Debt and Climate Change Simultaneously

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?

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Immigrants and Jobs

Many people think that immigrants take jobs from Americans. But is that true? Turns out there isn't a fixed number of jobs to be fought over by Americans and immigrants. Immigrants actually end up creating more jobs for Americans - find out how.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Making Workers Better Off

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.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Minimum Wage

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

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Obamacare

ObamaCare is the capstone of the New Deal - or it's a socialist plot to destroy America. It's hard to figure out the truth about Obamacare. EconGuy is here to explain how and why Obamacare reforms health insurance markets, helps individuals buy private health insurance for themselves, how it's similar to reforms enacted in some states, and the possible impact on jobs, employers, and insurance premiums.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Price Controls

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.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Price Gouging

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.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Profits

Companies make profits. Is that good or bad? Neither - it doesn't last. Firms that make huge profits attract competitors, which drive prices and profits down. See what this has to do with supermarket checkout lanes, Pixar movies, and Viagra.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: Tragedy of the Commons

Why are we overfishing the oceans? Why are we cutting trees faster than they're growing? Why did the Easter Islanders resort to cannibalism? And how did an economics professor dad stop his teenage sons from wasting his whole paycheck on soda pop? It turns out that all of these are examples of the Tragedy of the Commons. This economic theory explains why, when a resource is collectively owned, there is no incentive to use it sustainably. This explains why many natural resources are depleted, even though that makes everyone worse off.

Material Type: Lecture

Author: Patrick Walsh

EconGuy Videos: the Laffer Curve

Can the government actually increase tax revenues by cutting tax rates? A lot of politicians - and even some economists - seem to think so. The idea is that the tax cut will spur so much economic growth that tax revenues increase despite the lower rate. It's an idea known to economists as the Laffer Curve. But is that true? EconGuy looks at the numbers, and then at recent U.S. experience with tax cuts, tax increases, and revenues.

Material Type: Lecture

Author: Patrick Walsh

EconGuy videos: Debt Ceiling

What is the debt ceiling that we keep hearing about? For that matter, what is the federal debt, where does it come from, and how big is it? Does the debt limit actually limit the debt? What would happen if Congress failed to raise the debt ceiling? And what does the debt limit have to do with tight pants?

Material Type: Lecture

Author: Patrick Walsh

Economic Demise of the Soviet Union

The economic demise of the Soviet Union is surely one of the great events of modern history, an upheaval that will continue to have monumental impact on global politics and trade. Soviet history is the vehicle for teaching fundamental skills and principles of economic reasoning, which are then used to analyze the complexities of the intertwined economic, political-legal and more-cultural components of Soviet society. The lessons not only explain why the Soviet economy collapsed, but also provide insights into our own economy.

Material Type: Activity/Lab, Assessment, Lesson Plan

Economic Forces in American (U.S.) History

History teaches us that properous advanced national economies like the U.S. share a common institutional framework conducive to creativity, production, and exchange. That institutional framework of individual freedom, rule of law, clearly stated rights to private property, and open competitive markets shapes incentives to encourage material advance. The multiple perspectives approach to historical-scholarship requires viewing events, trends, and developments through a variety of analytical lenses. Often overlooked in traditional history curricula are the insights that the economic way of thinking adds to social, political, and geographic perspectives. Emphasizing the role of institutions, Economic Forces in American History looks at the impact of seven key forces in shaping the development of the United States.

Material Type: Activity/Lab, Assessment, Lesson Plan

Economic indicators and the business cycle

This 11 minute video examines the parts of the business cycle and what factors contribute to its fluctuation. This video will aid in mastery of standard EPF. 5(c)

Material Type: Lecture

Economic indicators and the business cycle: Types of Unemployment

This 5 minute video will examine the how unemployment rate is calculated and the various types of unemployment caused by various economic factors. This video will aid enforcing content of standard 5

Material Type: Lecture

Economics and You

Understanding economics, what some people call "economic literacy," is becoming essential for citizens in our national and increasingly interconnected world economy. Increasingly, productive members of society must be able to identify, analyze, and evaluate the causes and consequences of individual economic decisions and public policy including issues raised by constraints imposed by scarcity, how economies and markets work, and the benefits and costs of economic interaction and interdependence. Such literacy includes analysis, reasoning, problem solving, and decision making that helps people function as consumers, producers, savers, investors, and responsible citizens. - From the Michigan Grade Level Content Expectations

Material Type: Textbook

Authors: Brian Weaver, Katie Hintz, Kelly Dutcher, Kim Noga, Ronalyn Arsenau, Travis Balzar