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Teaching Economics Using ABC News Video Clips

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Teaching Economics Using ABC News Video Clips. Scott Niederjohn, Ph.D. ... ABC's 20/20 news reporter John Stossel. Re-done with National Council on Economic ... – PowerPoint PPT presentation

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Title: Teaching Economics Using ABC News Video Clips


1
Teaching Economics Using ABC News Video Clips
  • Scott Niederjohn, Ph.D.
  • Director, Lakeland College Center for Economic
    Education

2
The Video Clips
  • http//abcnews.go.com/2020/Stossel/
  • Click on teaching tools
  • ABCs 20/20 news reporter John Stossel
  • Re-done with National Council on Economic
    Education (NCEE)
  • Micro/Macro College
  • Micro/Macro High School (Micro copy for you
    thanks MI Bank Sheboygan)
  • Voluntary National Standards in Economics
  • 30 each or 50 for both
  • Instructors Manual

3
The Video Contents
  • Macro
  • GDP/Standard of Living
  • Nominal versus real values
  • Unemployment
  • Government Spending
  • Subsidies and Taxes
  • Marginal Tax Rates
  • Outsourcing
  • Economic Freedom and Prosperity
  • Institutions and Economic Growth
  • Property Rights and eminent domain
  • Competition
  • Pork Barrel Spending
  • Micro
  • Opportunity Costs and Tradeoffs
  • Tragedy of the Commons
  • Exchange and Wealth Creation
  • Invisible Hand and Market Coordination
  • Rent Control/Price Controls
  • Incentives
  • Role of Profits
  • Secondary Effects
  • Competition and Costs
  • Entrepreneurship
  • Labor Markets
  • Poverty

4
Is life in America better today or worse than
it was 50 or 100 years ago?
  • What is your opinion?
  • What would your students say?
  • What factors should we consider?
  • How does an economist measure standard of living?

5
Stossel Video Clip 1 Is life getting worse?
6
Wonderful Trends of the 20th Century Ah, the
good old days .?
7
Does food get to us because farmers care about
our welfare?
  • What are the steps involved in getting meat to a
    grocery store?
  • Who coordinates all of these activities?
  • What did Adam Smith mean by the invisible hand
    of market economies?
  • How do you teach this concept?

8
Stossel Video Clip 2 Invisible hand steak
example
9
The Story of the Pencil Milton Friedman
  • Who coordinates all of these activities?

10
Would rent controls help the poor obtain better
housing?
  • Policy in some major U.S. cities
  • How is this policy represented in the supply and
    demand framework?
  • What do you predict will happen when such a
    policy is enacted?

11
Good old supply and demand analysis
12
Stossel Video Clip 3 Rent Control
13
Why are some countries rich and others poor?
  • What are the characteristics of a rich country?
    Poor country?
  • How would your students answer this question?
  • Lets play Mystery Nations

14
Rank the Nations
  • You are secret agents assigned to find out if a
    nation is rich or poor.
  • Use the information provided to rank each nation
    from 1 to 5 with 1 being the richest and 5 the
    poorest.
  • Can you predict the name of the nation?

15
Who is Wealthy?
  • Country A
  • Size Three tenths the size of the U.S.
  • Population About 40 million (small for a nation
    this size)
  • Natural Resources Rich resources with fertile
    land, lead, zinc, tin, copper, iron ore, oil,
    uranium
  • Country B
  • Size About the size of California
  • Population Over 127 million
  • Natural Resources Fish, no mineral resources

16
Who is Wealthy?
  • Country D
  • Size 1.8 times the size the United States.
  • Population 144 million
  • Natural Resources Vast resources with major
    deposits of oil, natural gas, coal, many
    strategic minerals, vast timber supplies
  • Country C
  • Size Twice the size of California
  • Population Large population of 137 million
  • Natural Resources Vast resources including oil,
    tin, iron ore, coal, limestone, lead, zinc,
    natural gas

17
Who is Wealthy?
  • Country E
  • Size 3.5 times bigger than Washington D.C.
  • Population 4 million
  • Natural Resources Fish, deepwater port

18
Mystery Nations Revealed
19
Country A
  • Name
  • Argentina
  • Population
  • 39,144,753
  • GDP per capita
  • 11,200 (2003)
  • Life expectancy
  • 75.70 years
  • Literacy rate
  • 97.1
  • Infant mortality
  • 15.66 /1000

20
Country B
  • Name
  • Japan
  • Population
  • 127,333,002
  • Per capita GDP
  • 28,200 (2003)
  • Life expectancy
  • 81.04 years
  • Literacy rate
  • 99
  • Infant mortality
  • 3.28/1000

21
Country C
  • Name
  • Nigeria
  • Population
  • 137,253,133
  • Per capita GDP
  • 900 (2003)
  • Life expectancy
  • 50.49 years
  • Literacy rate
  • 69
  • Infant mortality
  • 70.79/1000

22
Country D
  • Name
  • Russia
  • Population
  • 143,782,338
  • Per capita GDP
  • 8,900 (2003)
  • Life expectancy
  • 66.39
  • Literacy rate
  • 99.6
  • Infant mortality
  • 16.96/1000

23
Country E
  • Name
  • Singapore
  • Population
  • 4,353,893
  • Per capita GDP
  • 23,700 (2003)
  • Life expectancy
  • 81.53
  • Literacy rate
  • 92.5
  • Infant mortality
  • 2.28/1000

24
USA
  • Name
  • United States
  • Population
  • 293,027,571 (2004)
  • Per capita GDP
  • 37,800 (2003)
  • Life expectancy
  • 77.43
  • Literacy rate
  • 97
  • Infant mortality
  • 6.63/1000

25
Saudi Arabia
  • Name
  • Saudi Arabia
  • Population
  • 25,795,938 (2004)
  • Life expectancy
  • 75.23
  • GDP per capita
  • 11,800 (2003)
  • Literacy rate
  • 78.8
  • Infant mortality
  • 13.7/1000

26
Natural Resources Paradox
  • Natural resources have contributed to the
    economic success of some nations.
  • Yet, many nations with vast stocks of natural
    resources are poor.

27
Causes of Economic Growth
  • Increase in the availability of resources
  • Growth in the labor supply
  • Population increases
  • Existing population supplies more labor
  • Growth in the capital stock
  • The more capital goods produced this year, the
    more the economy will grow
  • Improvement in Technology
  • Expand the frontier by making more efficient use
    of existing resources
  • Improvements in the Rules of the game
  • Improvements that nurture production and exchange
    will promote growth

28
Rules of the game
  • Market economy incentives to save, invest, own
    private property and increase productivity
  • Limited size of government expenditures, taxes,
    and state-run enterprises.
  • Stable Legal system contracts, property rights,
    patents
  • Decentralized decision making
  • Free Trade

29
Command Systems Are Hazardous to Your Health
  • Gerald Scully (1997) reports that
  • China killed 35.6 million between 1949 to 1987
  • The Soviet Union killed 54.7 million between 1917
    and 1987.
  • The Khmer Rouge killed 3 million - - more than
    1/3 of the population between 1975-1979.

30
Markets and Economic Freedom
  • Market economies have more economic freedom --
    freedom to own property, trade, start businesses
    -- than non-market economies.
  • Market economics are wealthier than non-market
    economies.
  • What nations are the most economically free and
    which are the least?

31
Countries with the Highest Levels of Economic
Freedom Free (Heritage Foundation and WSJ,
2005)
  • 1. Hong Kong
  • 2. Singapore
  • 3. Luxembourg
  • 4. Estonia
  • 5. Ireland
  • New Zealand
  • 7. United Kingdom
  • 8. Denmark
  • Iceland
  • 10. Australia
  • 11. Chile
  • 12. Switzerland
  • United States
  • 14. Sweden
  • 15. Finland
  • 16. Canada
  • 17. Netherlands

32
Countries with the Lowest Levels of Economic
Freedom Repressed (Heritage Foundation and
WSJ, 2004)
  • 144. Tajikistan
  • 145. Haiti
  • 146. Venezuela
  • 147. Uzbekistan
  • 148. Iran
  • 149. Cuba
  • 150. Laos
  • 151.Turkmenista
  • 152. Zimbabwe
  • 153. Libya
  • 154. Burma
  • 155. North Korea

33
The Korean Example
34
Stossel Video Clip 4 Institutions, Growth and
Freedom
35
Questions or Comments
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