Ayn Rand’s Harry Potter and the Sorcerer’s Stone
“Why are you teaching children how to make these valuable products for ourselves at a schoolteacher’s salary instead of creating products to meet modern demand?”
Chart: Know Your Economics
Know your branches of economics
From: http://www.smbc-comics.com/?id=3117
This was sent to me from a friend without ties to academic or professional economics.
Supply and Demand?
A humourous commentary on supply and demand economics…
The conversation goes like this:
- Customer: $15 bucks a glass?
- Calvin: That’s right! Want some?
- Customer: How do you justify charging 15 dollars?
- Calvin: Supply and demand.
- Customer: Where’s the demand?! I don’t see any demand!
- Calvin: There’s lots of demand!
- Customer: Yeah?
- Calvin: Sure! As the sole stockholder in this enterprise, I demand monstrous profit on my investment!
- Calvin: And as president and CEO of the company, I demand an exorbitant annual salary!
- Calvin: And as my own employee, I demand a high hourly wage and all sorts of company benefits! And then there’s overhead and actual production costs!
- Customer: But it looks like you just threw a lemon in some sludge water!
- Calvin: Well, I have to cut expenses somewhere if I want to stay competitive.
- Customer: What if I got sick from that?
- Calvin: “Caveat emptor” is the motto we stand behind. I’d have to charge more if we followed health and environmental regulations.
- Customer: You’re out of your mind. I’m going home to drink something else.
- Calvin: Sure! Put me out of a job! It’s you anti-business types who ruin the economy!
- Calvin: I need to be subsidized.
A New Gold Standard [Video]
Gold standard?
Economic Growth
Economic growth is a typical goal of mainstream economists. Not to sound overly Malthusian, but this video provides a counterpoint.
“Fear the Boom and Bust” a Hayek vs. Keynes Rap Anthem
This has been around for a bit, but it is topical to this week’s material.
Economics @ ITT 
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