Economics @ ITT

Ayn Rand’s Harry Potter and the Sorcerer’s Stone

Posted in economics by ittecon on May 31, 2014

“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?”

via Ayn Rand’s Harry Potter and the Sorcerer’s Stone.

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Chart: Know Your Economics

Posted in economics by ittecon on September 19, 2013
economic chart

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.

Capitalism in Action

Posted in economics, Humour by ittecon on November 14, 2012

Supply and Demand?

Posted in economics, employment, Humour by ittecon on October 14, 2011

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]

Posted in economics, Humour, Policy Issues by ittecon on January 5, 2011

Economic Growth

Posted in economics, macroeconomics by ittecon on June 21, 2010

Economic growth is a typical goal of mainstream economists. Not to sound overly Malthusian, but this video provides a counterpoint.

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“Fear the Boom and Bust” a Hayek vs. Keynes Rap Anthem

Posted in class materials, economics, Humour, Keynesian Economics, macroeconomics by ittecon on May 5, 2010

This has been around for a bit, but it is topical to this week’s material.

What if Goldman Sachs Were a Product?

Posted in economics, Humour, Policy Issues, Regulation by ittecon on May 4, 2010