Salmon

On the first day of class, I said Salmon would be my item from the grocery store that most represents my relationship with economics. I don't remember the exact reason (perhaps in the future have students write it down for safekeeping!!). Salmon is very expensive, but beneficial to your health. Economics courses at TC are also very expensive, and beneficial to your knowledge as a teacher.

The purchase of salmon is complicated. Salmon comes in different varieties from different locations, different price points, and with and without artificial coloring. Salmon can be bought at a grocery store, a fish market, prepared at a deli, or prepared at a restaurant.

Economics can be the same way. Especially when talking about curriculum and teaching methods. I can take a concept, and develop my own method for teaching it or I can purchase or download a a pre made lesson plan, and teach it as is. I can add small bits of pre-made lessons to my original lesson plan, or I can amend a pre-made lesson plan in small ways to accommodate the needs of my students.

Salmon is also not for everyone. Some people, like my roommate are repulsed the the smell. Some of my students might feel this way about economics. My goal as a teacher will be to find ways to help them build a tolerance, or maybe even get excited about it, by adding some flavor, like teriyaki sauce!

Conclusion: I would still buy Salmon, but also a bottle of Teriyaki sauce to spice it up for some of the students who aren't as interested in just plain salmon!

A lot of scoial studies teachers don't have a strong economics background, which makes it difficult for them to incorporate the subject into their every day curriculum. It is important to expose students to economic issues of the past and present, so they can prepare for the future. Students should have a basic understanding of the way to global economy works and how the decisions of one country can effect other countries. They should also learn to be critical of what the read regarding the global economy. The tshirt articles mentioned opponents who believed the used clothing imports in Africa were taking jobs away from textile workers. Another argument was that the importing of used clothing actually created plenty of jobs for the African people. There are two sides to every story. I have never taught in a classroom, so I can only assume how I might be able to bring the global economy into the current curriculum. I think using the news could be an interesting way to help students examine the global economy. Something new happens every day in the global economy and it should be easy to find articles related to topics already being discussed in class. I'm not familiar with the curriculum to really know what topics I could make connections with in a social studies (non economics) class. Currency is one way to initiate discussions of a global economy.

Time, Change, and Continuity: Budget policies are largely based on choices that are future-oriented and our society, in general, is not prepared to engage in thinking seriously about resolving problems that can’t be seen today.


When surveyed by the I.O.U.S.A. crew, many individuals were unable to answer basic questions about the U.S. Federal debt, and their own personal savings policy. Many of these individuals indicated that they were unaware of the trouble facing the government. Even if they were aware, they weren't doing anything to help reduce the problem, or even protect their own interests. 


I personally feel that my savings and retirement funds are low. I should have twice as much money in my retirement fund, and I haven't actually saved anything since I began taking graduate classes at Columbia a year ago. Although I am not taking out loans either, which I suppose balances out the loss of savings over a one year period. Curious how I compare to my peers in terms of savings, I found this calculator http://cgi.money.cnn.com/tools/networth_ageincome/index.html. Someone my age with my income has approximately $8,525 in savings. More than I had expected! 


The Understanding Fiscal Responsibility curricula talks about social security and medicare in relation to the national debt. It is important for high school students to understand the challenges the social security program faces, and the proposals aimed toward "fixing" the problem through government efforts, as well as solutions individuals can explore. 


While medicare might be even more difficult for young people to understand and be concerned about, they should still study the topic, as well as Plan-D. Students that develop a strong understanding of the topic might be able to help elderly grandparents or eventually their own parents when the time comes to evaluate options within the plan. I personally am unsure of how recent health care reforms are going to reshape medicare and medical care and health insurance for all Americans. This could be a problem that gets increasingly complex over the next few years, and it will be critical for students to have a strong understanding of the system for their own benefit. 

Adam Smith & The Greek Financial Crisis

I, Adam Smith, find the root of the Greek Financial crisis to be government intervention. In a free market, served by self interest, individuals will make decisions to make themselves better off, while also increasing the wealth of their own nation. The governments role is to provide national defense, administer justice, and maintain public institutions, NOT to interfere with trade, labor, wages, and the free market.

 

To help spur economic growth, the Greek citizens need to revert to a free market, deregulate when possible, and strive for innovation. Innovation is the key to a wealthy nation. The sudden growth in wages was also an hinderance in Greece's economy. Labor needs to be set through a free market, not government imposed wages. When a worker and employee negotiate the rate of payment, with each persons self interest in mind, an efficient conclusion will be made.

Graphic from http://cinical.wordpress.com/2010/03/16/life-with-a-law-student-the-invisible-hand/. 

Privatization of Marriage

Thaler & Sunstein believe that marriage should be separate from government law. The current legal status of marriage entitles participants to several benefits, some economic and noneconomic. 

These benefits relate to: 

1. Taxes
2. Entitlements (such as FMLA) 
3. Inheritance & Death Benefits 
4. Ownership Benefits
5. Surrogate Decision Making
6. Evidentiary Privileges (spousal testimony) 

Thaler & Sunstein suggest treating this partnership like any other business partnership and privatizing the marriage industry. 

The history of marriage in the U.S. has been discriminatory against certain racial and sexual groups. Marriage was initially used as government licensing for both having sexual relationships and child rearing. People are frequently doing both of these activities outside of marriage in today's society, making the role of the government less important in regards to marriage. 


Official marriages were most important for controlling a person's ability to leave a marriage. Women and children were often very vulnerable when a man, especially if the only earner, exited a marriage. Thaler and Sunstein suggest that good choice architecture is critical for supporting the victims of an abandoned marriage. Some potential solutions Thaler & Sunstein offer include: 

• Prenuptial Agreements for All (default for those who don't make active choices)
• Establish a Standard Practice by the Law 

• Primary caretaker will continue as such, and receive financial assistance.
• Joint Custody 
• Automatic Enrollment in Child Support (no opt-out option). 

These policies will help prevent disputes among divorcees. With an anchor or range of options, couples are likely to come to a fair outcome for both parties more efficiently. 

A. The authors have an accurate and fair depiction of human behavior when analyzing economic decision-making. Many couples entering a marriage are unrealistically optimistic about their risk of divorce; therefore, they don't plan for this potential risk. With the right level of planning at the beginning of  a marriage, the ending of a marriage will end more amicably with less time and money wasted. The choice architecture provided by the authors gives everyone an anchor, with the choice to develop their own or choose a frequently used alternative. 

B. Libertarian paternalism does apply to this situation, as the authors suggest preserving the choice of the individuals. They also provide a default option for everyone and flexibility to find the choice that works best within each individual marriage for those individuals not interested in the default option. Decisions related to divorce are difficult and currently offer an enormous amount of alternatives. These decisions are difficult for humans to make, and with a little nudging, the divorce process can be made easier, speedier, and cheaper for all parties involved.