TV Time!
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Lots of Economics on TV this weekend:
Louis Theroux’s (repeat) episode on BBC iplayer on Las Vegas was on TV this weekend – excellent for discussing:
- Informational failures
- Demerit goods
- Rationality – a quote from the episode: ”“When you are winning… gambling makes perfect sense”
- Risk-averse vs Risk-loving
- My favourite quote from the episode: ”I lost 4 million dollars in 7 years… but I enjoyed every moment of it” - Does that make it rational? -If the utility you get from the experience, despite losing the money, is net positive?
- It is also remarkable how people value losses and gains by different scales – delving into an area known as Prospect Theory
The BBC is doing a special series on “Inside Cuba” – Matt Frei has been given exclusive access to the Cuban way of life. It’s very interesting to see the views of the people inside one of the last communist countries around, and how it is likely to change going forward.
http://news.bbc.co.uk/1/hi/programmes/world_news_america/8533559.stm
http://news.bbc.co.uk/1/hi/programmes/world_news_america/8537982.stm
http://news.bbc.co.uk/1/hi/programmes/world_news_america/8548748.stm
http://news.bbc.co.uk/1/hi/world/americas/8531266.stm
And finally, the Channel 4 documentary called “The End of the Line” – presents Rupert Murray’s acclaimed film looking at the consequences of unchecked, unregulated sea fishing across the globe. An excellent discussion of the market failure of overfishing in the free market relating to the issue of property rights; Tragedy of the Commons; and government interventions.
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