Price Gouging

In addition to the carnage and descruction that Hurricane Sandy brought to the Northeast, the people living in the affected areas have also experienced shortages of epic proportions.  Lines have become the norm as people struggle to purchase necessary goods such as gas, batteries, and bottled water.  Are the shortages of these scarce resources inevitable or can something as simple as price gouging alleviate the problems?  Read the following articles and answer the questions below.

http://www.foxnews.com/opinion/2012/11/01/in-praise-price-gouging/

http://www.forbes.com/sites/artcarden/2012/11/04/want-to-end-sandy-shortages-let-gougers-gouge/

http://business.time.com/2012/11/02/post-sandy-price-gouging-economically-sound-ethically-dubious/

http://www.voanews.com/content/new-york-officials-work-to-curtail-price-gouging/1541504.html

http://knowledgeproblem.com/2009/05/13/price-gouging-is-it-wrong-should-it-be-against-the-law/

Discussion Questions:

1. What is the strongest argument in favor of price gouging?
2. What is the strongest argument against price gouging?
3. Is price gouging a necessary aspect of capitalism that should be encouraged or does the practice do more harm than good?  Explain.

Keynes vs. Hayek 2012

Same economists. Same beliefs. New microphones. New Mustaches.

Amazingly these two economists are still going at it. With the Presidential Election coming up, the 2 schools of economic thought will be center stage during the debates. Who do you support? Should markets drive the economy, or should government drive the markets? What are the best reasons to support your side? In addition to posting your opinion, you will also be responding to one of your classmates' posts.


Check out the articles below as you develop your arguments.

http://welkerswikinomics.com/blog/2011/10/31/keynes-versus-hayek-101-the-debate-continues/

http://www.soundmoneyproject.org/?p=2085

And for your enjoyment...

Keynes vs. Hayek: Fear the Boom and Bust

Keynes vs. Hayek: Round 2... Fight of the Century

Does It Matter Who Is President?

First off, I hope that this post does not cause me to wind up on some watch list for questioning the importance of the President. While we are on the subject though, it is certainly an interesting debate whether it matters who the President is. Millions of Americans across the country spend hours watching political debates and casting their votes. Is all of this time spent for little reason? The folks over at Freakonomics tackle this question and their conclusions are pretty interesting. Take a look at the sites below and answer the questions that follow.

http://www.freakonomics.com/2007/08/13/how-much-does-the-president-really-matter/

http://www.freakonomics.com/2010/11/04/freakonomics-radio-how-much-does-the-president-really-matter/

http://finance.yahoo.com/blogs/daily-ticker/president-matters-much-less-think-freakonomics-stephen-dubner-144453125.html

1. Identify the argument presented in the articles that you most agree with and explain your rationale.
2. Identify an argument presented in the articles that you disagree with and explain your rationale.
3. Besides the economy, where else in our society do we see strong Presidential influence?
   

What's In a Name?

"What's in a name? That which we call a rose
By any other name would smell as sweet."

Juliet tells Romeo that a name is nothing more than an artificial and meaningless convention. Was Shakespeare way off? Do names really dictate things like economic success? The folks over at the Freakonomics blog have put together some interesting studies. Check out the links below and leave a comment. Do you agree with with the findings? Why or why not?

http://jobs.aol.com/articles/2012/02/09/people-with-easy-to-pronounce-names-more-likely-to-succeed/?icid=maing-grid10|htmlws-main-bb|dl15|sec1_lnk3%26pLid%3D135234

http://www.slate.com/articles/business/the_dismal_science/2005/04/a_roshanda_by_any_other_name.single.html

http://www.freakonomics.com/2009/10/22/kevin-is-not-a-name-its-a-diagnosis/

http://www.thelocal.de/society/20090918-22019.html

The end of Money?

Is a moneyless society in our future? Has money become nothing more than an abstract idea as useful as the human appendix? David Wolman certainly thinks so. Where do you stand on the issue? Read the following interview with David Wolman and answer the questions that follow.

http://gizmodo.com/5882836/lets-kill-cash-qa-with-author-david-wolman-on-our-moneyless-future

1) Can society function without using a tangible money? What are the benefits/dangers with such a society?
2) What are David Wolman's best arguments? Explain.
3) What points does David Wolman make that you disagree with? Explain.

National Debt: Who will be paying America's growing bill?

The Debate over the National Debt is an issue that came to a head this summer as the Federal Government approached the debt ceiling. Many wonder if the debt is growing too large and who will be paying back the trillions of dollars owed by the government.

Below are a few websites that might provide insight into the two sides of the issue.

http://welkerswikinomics.com/blog/2011/02/22/the-u-s-national-debt-how-bad-is-the-problem/


http://www.globalissues.org/article/29/causes-of-the-debt-crisis

http://money.cnn.com/2011/01/03/news/economy/debt_ceiling_faqs/index.htm

http://www.slate.com/articles/news_and_politics/politics/2009/09/bill_us_later.html

http://money.usnews.com/money/personal-finance/articles/2011/03/31/how-the-national-debt-affects-you

Be sure to check out all of the sites before responding to the following questions:

1. Exactly who or what is responsible for the growing U.S. National Debt?
2. Is the debt a problem that we need to address immediately or is the debt a natural occurrence in our economic system.
3. Would it be a good idea to pass a law that forces the federal government to maintain a balanced budget? Why or why not?