Is price gouging ok?

Watch the video above, and discuss whether or not price gouging should be allowed? Should the government step in and help dictate the price, or should consumers let the market decide what the price should be? What are your opinions on this and why?

Word Count Minimum: 300

Wiki in Classroom

End Trade Embargo With Cuba?

This week's blog will focus on international economics and specifically with the United States' current trade embargo with Cuba.

Please read the article below about the possibility of easing restrictions of trade with Cuba.

Once you have read that,answer the following question: Should the US lift its embargo on trade to Cuba? Please use economic terms (comparative advantage, trade gap, GDP, etc.) in support of your argument.

Due Sunday 3/21 @ 8pm

Behind the Scenes of the Hayek/Keynes Rap Video

So now that we have all watched the infamous Keynes/Hayek rap video, its time to go behind the scenes and the video explained to us.  Please watch the video (about 10 minutes) and answer the following questions:
1) What happens when the government increases its spending to help people hurt by the recession?

2) Whose side would you take in the rap battle? Explain your answer?

3) Do you believe that it is the role of the federal government to spend taxpayer money to create jobs? Why or why not?

Due Sunday 3/14 @ 8pm.

Extra Credit Blog -- I.O.U.S.A. Reflection

This week's blog is purely extra credit, and it is blog that reflects on the movie you watched last week I.O.U.S.A. about our national debt problems.  You are to write a 400/500 word post reflection on the movie including analysis of who is to blame for the national debt, and what our country needs to do to recover from it.  This post is due by Friday at midnight. 

Feel free to use this site to help you with analysis (thanks to Richie Starzec) http://finance.yahoo.com/news/Americas-hidden-debt-cnnm-3752158852.html?x=0&mod=loans

Word Count 400+

Due Friday 3/5 @ Midnight. 

Week 7: Extra Credit Post

This week's blog post is available for extra credit purposes only.  There is no regular blog post this week. 

For this week's post, students are to read a few post on John Stossel's (pictured above) blog from Fox Business News.  Students are to pick 3 different posts (click on "Browse Posts" about halfway down on the right to view more posts) to read and respond to.  Be sure to include the title of the post and YOUR opinion on the post. (Do NOT just summarize the post...tell me what you think).  Is this guy full of it or should he continue to preach on? Why?  Pick some posts that appeal to areas you are interested in. 

You must read/comment on all 3 posts for the 3 points.  Partial credit will not be given for this assignment. 

Due by Friday 2/19 @ Midnight

Word Count 300+

Week 6: Problems for Toyota

Problems continue for the #1 automaker in the world, Toyota.  Last week they started recalling several different models for sticky gas pedals and this week the #1 selling hybrid the Toyota Prius are to be recalled for problems with their brakes. 

For this week's blog, we are going  to flashback to Microeconomics and explore the consquences of this situation for Toyota, its competitors, and the auto market in general.  While I know it is tough to graph on this blog, I want you to think about the S/D graphs for Toyota, its competitors, and the auto-industry.  I also would like you to think about the firm graph for Toyota (does Toyota operate as PC, Monopoly, Monopolistic Compeititon, Oligopoly?).  Instead of graphing, describe what is happening in each of those 4 graphs (what line is shifting, what changes are occuring, etc.).  Then, when you are done, find an article online that supports your argument.  Explain why you chose that article and use at least 2 quotes from the article that support the changes you made on your graphs.  Please cite the article in your response. 

Due 2/15 (extra day thanks to President's Day!) @ 8pm. 

Week 5: Some time off

No blog post this week.  Enjoy the week off and focus on AE models!

Week 4 -- Recession as a good thing?

This week's post is a combination of personal finance and economics.  It will be centered around a blog posting on the website Steadfast Finances entitled "20 Reasons Why I Love the Recession."  It is an interesting counter-argument to all the doom and gloom we hear about the media.  The question you are to respond to is: is he right?  Do the benefits outweigh the costs of this recession right now? Your answer should consider both short term and long term analysis of the economy, and should include one thing you agree with the author on and one thing you disagree with him on. 

Word count: 300+
Due 1/31/10 @ 12pm.

Week 3-- Becoming "Untouchable" in the Labor Market

This week's post's is as much about sociology as it is about economics.  We talked and you posted  last week about the different types of unemployment and what the government should and should not do about it.  This week we are going to probe a little deeper and explore perhaps another factor contributing to our high level of unemployment in this country. 

We talked last week about how the H1B Visas are allowing US firms to go overseas and recruit talent for their companies and bring them back here to the US for work.  Your personal or political feelings about this aside, it becomes apparent that this shifts the supply curve for labor way to the right making competition for jobs in the market that much fiercer. 

Luckily for you there is a remedy for this...well...kind of.  In his piece called "The New Untouchables" Thomas Friedman explores what it takes to succeed in this new labor market.  Your post this week is to read Friedman's "New Untouchables" piece and comment on what you think needs to change in the system based upon what he wrote.  What do you think needs to change in the system? If you were to design a system to make students become the new "untouchables" what would it look like compared to what you are experiencing now?  Make sure you cite Friedman's piece to support your argument.

I understand I am asking you to post a critque about my profession, and I hope that you trust the fact that I will grade you solely upon the support for your arguments/opinons and not the arguments/opinions themselves.  This is your chance to have your voice heard about things that the system is doing well and things that the system can do much better at.  It should go without saying that your comments should run deeper than "let Juniors and JLO's" and "eliminate health club days." I want you to seriously think about the education system...are students coming out of public schools in general ready for the workforce?

If you are stumped or want to consider a different perspective, check out the idea that Will Richardson (a technology educator from Iowa) has about totally eliminating high school as a building and do all of our learning online through social networks (think facebook for school).  Would that work?

I mentioned above there is a remedy for this...and while the education system is slow to change sometimes, you can take control of your destiny.  Friedman points out that "average just won't cut it anymore..." and that is a good lesson to learn with the increasing numbers in our labor supply...make sure you go out and become the best you can be at something. And until there is institutional change, that is not only the remedy, but your responsibility. 

300+ words
Due 12pm on 1/24/10

Week 2: Unemployment and Recession

December unemployment numbers were out last week (Link) and they are still hovering around 10% for the country, with parts of the country doing better and other parts doing worse.  For your blog post this week, you need to decide whether you think the government is doing a good enough job stabilizing the economy or that government needs to do more to help boost the economy back up.  In your post you are to find an article online that supports your position and post the link that article to your post while explaining how it supports your opinion. 

Please post responses by clicking on the "comment" section below ONLY. 

Word Count: 300+

Due Sunday 1/17/10 @ 12pm.