Check out Shmoop Economics

How’s everybody’s summer going? Just kidding, I already know how it’s going. You’re all obviously putting a lot of effort into things you should be doing, like finishing that summer reading, writing your college application essays, working, and finally trying to shed those extra pounds you put on during winter break. Right? No?

Side-splittingly hilarious narratives aside, I’m sure you’re all busy, but it’s important to make time in your schedule to learn a little here and there. For those of you who took an economics course, you might do well to review what you’ve learned using Shmoop Economics. Study for Econ helps too, but I’ve got to admit that if (heaven forbid) you’ve completely forgotten the two basic principles that drive taxation theories, Shmoop.com’s guides probably cover you better than the material I’ve posted.

While you’re at it, be sure to look into Shmoop’s other categories. Their Lady Gaga analysis is pretty legit, yo.

2010
08/04
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Wrap-up

Now that exam season is done, I’m calling it a day on the blog portion of this website. However, I might post some things occasionally. Check the Pages (the links at the top of this page) for those.

Posts will still be visible, as will the presentations. Thank you all for your page views, slideshow submissions, and support, and good luck during the rest of your high school careers.

2010
02/05
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Good Luck.

Finals are upon us.

Remember to study hard, get a good night’s sleep, wake up on time, and eat a healthy breakfast. I hope it pays off for all of you. If you decide that you want your slideshow published but haven’t sent it in yet, I will still be taking those. Thing is, it may take a few days for me to get to you, as I’ll be checking this blog less frequently than before. If you have any last-minute questions, let me know and I’ll try my best to answer the ones I know about.

2010
01/26
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Links Galore

This one is called Links Galore. ‘Cause, you know, there’s a lot of links.

The lessons in Mr. Mankiw’s fabulous textbook are pretty much repeated by a guy named Arnold Kling, in MICRO form (Haha, get it? like MICROeconomics? Nevermind.) on this page at lifehack.org. Scroll down to Microeconomics for the links to individual lessons.

If flash cards are more your thing than reading, check out this set of terms at Smart.fm. Most of the vocabulary we’ve learned and used is listed here.

For those of you who put the A in AP Economics, check out Exhibits A and B. They’re lists of videos from sites called TED and Academic Earth. I’ve featured TED in an earlier post about Steven Levitt, and Academic Earth is trying to de-monopolize (de-oligopolize? de-monopolistic competition-ize?) higher education by posting professors’ lectures online.

Got your own way to study? Don’t be greedy. Practice liberalism and share it with the bottom group.

2010
01/25
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Yoram Bauman, Stand-up Economist: The Principles of Economics, Translated

After attending Reed College, Yoram Bauman got a Ph.D. in Economics from the University of Washington. According to his website, he “juggle[s] 6 or 8 part-time jobs, depending on how you count them.” Among other things, he is an environmental economist and a part-time teacher. What really sets him apart, however, is his work as a “stand-up economist.”

Though he can definitely run spreadsheets with the best of them, Bauman’s comedy work started when he wrote a parody of the ten principles of economics illustrated in Mr. Mankiw’s fabulous textbook.  Today (Wednesday, 1/10/2010) in class, we saw a video of this piece being performed. Or at least part of it, in the case of my class. Check it out below or by clicking here.

2010
01/20
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Send Slideshows Here

I’ve decided to give a new visual theme a try. I know you all care greatly about this site and even more about how it looks, so please give me suggestions if you think you’ve got a better idea.

Anyway, this blog isn’t about making websites pretty. It’s about microeconomics, right? And it’s also about sharing what you’ve learned with the rest of us, right? And a big step in that process is sharing what you’ve learned with the rest of us. (No, that’s not a question.)

Publishing your slideshow is not tough. Just send one of them e-mail things over to me at studyforecon@gmail.com and attach the presentation file to your message. I’m honestly too cool for some people when I turn my swag on, so I may not know your name. Just in case that is the case, include the first names of everyone involved and the topic you covered in the e-mail’s subject line. I’ll take care of the uploading part, then I’ll email you to let you know that your presentation is online.

Again, send your presentations to studyforecon@gmail.com Get it? Got it? Good.

2010
01/20
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The Economics of a Cupcake Factory

Even though it’s meant to be a segue into a discussion on inflation, the half-hour set of videos I’m sharing here relates to the four market structures (perfect competition, monopoly, monopolistic competition, and oligopoly) as well as how revenue, prices, and profits inter-relate. If you can read between the lines a little, you’ll also gain more insight on the costs of production.

Salman “Sal” Khan, 33, of Khanacademy.org studied Math and Engineering at MIT, then got his MBA from Harvard. At one time, he was a portfolio manager of Khan Capital and a research analyst for two other companies. Boil him down to his work, and he’s the quintessential number cruncher.

But that’s not it. In late 2004, he began giving long-distance math lessons to his niece using the Internet and a phone line. Soon, more parents started to ask Khan to teach their kids. It snowballed, and he eventually decided to start uploading his lessons to YouTube. Now, he’s doing pretty well. He’s made over 1,100 free videos with lessons on topics that range from biology to the SAT Math section, and has garnered over 8 million video views.

To help him get more views and to help you understand economics better, I’m sharing part one out of a three-part lesson he posted last March. To econ nerds, this classic trilogy might be a compelling plot worthy of an Oscar. Our  story begins with the monopolist provider of addictive cupcakes (they have nicotine in them) named Salman. In a stunning twist, his son Imran betrays his father and enters the market. That’s all I can say, but move your cursor over this text for a spoiler. Twists and turns in this complex saga bring tough guys like Ben Stein close to tears.

The first video is below. I understand that part one looks a bit difficult to read, but at least it’s not complicated.  To see parts two and three, click here and here.

2010
01/16
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Steven Levitt (Co-Author, Freakonomics): The Economics of the Crack Trade

As both a general review and a different way to look at what we’ve learned, I’m posting a video of a presentation by Steven Levitt, a professor at the University of Chicago. Looking at him, you can tell that he’s a geek. Ignore that, though. All you need to remember is that he’s a respected economist (sort of like how Einstein was a respected theoretical physicist). Unless you really want to know more, in which case I’ve found a page here.

I’ve read Freakonomics already and plan to read SuperFreakonomics when I get the chance. I can tell you that Levitt seems to have a thing for going through data on strange topics, including sumo wrestlers who cheat and funeral directors who try to trick you on your casket purchase. It doesn’t stop there. In a lecture at a TED (Technology, Entertainment, and Design) conference, Mr. Levitt discusses the business model of a gang that deals in the crack cocaine trade. His conclusion: your typical Chicago gang operates in a similar way to McDonald’s, both in structure and in compensation.

So, why watch? As I stated in the very first sentence, this video gives a decent review of the stuff we’ve covered this semester. Terms including “compensating differential,” “Nash equilibrium,” and so on appear, with background information included. Watching this a few weeks ago helped me understand those two concepts a little better than before, and it might do the same for you. If you’re low on time, skip to 18:15 in the video, where the most relevant-to-our-class part starts. I thought it related pretty easily to the chapter on oligopolies.

If you’re interested, the URL is http://www.ted.com/talks/lang/eng/steven_levitt_analyzes_crack_economics.html. Careful, though. There’s quite a bit of naughty language that gets quoted, including scatological references and racial slurs.

In case you’re too lazy to click the link in the above paragraph, the video is on YouTube as well. Watch it below.

2010
01/13
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The Slideshow

I don’t even know why I’m uploading this. You all have taken such good notes, I’m sure. Regardless, Jessica and I have set things up so that you can see our slideshow from class online. (You know, just in case.) Keep in mind that we also rehearsed some stuff to say, so you’re actually missing out on part of the learning experience you had when we were talking. C’est la vie.

Anyway, the slideshow should be below. If there are any issues with it (not) displaying, click here to go directly to it.

2010
01/13
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‘Sup, Dawgs?

This the Izzy fizzy in the hizzy, bringin’ u the next level of Econ APizzay.

Just kidding. It’s Ismail, your classmate from AP Economics. We’re going to try something new with this blog. With luck, it’ll be a running log of the notes I’ve taken during your presentations and interesting stuff related to economics that I find whilst browsing the Interweb. It’s not something that can replace studying Mr. Mankiw’s fabulous textbook, but I hope it’ll be a fun way to augment (that means add on to) your studying. Feel free to ask questions in the comments section, and I’ll try to find as many answers as I can.

2010
01/13
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