Audio resources for Economics

Webresources For Introductory Economics

Audio Links

The two main audio sources used here are NPR and EconTalk. Some of my favorite audios are arranged by topic headings:

Marginal Analysis
California Cuts Coastal Fishing to Restore Ecosystem

1. What decision did California Fish and Game Commission undertake?
2. Why were environmentalists unhappy with the decision of the Commission?
3. Why were the fishermen unhappy with the decision as well?
4. What is the cost of satisfying the environmentalists?
5.Do you think that the Commission had to do some marginal analysis?

Economic Incentives
Squeezing Oil Out of Stones in the Rocky Mountains

1. Why did Exxon and other companies leave the Oilshale Project in 1982? What was the economic incentive or disincentive?
2. What factors are needed to make oilshale production profitable to the producers? What incentive can the government give to make producers produce?
3. What are the environmental costs of oilshale production?

Demand and Supply
1..As Gas Rises, So Do Airfares


After listening to the audio try to answer the following questions 1. How does gas price affect airlines market? In our demand supply model – does the demand curve or supply curve get affected as gas prices go up? Draw a neat diagram and make sure you label the axes. 2. The speaker says “the airlines can pass on the gas prices to the consumers” what does he mean by that? Can you explain this using a demand supply graph? 3. In the past when gas prices went up, why were the airlines not able to raise the ticket prices? Does your answer depend on the market structure of the airlines industry?

2. Demand Likely to drive Gas Prices Higher


1. How does "demand drive oil price" up? Draw a graph to explain this. 2. What are some factors that the narrator mentions that can bring down the gas prices?

Elasticity
Gas Prices, the Economy and the Motorists


1. As price of gasoline goes up, people are not driving less – as an economist is this alarming? Does this violate any basic economic principles? If this is true can you still draw a downward sloping demand curve for gasoline? 2. Is it true for all commodities that as price goes up, people do not reduce the amount of the good they consume? 3. How can you explain this behavior of people? 4. In your experience, during 2006 when price of gasoline went up substantially, do you think people did not change their consumption at all?

Market Distortions

World Trade Organization Talks Collapse

1. What are the agricultural products that get government subsidy in the United States?
2. Why do US farmers prefer government subsidy? How do subsidies cause problem in WTO talks?
3. How are cotton farmers in Africa hurt by US and European government policies?
4. Instead of giving aid to African countires, what will be a viable alternative policy to help African countries?

Economic Growth and Development

Lucas on Growth, Poverty and Business Cycle (2007) You can listen to an interview with Nobel Laureate Robert Lucas. Any student of economics can enjoy this interview which includes discussion on modern growth theory and examples to substantiate the discussion.

Interview with Robert Barro on Economic Growth (2006) Barro discusses different factors affecting economic growth. He discusses neo-classical growth theory fo 1950s where human capital, technology and health affect productivity. In recent days markets, pro-market policies and institutions have become very important factors that economists focus on.

Fight to end Poverty(2005) This is an interview with economist Jeffery Sachs about poverty in African nations and why it is hard for Africa to attain higher growth rates. Sachs talks about different types of poverty and discusses reasons of extreme poverty and some solutions.

Vertical Integration
Slate's Press box: Media 'De-Concentration'

1. What is "Vertical integration"?
2. What are considered to be benefits of media concentration discussed here?
3. In reality, what are the problems that Viacom is facing since it has grown into a Giant conglomerate?

Externality
Alarm over Missing Bees Prompts House Hearing

1. Missing bees can cause havoc in the honey industry - how?
2. Is that the reason why scientists are worried about missing bees?
3. What is externality in production and consumption?
4. How do honey bees cause externality?

This site is created by Dr Satarupa Das
Contact: sdas@nvcc.edu
Copyright 2006
Last Update: May 10, 2007

Acknowledgements: I am very grateful for the gracious permissions to use portraits from "Warren J. Samuels Portrait Collection" of Duke University, Milton Friedman's photograph from Free to Choose Media and Ronald Coase's photograph from The University of Chicago Law School. The photograph of Simon Kuznets is obtained with generous permission from Collection of University of Pennsylvania Archives.