Table of Contents

New Developments in Economic Education

New Developments in Economic Education

Edited by Franklin G. Mixon and Richard J. Cebula

This innovative book offers targeted strategies for effectively and efficiently teaching economics at both undergraduate and postgraduate levels. It provides professors and other teachers of economics various techniques to engage and retain the interest of students, and challenges them to apply both knowledge and methodological tools to a range of economic problems.

Chapter 4: Bo knows property rights and futures markets: economics in Trading Places

Michael R. Hammock and Art Carden

Subjects: economics and finance, teaching economics, education, economics of education, teaching and learning

Abstract

Economists often need practical examples of the propositions discussed in class. Many such examples are provided in Trading Places, which, in addition to being an entertaining movie, illustrates a number of important points about economics, including the role of property rights, the costs of discrimination, the importance (and definition) of profit and the role of expectations and information in determining resource allocation across space and time. The movie is rich in lessons about basic economics and would make a valuable addition to any economist's pedagogical toolkit for its illustration of commodities and futures markets. A summary and explanation of the movie's economic content is given as well as implications for natural resources and the role of property rights.

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