Homer economicus : the Simpsons and economics by Joshua Hall

By Joshua Hall

In Homer Economicus a solid of vigorous members takes a box journey to Springfield, the place the Simpsons display that economics is far and wide. via exploring the homeland of television's first relations, this e-book presents readers with the industrial instruments and insights to steer them at paintings, at domestic, and on the poll box.

Since The Simpsons facilities at the day-by-day lives of the Simpson family members and its colourful buddies, 3 starting chapters specialise in person habit and decision-making, introducing readers to the commercial mind set concerning the international. half II courses readers via six chapters on funds, markets, and executive. a 3rd and ultimate part discusses well timed issues in utilized microeconomics, together with immigration, playing, and well-being care as visible in The Simpsons. Reinforcing the nuts and bolts specified by any ideas textual content in an unique and culturally suitable approach, this booklet is a superb educating source that would even be at domestic at the bookshelf of an avid reader of father economics.

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Burns leads them in jumping jacks while an exhausted Homer is sweating profusely and trying unsuccessfully to keep up. Homer is extremely unhappy after the exercise session, and he expresses his frustrations to his friends and co-workers, Carl and Lenny. He learns of another co-worker who was able to go on disability following a workplace injury. 30 A Pile of Krusty Burgers Embiggens the Fattest Man Homer decides that he is going to find a way to disable himself so that he too can go on disability, and walks around trying to hurt himself.

In the case in which demanders plan to buy more at a price than sellers plan to sell at that price, plans are not coordinated and will therefore change. Demanders will bid up prices in an effort to get sellers to change their plans, and as the opportunity cost of not selling rises, sellers will offer more to buyers. While some sellers will plan to increase sales, some buyers will find that the price is “too rich for their blood” and plan to buy less. As the price rises through the process of bidding and offering, plans will change until they are coordinated.

At the individual level, this means that individuals are able to get the most utility out of their scarce resources, that is, the most bang for their buck. 7 We already saw this in action with the law of demand. Prices help individuals respond rationally by leading them to consume less when goods are especially scarce and highly demanded (high opportunity cost) and vice versa when the opportunity cost is low. This calculation is critical, not only so the Supply, Demand, and the Market Process in Springfield 27 individual can get the most utility out of his or her scarce resources, but also at the larger level of social cooperation.

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