The Orple: a new hybrid fruit
What is
Economics?
Textbook
Definition
• The study of how
“people” make
choices.
A
relatively
new
Social
Science
A different
way to
look at
current
issues
• Adam Smith and
John Locke
• Karl Marx and
Frederich Engels
• John Maynard
Keynes
A Different Way of Thinking
 Why are divorce rates at an all time high?
 What is the affect of weddings on the
economy?
 Politicians – “We can increase spending on
programs, and cut your taxes.”
 Is raising minimum wage the answer to
poverty? An answer?
A Different Way of Thinking
 Why does Johnny Depp make $20 million
to work 3 months?
 Why do the Republicans want to give tax
cuts to the rich?
 Why do we spend money in foreign
countries when we have people here that
need help?
 Economics helps explains the unintended
consequences and looks at events from a
different perspective
Back to Freakonomics
 April of 1987: the worst kidnapping in the
world’s history
 7 million American children disappeared at
midnight
 IRS required social security numbers for all
dependents listed on taxes
More Freakonomics
What incentives do people respond to?
What misconceptions can economics clear
up?
What characteristics determine
wealth, fame, success?