In the Summer of 2020, the paper was officially published in The Journal of Economics and Finance Education, which you can read online . In all investments there are trade-offs and choices. Mr. Pearlstein received his B.A. Explore economic history, theory, and practice through case studies and interviews with Nobel-prize winning and major economists. He served as an adviser to Presidents John F. Kennedy and Lyndon B. Johnson, and to the United States Treasury, the Bureau of the Budget, and the President’s Council of Economic Advisers. He is Founder and Chairman of Laffer Associates, an economic research firm that provides global investment services, and was also Founder of the Congressional Policy Advisory Board that helped shape legislative policies for the 105th-107th U.S. Congresses. While Secretary of Defense, he opposed amnesty for draft resisters and pressed for the development of more sophisticated nuclear weapon systems. Director: Adam McKay | Stars: Christian Bale, Steve Carell, Ryan Gosling, Brad Pitt Votes: 355,293 | Gross: $70.26M from Amherst College, M.A. Everyone’s talking about it, but who can explain it? It covers both fictional and documentary films. Previously, he spent 14 years on the staff of the House Ways and Means Human Resources Subcommittee, as Welfare Counsel and Staff Director. In retirement, he has served as a telecommunications adviser for nongovernmental organizations, including Duke University’s Washington Center for Public Policy Research, the Rand Corporation, and the Markle Foundation. in Economics from Cambridge University and Ph.D. in Economics from Harvard University. Dr. Brimmer received his B.A. Gross National Product (GNP), the nation’s total output of goods and services. He is a member of the Institute of Medicine, the American Academy of Arts and Sciences, the Advisory Committee of the Stanford Institute for Economic Policy Research, and the Visiting Committee of the Harvard Medical School, and he serves on the Board of Directors of Abt Associates and the Center on Budget and Policy Priorities. Government subsidies later allowed for corporate ownership of a majority of farmers. 19. Earlier he served as Associate Director and Director of the United States Bureau of the Budget under Presidents John F. Kennedy and Lyndon B. Johnson, and was Chairman of President Jimmy Carter’s Council of Economic Advisers, 1977–1980. Pollution is a “negative externality,” which, as these stories show, can have serious consequences for economic efficiency. A perfectly competitive market does not always provide the right amount of goods, so government fills the gap with public goods. These stories show how competitive firms minimize their costs of production by utilizing an optimal combination of inputs and scale of operation, while others fall by the wayside. After 1933, President Franklin D. Roosevelt sought to improve the conditions of farmers via policies in his New Deal plan. 21. He also served on the U.S. delegation at the Paris Peace Conference of 1946, as a participant in the New York meeting of the Council of Foreign Ministers, and as American representative to the United Nations General Assembly, 1947–1948. Chief Historian at the U.S. Department of Agriculture in the 1980s. The Firm In 1995, he joined Lehman Brothers Holdings, Inc., serving as Chairman of the Finance Committee before the firm went bankrupt in 2008. Earlier, he served on the Board staff as Adviser to the Board for Monetary Policy, Secretary of the Federal Open Market Committee, Director of the Division of Monetary Affairs, and Deputy Staff Director for Monetary and Financial Policy. He taught at Harvard University for many years, taking leaves to serve in the presidential administrations of Franklin D. Roosevelt, Harry S. Truman, John F. Kennedy, and Lyndon B. Johnson. He has also appeared on CNN, CNBC, Fox News Channel, and Voice of America. Economic Naturalist videos (right) bring economics to life by showing interesting applications of economic concepts. Explore data, research and more in FRASER, our digital library. How much profit do they get in return? He is the author of The Climate War and Deputy Editor of Bloomberg BusinessWeek. Television Journalist A prominent newspaper and television journalist for CBS and ABC News, where he worked alongside broadcast luminaries Walter Cronkite and Dan Rather, covering the Vietnam War, the Watergate trials, the U.S. Space Program, and other key events. His expertise includes short-term and long-term economic outlooks, government economic policies, the Federal Reserve, monetary policy, trade, labor, and consumer-market issues. Congressman from Michigan since 1955. This video explains the basics of the labor market. Adviser to the federal government during World War II, valued for his expertise in monetary policy. Interested in using our from Harvard Law School. After 1970, Los Angeles was looking for a broad-ranging smog-reduction policy to reflect recently amended Clean Air Act standards. At the Brookings Institution, he applied his growth-accounting methodology in Why Growth Rates Differ and How Japan’s Economy Grew So Fast. Earlier, he was Chief Counsel and Staff Director of the United States Senate Antitrust Subcommittee and served as Chief Counsel and Staff Director of the United States Senate Judiciary Committee. and Ph.D. in Economics from Harvard University. and Ph.D. in Economics from the University of Pennsylvania. Professor of Business Administration and Public Policy at the University of Michigan since 1992, and Senior Staff Economist to the Council of Economic Advisers, 1970–1971. VIDEO SERIES: Some Sports Economics July 13, 2012 3.09am EDT. from the City University of New York. and M.A. Dr. Kohn received his B.A. Long before economics became such a highly-valued topic of interest on every local and cable network broadcast—as well as radio, newspaper, magazine, internet, and blog sites—there was Economics U$A, an Annenberg/CPB telecourse, premiering in 1985 over the Public Broadcasting System. A comprehensive video tutorial series covering all the major Year 1/AS Macroeconomics content including useful tips regarding analysis and evaluation Microeconomics - Year 2 A Level and IB A run through some of the most difficult to grasp A2 microeconomics material. Currently he is the President of the American Action Forum and a Commissioner on the Congressionally-chartered Financial Crisis Inquiry Commission. Before founding ITIF, he was Vice President of the Progressive Policy Institute and Director of its Technology and New Economy Project, writing policy papers on broadband telecommunications, Internet telephony, universal service, e-commerce, e-government, privacy, and off-shoring. He was elected President of the UAW Local 227, in 1943. After the war, he became a research fellow, then Norman Thomas Professor of Economics at the New School for Social Research. from Williams College and Ph.D. in Economics from the University of Chicago. In the Senate, Brock was a favorite of the conservative movement, and he continued in Republican politics, after he lost his bid for re-election to the Senate, to become the campaign manager for Senator Bob Dole’s presidential campaign. Dr. Laffer received his B.A. She was Director of the Congressional Budget Office, Director of the Office of Management and Budget, and Vice Chair of the Federal Reserve Board, 1996–1999. In 2002 the Euro became the standard currency for the entire European Union and threatened to compete with the dollar. Chairman of the Council of Economic Advisers (CEA) under President Dwight D. Eisenhower. In 1980, Coca Cola replaced sugar with high fructose corn extract in order to alleviate higher production costs. The Internet is a technological innovation that paved the way for other innovations such as smart phones. In December of 1980 Apple Computers went public, affirming four years of hard work with substantial compensation for its founders. There is No Such Thing as a Free Lunch from Williams College and a Ph.D. in Economics from the University of Chicago. in Computer Science from Duke University. When the Nixon administration set up price controls for beef, farmers attempted to stifle the supply by withholding animals from the markets. He authored Worldly Philosophers, as well as Economics, the second-best-selling economics textbook of all time. As IHS’s chief economics spokesperson, he is quoted extensively in the media on the outlook for the U.S. and global economies, oil prices, exchange rates, the budget deficit, the trade deficit, globalization, country risk, and emerging markets crises. She received a MacArthur Foundation Fellowship, has taught at Harvard University, George Mason University, and New School University, and has served as President of the American Economic Association. The Economics Department today is a vibrant collection of faculty and students. He was editor of the Green Book, a compendium of the nation’s social programs; editor of The Future of Children, a journal on policy issues that affect children and families; and co-editor of several books on welfare and education. But, by 2010 economists disagreed about whether fiscal policy was dead, as they argued over the success or failure of President Obama’s stimulus plan. His writings exposed the beginnings of a federal spending spree that was pushing federal spending to dangerous limits; his budget research has been featured in front-page stories and editorials in the New York Times, the Wall Street Journal, the Washington Post, and the Los Angeles Times. in Public Affairs from Princeton University. Earlier, he was one of the Congressional Budget Office’s first officials, serving as Deputy Assistant Director in 1975. Mr. Heller received his B.A. President Lyndon B. Johnson elevated him to Under Secretary in 1965, then to U.S. Secretary of Health, Education, and Welfare, in 1968. Mr. Wallison attended the Capitol Page School and received his B.A. He also had a distinguished academic career, beginning at Dartmouth and Amherst Colleges, then at Princeton University where he was twice Chairman of the Department of Economics and served as Acting Director of Princeton’s Woodrow Wilson School of Public and International Affairs. Externalities Although GNP was changed to GDP (Gross Domestic Product) in 1991, it still didn’t account for all aspects of economic growth. About Youtuber As a Head of Economics at the Boarding School Kent College in beautiful Canterbury, I have the opportunity to fill that void by making Economics tutorial videos suitable for students at AS, A and IB Level. in Public Policy from the John F. Kennedy School of Government, and J.D. productivity) and technological innovation. The half-hour videos explore the history of economics in the United States from the late 1800s to 2011, featuring distinguished economic thinkers, policy makers, bankers, brokers, and large/small-scale business owners. The Production Possibilities Frontier It covers films that are principally about issues that fall under the banner of economics, e.g., the stock market, business, corporations, etc. Earlier, he was a Senior Fellow at the Center for Advanced Studies in Management at the Wharton School, President, and Senior Economic Consultant at the Committee for Economic Development, and Vice President of the Federal Reserve Bank, Chicago. from the University of Wisconsin and his M.A. Dr. Gault received his M.A. In the end, students see how economic principles affect the choices they make in their everyday lives. from Princeton University. But the U.S. overspent and inflation bubbled over. He is the author of more than 300 research articles in economics and a regular contributor to the Wall Street Journal and other publications. Video courtesy of the American Economic Association . He oversees the work of more than 400 professionals who cover economic, financial, and political developments in 200 countries in North America, Europe, Asia, Latin America, the Middle East, and Africa. The U.S. auto industry lost a lot of mileage in 1973 with the rise of the more efficient Japanese imports. Chief Economist for the U.S. Department of Commerce, since 2010, and former Senior Economist at the Federal Reserve Bank of San Francisco. He is a member of the American Philosophical Society, a Fellow of the Econometric Society, and a Fellow of the National Association of Business Economics. After the Great Depression President Franklin D. Roosevelt put forth a social security program, using money from employer/employee wages. While at the CEA, he co-wrote a brief that led to the termination of the 1959 steel industry strike held by the United Steelworkers of America. Similar topics are available in the Economic Lowdown Podcast Series. Podcast Economics and Beyond with Rob Johnson, a podcast featuring interviews with some of the world’s most important thinkers, artists, and … Owner and President of the Boras Corporation, a sports agency that represents many of the highest-profile players in professional baseball. Economist Hyman Minsky provided a promising explanation for the Great Recession of the 21st Century with his theory that the financial system plays a determining role in economic cycles. from Georgetown University and J.D. In response to 9/11, the U.S. Transportation and Security Administration replaced private security firms with federal employees. U.S. Dr. Friedman received his B.A. Economics U$A: 21st Century Edition is a 28-part multimedia distance learning course in micro- and macroeconomics for college and high school classrooms that features many of America’s leading businesspeople, politicians, and economists as they expose the inside story behind these turbulent times. He was among the first economists to apply economic theories directly from within the marketplace rather than from academia. In the 1960s, newly elected John F. Kennedy and economic advisor Walter Heller pushed Congress to approve a $12 billion tax cut stimulus. Dr. Galbraith received his B.A. Canadian economist credited with writing the first introductory textbook on Keynesian thinking, The Elements of Economics, in 1947. In 2009, the House of Representatives introduced the first piece of comprehensive clean energy legislation, known as the American Clean Energy and Security Act, which both economists and energy providers could support. from the University of Memphis and M.A. Since 1985, he has collaborated with EFC Film and Video as lead journalist on three television series, including the New York Times series Live From the Past; the Annenberg/Learner series Inside the Global Economy; and Economics U$A in the original and revised versions of the series, currently updated as Economics U$A: 21st Century Edition. In response to rising interest rates in the 1970s, the Maryland legislature raised usury ceilings so that more home loans would be available. from the Woodrow Wilson School of Public and International Affairs. The U.S. Environmental Protection Agency’s first Administrator when the agency was formed by President Richard M. Nixon in 1970. Senior fellow at the American Enterprise Institute and Chairman of the Council of Economic Advisers under presidents Richard Nixon and Gerald Ford. Pioneer computer engineer and “systems” scientist, regarded as the founder of “system dynamics.” His engineering focused on studies of organizational policy, using computer simulations to analyze social systems and predict the implications of different models. A two-year drought in California in the 1970s motivated areas such as Marin County to conserve by reducing their water consumption by as much as 66 percent. Kids are encouraged to be producers by making a bookmark, and then to be consumers by using a bookmark to hold their place in a book. 22. Dr. Haskins received his B.A., M.A. He wrote many texts, including Income from Independent Professional Practice; A Theory of the Consumption Function; Studies in the Quantity Theory of Money; Capitalism and Freedom; Free to Choose (which accompanied a PBS television series); and A Monetary History of the United States, 1867–1960. By 1980, a new group of economists called “supply-siders” were calling for government deregulation to spur productivity, amidst great objections from Democrats and some economic experts. Economics USA: International Trade Audio Transcript He held a cabinet position as Executive Director of the Colorado Department of Health Care Policy and Financing, was health policy adviser to Colorado Governor Roy Romer, and was Assistant General Counsel in the Massachusetts Department of Medical Security. Policy Director for the Campaign for America’s Wilderness, and Conservation Director and Associate Executive Director for the Sierra Club for 17 years. Dr. McCracken received his B.A. Co-Director of the Center on Children and Families at the Brookings Institution and Senior Advisor to President George W. Bush for Welfare Policy. Interviews, presentations and video series with provocative economic thinkers, public figures and students. Dr. Bernstein received his Ph.B. Author. Markets Browse the latest Economy videos from the Wall Street Journal, MarketWatch, and Barron's. Influential American economist of the 1960s and Chairman of President John F. Kennedy’s Council of Economic Advisers, 1961–1964. Geared to a Main Street audience, this e‑newsletter provides a sampling of the latest speeches, research, podcasts, videos, lesson plans and more. from The College of Wooster and Ph.D. in Economics from the University of Michigan. He has taught at Princeton University and at the Stern School of Business at New York University. Chairman of the U.S. Council of Economic Advisers under President Ronald Reagan and author or co-author of many articles and books that discuss the effects of monetary policy on financial markets and the economy. These stories highlight the factors that affect productivity and how government programs have both helped and hindered growth. He has also served on the Subcommittee on Communications and Technology, the Subcommittee on Energy and Power, and the Subcommittee on Environment and Economy. Founder and President of the Information Technology and Innovation Foundation (ITIF), a policy think tank. Nonetheless, GDP data measurements help us understand the U.S. economy. Later, he became Co-Director of UAW Region 1A, Member-at-Large of the international UAW Board of Directors, Director of the UAW’s Chrysler, Skilled Trades and Technical Office and Professional Departments, and Vice-President of the UAW. He served in the federal government for almost 30 years, in posts that included President of the Federal Reserve Bank of New York and U.S. Treasury Under Secretary for Monetary Affairs, where he developed and implemented Treasury debt management and federal credit policies. A while back, we did a Freakonomics Radio program asking why the NFL hasn't (yet) put advertising on its players' jerseys. He also taught economics at North Carolina State University and the University of North Carolina. He also served as Research and Education Director for the Amalgamated Meat Cutters Union and for the American Federation of Labor-Congress of Industrial Organizations (AFL-CIO) Industrial Union. Mr. Heller received his B.A. Gross Domestic Product Union advocate, organizer in the International Ladies’ Garment Workers’ Union (ILGWU), and author who wrote about that union’s history. The full complement of material includes audio interviews and a coordinated website. This video uses these three concepts to explain why there is no such thing as a free lunch. Economist and lawyer, renowned for his work during the Depression and World War II and for his ability to explain complex economic theories in plain language. from Columbia University. He was the first in Congress to propose what became the Peace Corps. He wrote three books, including Contemporary Monetary Theory. Fellow at the Brookings Institution, specializing in the regulation of financial institutions and markets. Senator Nelson received his B.A. In World War II, he won a Bronze Star as an infantryman and after the war served as deputy general counsel for the Marshall Plan. In 1970, after eleven different sponsorships from Randolph, amendments to the Voting Rights Act lowered the voting age to 18 in both local and national elections. Economics USA: The Banking System Video Transcript Our Frank titles offer two unique video series. Arthur F. Burns Fellow in Financial Policy Studies at the American Enterprise Institute (AEI) and Co-Director of AEI’s program on financial policy studies, specializing in banking, insurance, and securities regulation. from Rutgers University, M.A. As an adviser to President Johnson, he convinced the president to adopt a major economic initiative—the “War on Poverty.” But he resigned when Johnson escalated the Vietnam War without raising taxes, thus setting the stage for an inflationary spiral. Mr. Salant received his B.A. The Banking System After the war, he taught at Stanford, where he became Chair of the Department of Economics. Chief Economist for the U.S. Department of Commerce, 1976–1977. Mr. Sevareid received his B.A. He also served as Chairman of the Board of Barnett Investment Services, Inc., and as a Director of a number of private companies and banks, including Transco Energy Company, the American Heritage Life Insurance Co., Riverside Group, Inc., Family Steak Houses of Florida and Southeast Atlantic Corp, Wickes, Inc., and Barnett Banks, Inc. Mr. Schultz received his B.A. In his 1999 book, When Government Was Good: Memories of a Life in Politics, he argued that a golden age in politics existed from 1948 to 1968, when the nation proved that it could achieve full employment, secure civil rights, and prevent nuclear war. American labor leader who was President of AFSCME District Council 37 (DC37), the largest municipal union in New York City, from 1965 to 1987. Inflation This project provides valuable new teaching tools for faculty in the interdisciplinary field of Philosophy, Politics, and Economics. Faced with dwindling resources, Congress fiercely debated whether to preserve 100 million acres of Alaskan land as a national park, or open the land for mineral exploration. Dr. Kaufman received his B.A. From 1946 to 1958, he was Director of the International Monetary Fund’s Research Department. Keynes and how the theory behind Keynsian economics explained the Great Depression. Franklin D. Roosevelt did not generally trust economists, but his increased government spending during WWII proved Keynes’s theories correct. While many of his efforts have been extolled, he has also shouldered criticism for the economy’s slow recovery from the Great Recession of 2008. From 1974 to 1984, he was the A. Willis Robertson Professor of Economics at the University of Virginia, where he formulated “Herbert Stein’s Law”; this stated, “If something cannot go on forever, it will stop,” meaning that if a trend cannot go on forever, there is no need for action or a program to make it stop; it will stop of its own accord. His successor Alan Greenspan used a different tactic in the early 1990s and 2000s: flood the market with liquidity to prevent freezing. He is also Chairman of Criterion Economics. Economics U$A quickly became one of the most popular telecourses in the country, and has been so for more than 25 years. This video explains what unemployment is, how it is measured, and the different types of unemployment. These videos are linked to the Open University’s Masters of Money series. from New York University and Ph.D. in Economics from Yale University. Big Picture TV. Economics USA: Federal Deficits Audio Transcript After his election in 1972, Richard Nixon ordered a 90-day nationwide price and wage freeze after the Federal Reserve failed to curb inflation. Later, he taught at the University of Toronto and remained there until he retired. Wisconsin Governor, 1959–1963, and U.S. He has taught economics at Northwestern University, MIT, the University of Maryland, and George Washington University, and at the Stanford in Washington program. from the University of Washington and a Ph.D. in Economics from Harvard University. He received his B.A. Supply Economics USA: Labor and Management Audio Transcript While chairman of the Senate Small Business Committee, he led successful efforts to authorize the first modern White House Conference on Small Business, created the system of Small Business Development Centers at U.S. universities, and improved the way that federal agencies regulate small businesses through the Regulatory Flexibility Act. from the McGeorge School of Law. from Harvard Law School, and he did graduate work in economics at Columbia University. Vice-Chairman of the Board of Governors of the Federal Reserve System, 2006–2010, and Member of the Board of Governors, 2002–2008. Dr. Wallich received his B.A. In 1998, the U.S. government filed a suit against the world’s largest software company, Microsoft, for participating in anti-competitive practices. Economics USA: Fiscal Policy Audio Transcript Chief Economist Director of economic forecasting and Chief Economist of IHS Global Insight, responsible for developing the economic outlook and risk analysis for the United States, Europe, Japan, China, and other emerging markets. Economics USA: Stabilization Policy Audio Transcript In the early 1980s, he was among the first to see the commercial potential of the mouse-driven graphical user interface, which led to the creation of the Macintosh computer. During the Depression he served in the Treasury Department, the Securities and Exchange Commission, and the Commerce Department. This notion gave him the reputation of being a pragmatic conservative, jokingly referred to as a “liberal’s conservative and a conservative’s liberal.” He was the author of The Fiscal Revolution in America and was on the board of contributors of the Wall Street Journal. During WWII, our national debt had more than quadrupled, so government encouraged citizens to buy war bonds and federal stamps to pay some of it off. This video explains the circular flow model. from Yale University and M.B.A. and Ph.D. in Economics from Stanford University. and Ph.D. in Agricultural Economics from the University of California, Berkeley. and Ph.D. from Yale University. This site streams free videos from a range of thinkers, activists, and academics. Inflation In 1959, a reporter for the Knoxville News-Sentinel discovered a price-fixing scandal between three big-name electric companies in each of their closed bids to the Tennessee Valley Authority. Bush’s Council of Economic Advisers and as a Faculty Research Fellow and Research Associate at the National Bureau of Economic Research. Governor of the Bank of Israel and former U.S. adviser to Israel’s economic stabilization program. At CED, he produced studies of the sources of economic growth and policies to promote growth, published in the landmark 1962 CED report The Sources of Economic Growth in the United States and the Alternatives Before Us. Executive Director of the National Academy for State Health Policy and former Director of the Urban Institute’s “Assessing the New Federalism” project. Economics USA: Public Goods and Responsibility Video Transcript The Banking Act of 1935 and the Fed Accord of 1951 broadened the powers of the Fed, widening the range of options and tools it could use to manage the economy. He worked extensively for CBS News on television in the years following the war, and he became one of the early critics of Senator Joseph McCarthy’s anti-Communism tactics.