We all need to have a basic understanding of economics in order to be good citizens. We can’t just rely on the experts to tell us what to do. After all, it was the experts who got us into our current mess.
In this month’s meeting, we will use four simple skits, performed by volunteers, to illustrate some basic economic concepts. First, the apple farmer negotiates with the shoe maker for a new pair of shoes, and we learn about the miraculous benefits of free exchange. (What does that have to do with minimum wage laws and with poor people who sew T-shirts in Honduras?) Next, we will read and perform a short children’s story to illustrate the concept of opportunity cost. (Our performer will find that he (or she) can’t be in two places at the same time!) The third skit involves a hero who steals purses to stimulate the economy. The fourth skit will be a performance of the broken window fallacy. The scripts of the skits can be found here.
Here are videos of the skits: