This is a good conversation. Jadrian, just so you are aware, I am an adjunct at Susquehanna and I am teaching Principles of Microeconomics this semester. As Matt noted, I am also one of the local elected officials who listen to your podcasts, and it baffles my mind when I hear that the majority of all Americans support price controls. From a teaching perspective, this is one of my favorite topics because it always generates a lot of conversation, but also the occasional realization that price controls can be a great sound bite, but a poor idea.
You asked for what teachers use to teach the topics, I create case studies around "price gouging" on bottled water after a natural disaster and another one regarding rent control. where we discuss the joys and potential options of finding a place to live after graduation. By the end of the lesson, I believe that at least some of the students understand that the quality and supply of housing is not what they are dreaming about if they move to a rent controlled location. Although I can't judge whether the lesson will stick with them beyond the semester due to the constant barrage of positive price control content they are being targeted with, I will keep trying.
Thanks for chiming in, Jeff! My pessimism likely comes from a feeling that I'm only moving the needle a tiny bit after the lesson. I feel like I get a lot more buy-in after my lesson on tariffs and showing how it's a tax.
It’s too broad of a survey question. Do you support government price controls on a local utility monopoly, yes. Do you support price controls in competitive markets, no.
This is a good conversation. Jadrian, just so you are aware, I am an adjunct at Susquehanna and I am teaching Principles of Microeconomics this semester. As Matt noted, I am also one of the local elected officials who listen to your podcasts, and it baffles my mind when I hear that the majority of all Americans support price controls. From a teaching perspective, this is one of my favorite topics because it always generates a lot of conversation, but also the occasional realization that price controls can be a great sound bite, but a poor idea.
You asked for what teachers use to teach the topics, I create case studies around "price gouging" on bottled water after a natural disaster and another one regarding rent control. where we discuss the joys and potential options of finding a place to live after graduation. By the end of the lesson, I believe that at least some of the students understand that the quality and supply of housing is not what they are dreaming about if they move to a rent controlled location. Although I can't judge whether the lesson will stick with them beyond the semester due to the constant barrage of positive price control content they are being targeted with, I will keep trying.
Keep up the great work.
Thanks for chiming in, Jeff! My pessimism likely comes from a feeling that I'm only moving the needle a tiny bit after the lesson. I feel like I get a lot more buy-in after my lesson on tariffs and showing how it's a tax.
Great session guys. I use the Chris Rock clip in my Law and Economics class.
I used to use it in my principles class, but I cut it after I started noticing how uncomfortable students got.
It’s too broad of a survey question. Do you support government price controls on a local utility monopoly, yes. Do you support price controls in competitive markets, no.
Importance of designing good survey questions. Bad design leads to many interpretations, including we aren’t doing our jobs as economic educators
Classic economist... it depends!