Sound Econ Podcast 1
Vale’s “Pretend It’s 2008…” Playlist
The Life of Dr. Bruce Mann
Dr. Bruce D. Mann, a beloved Economics professor at the University of Puget Sound, passed away on October 1st at the age of 78 from leukemia. This post is my attempt to highlight Dr. Mann’s remarkable life and contributions to his university and county. Bruce graduated from Antioch College with a BA in Economics before spending two years in Iran with the Peace Corps. He then received his PhD in Economics from Indiana University and started his lifelong career teaching at UPS in 1974. I was lucky enough to be in Dr. Mann’s 300-level microeconomics class before his passing, where Continue reading The Life of Dr. Bruce Mann
Less People are Going to Disney’s Theme Parks
One of the biggest supergiants in the entertainment industry, Disney, is struggling with decreased demand for their amusement parks. It’s not only Disney’s amusement parks which are down in ticket sales, across the world people are going to amusement parks less. Disney has the highest amusement park ticket sales around the world, with Magic Kingdom and Disneyland Anaheim leading with around 17 million ticket sales per year. Disney’s amusement parks got a 2% increase in revenue but a 3% decrease in operating profit. This isn’t great for the company as they were planning to spend $60 billion over the next Continue reading Less People are Going to Disney’s Theme Parks
The Work of Claudia Goldin: Gender Pay Gap and The Nobel Prize.
This last weekend, the 2023 Nobel Prize winners for Peace, Literature, Chemistry, Physics, Medicine, and Economics all received prizes commemorating Alfred Nobel’s death on December 10th. While not technically one of the main categories envisioned by the late scientist, the Prize for Economics is a memorial prize paid for not out of Alred’s estate but a Swedish bank. Regardless of the validity of the actual Nobel, the prize has acted as an esteemed Prize in economics, given to the likes of Milton Freidman, his protege Robert Fogel, and now the 77-year-old Harvard economist and historian Claudia Goldin. Goldin is not Continue reading The Work of Claudia Goldin: Gender Pay Gap and The Nobel Prize.
The Fight over Smooth and Chunky Ice Cream
When Ben & Jerry’s and Haagen Dazs were first created, there was an indivisible line drawn between Haagen Dazs and Ben & Jerry’s being that Haagen Dazs would only make smooth ice creams and Ben & Jerry’s only chunky. But this only lasted when sales were good. At one point, ice cream sales started to plummet and Haagen Dazs crossed that invisible line into chunky town which caused Ben & Jerry’s to dabble in the smooth ice cream market. This led to more options for consumers and Hagen Dazs even went so far as to reduce their chunky ice cream Continue reading The Fight over Smooth and Chunky Ice Cream
Modeling Religion Through Economics
In most social sciences, religion has been viewed as a fleeting force in everyday life. In the view of Sociology, religion is a tie to a primitive past, and as people become more educated, religion disappears. In Political Science, religion is seen as a deteriorating force as countries develop into more democratic societies with higher levels of self-expression and belief. Yet both of these disciplines contradict increasing data from the developed world. In fact, in the U.S. alone, 43% of Americans identify as religious, and 33% identify as spiritual. According to a Harvard Economic Study, despite Sociology’s view of religion Continue reading Modeling Religion Through Economics
Have You Been to Anime Conventions?
If you have heard of the otaku culture, then you know more or less about anime conventions. When participating in anime conventions, you will see some people dressed up as corresponding anime or comic characters, they are cosplayers. Imagine Halloween, people dress up to celebrate this day, I like pumpkin heads. It’s just different from celebrating Halloween. The existence of anime conventions is more like a year-round festival for the otaku community. Buy anime DVDs and comics, try out digital games, cosplay, these conventions are not only fan gatherings, but also important economic catalysts, affecting various industries around the world. Continue reading Have You Been to Anime Conventions?
The Irrationality Behind Funerals
The funeral industry generates roughly 16 billion dollars of revenue in the U.S. Over the past decade, dying has become more expensive, with the average funeral costing around $9,000. More people are choosing to cremate or have a small service with less expensive caskets and burials. An entirely rational person would try to maximize value while minimizing expenses, but a rational decision-making process, especially regarding grieving the loss of a loved one, becomes quite difficult especially due to the environment of funerals. It becomes easy for funeral homes to take advantage of the emotional vulnerability families are in when planning Continue reading The Irrationality Behind Funerals
What will determine AI’s transformation of the human economy?
Sam Altman was fired from openAI, then hired by Microsoft, and then returned to openAI to continue being CEO. Commercial agreements aside, the latest artificial intelligence tools, including language models like ChatGPT-4, have become the focus of attention around the world. It’s clear that artificial intelligence may be about to shake up our understanding of knowledge work, as well as the broader economy. Just as the car kicked away the coachman, how to apply AI will become a top priority. How should we hold the steering wheel of the AI economy? Artificial intelligence (AI) is an unprecedented and great technological Continue reading What will determine AI’s transformation of the human economy?
Does Raising the Federal Minimum Wage Reduce Jobs?
In my last few articles, I have discussed some of the benefits of raising the federal minimum wage and why we should regulate the federal minimum wage outside of politics. While I have clarified my stance, hearing perspectives from the other side of the aisle is essential. As an economics student who likes to get the complete picture of any issue I am discussing, it would be a disservice to you, the reader, and Myself if I did not fully flesh out this contentious issue. In this article, I will address the issue of Unemployment and the minimum wage. When Continue reading Does Raising the Federal Minimum Wage Reduce Jobs?