Announcing My NEW CLASS (And, yes, More COVID-19 Economics)
What a time to be an economics teacher! I am trying hard to create videos on the current economics news, but it’s evolving so quickly that I can’t keep up. Oh well.
Before I launch into that topic, let me start with an exciting announcement. I’m teaching a new class in Fall 2020. The class is called ECN 3600: Topics in Economic Development. We’ll cover the economics of developing countries, trying to understand why they’re poor and how they can escape.
The class has 49 spots. Here’s the thing: my colleagues think I’ll be lucky if I get 10 students to register. So right now, it’s only being offered in Fall 2020. BUT if the department sees there is demand for the class, they’ll let me teach it in Spring. So my goal is to not only register 49 students, but to also get a long waitlist. If you are interested, please register. Even if the class is full, get on the waitlist so they know that students want to take it.
Coronavirus Economics
Ok, now onto the current events stuff.
It is insane how quickly the economy has evolved over the last week. It took just a few days to go from, “Hopefully we don’t catch this virus,” to “Hopefully we’re not in another Great Depression.”
Here’s a discouraging article that relates to class. One of the biggest struggles in this fight is that we don’t have enough tests for the virus. Well one company is trying to make such tests, but another is suing them for patent violation. But not because the patent-holder is developing their own tests (it’s not even scientists who hold the patent). They’re just trying to profit off of the pandemic! So not only does this connect to the lecture on Patents and Innovation, it connects to a lesson I reiterated several times: profit maximization is not a moral judgment. Just because you’re maximizing profits doesn’t mean you’re doing the right thing.
Many people are looking at the news wondering what is happening. But fortunately for you, you already understand topics like depressions, recessions, and the role of the Federal Reserve. If you want a refresher, for the rest of the semester I am livestreaming my lectures on Market Power. Last week I did the Panic of 1907, and this Thursday at 3:00 p.m. MDT I’ll do The Great Depression.
Today I released a video about How the Federal Reserve Cuts Interest Rates. A few days ago I posted about how the Fed injects liquidity into the market. And it’s likely I’ll post more off-schedule videos to keep up with the news. Stay tuned!