A group of economics professors have pooled their collective brainpower to come up with a new way to teach their students — and the general public — about economic principles. They’ve created a site called The Economics of Seinfeld that uses the hit TV series from the 1990s to explain basic financial concepts.
Here’s how the authors describe their aim:
It is the simplicity of Seinfeld that makes it so appropriate for use in economics courses. Using these clips (as well as clips from other television shows or movies) makes economic concepts come alive, making them more real for students. Ultimately, students will start seeing economics everywhere — in other TV shows, in popular music, and most importantly, in their own lives.
Sound stupid? It’s actually kind of clever. Here, for example, is their capsule summary for one episode:
Economic concepts: arbitrage, fixed costs, incentives, variable costs
Kramer and Newman hatch a scheme to arbitrage bottles from NY, where the deposit is 5 cents, to Michigan, where the deposit is 10 cents. They can’t figure out how to make the costs work; gas is too expensive (variable costs), and there’s too much overhead (fixed costs of tolls, permits, etc.) with using a semi to haul the bottles in volume. Finally, they hatch a scheme to use a mail truck, which lowers their variable and fixed costs to zero.
Each episode is tagged with the economic concepts it covers, such as “arbitrage” and “variable costs” in the above example. Clicking on a tag will bring up all episodes with similar themes. Each capsule summary also includes information about where to locate the appropriate clips on the Seinfeld DVDs. (Unfortunately, copyright issues prevent The Economics of Seinfeld from posting clips of the show; you have to look them up yourself.)
I realize this site probably has limited appeal, but I’m squarely in its target audience. I love Seinfeld (especially the early seasons), and think it’s hilarious to use the series to teach people about money. Not bad for a show about nothing!
This article is about Economics, Funny Money
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I always wondered how Kramer had money although he rarely worked. Maybe this site can explain that.
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I love this!
I have always loved Seinfeld, and since I used to live in Michigan, where the deposit is 10 cents per can, I remember that episode all too well.
I think it’s a great idea to use television to teach economics. The kids will love it and they’ll learn at the same time.
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Not a bad idea at all, though it’s a shame they can’t use actual clips from the episodes.
Makes you think though, if we can have shows for kids about science surely we could have one about economics and personal finance.
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there is/was a Canadian show targeted squarely at teens called “Street Cents” between 1989 and 2006. Helped launch the careers of a few child/teen actors as well.
Good personal finance tips in every show.
http://en.wikipedia.org/wiki/Street_Cents
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Real Kramer was a millionaire. He invented something in the 70s or 80s and lived off of the residuals.
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It’s not nearly as amusing as Seinfeld, but Planet Money over at NPR is a pretty great “economics for adults” podcast/radio show that is along the lines of a science show for kids. I’ve learned a lot, and been highly entertained in the process!
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and to quote Cosmo Kramer “Retail is for suckers”
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Pretty good, I love Seinfeld also. The economic caption is kind of neat, but definitely no where close to funny.
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After a quick look through the site why would you register? (forums, I guess. But they never come right out and tell you that’s what you get behind the user name)
And, what if you don’t already own the complete series on DVD? (sadly, I am among the 10 people in the world who didn’t find the show all that funny) And what if they do add all these other shows as well? Do you have to run out and buy those DVD’s as well?
I really like the concept of connecting TV to the real world, though. I think this could flesh out to something really useful.
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This is funny. I just did a pf post this week that referenced the “opposite” seinfeld episode. I love seinfeld too.
I didn’t even realize this site existed. Thanks for leading me to discover it.
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We loved Seinfeld and there are a lot of personal finance lessons in those episodes between Kramer and George alone!
George’s cheapness always cost him more in the end. Kramer’s get something for nothing schemes never worked out either!
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Goldmine: There’s the raincoat episode where Kramer and Morty try to profit on The Executive, Elaine and her sponges, and the death-in-the-family fare, just off the top of my head. Combine this with Seinfeld and Philosophy (Open Court, 1999) and you could have a whole Seinfeld-themed curriculum.
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If I remember the back story on Kramer correctly, he had inherited quite a bit of money back in the 80′s. Cant remember the episode but Jerry did say one time that Kramer “Always falling ass backward into a pile of money” or something to that effect.
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Wouldn’t the mail truck scheme in this case be an example of an externality? A business using a public good (US Mail truck) at no cost to them to lower operating costs, and thereby increasing profits.
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Ah, the economic wisdom of Seinfeld! Thanks for pointing this website out. I think this is a clever idea from these professors. A creative way to look at the subject differently. I am a little biased as I’ve always been a Seinfeld fan!
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I am going to head over there now…but they better have a lesson on the muffin tops!
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What a great way to convey personal finance concepts! Very creative, and fun to be reminded of all those terrific episodes.
http://seinfeldthemovie.com/
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Good find! I love Seinfeld…looking at the lessons they have listed, I realize I don’t need to look them up. I already know them all!
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Love it, too bad they can’t show the clips though.
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LOVE IT! Seinfeld is so awesome. Curb Your Enthusiasm is possibly better, however.
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“Kramer and Newman hatch a scheme to arbitrage bottles from NY, where the deposit is 5 cents, to Michigan, where the deposit is 10 cents.”
Unfortunately this would never work as it is illegal to return bottles/cans purchased outside of Michigan. It is posted on our bottle return machines and there are high finds when caught doing this.
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