Objectives: Students will understand the concept of public goods and market failures. Students will analyze the Night’s Watch in Game of Thrones as an example of a public good. Students will apply the concept of market failures to the Night’s Watch and discuss potential solutions. Materials: Whiteboard and markers Handout with definitions of public goods …
Season 4 Episode 5: Tywin Lannister and Cersei Lannister discuss the Lannister’s depleted gold resource from the wars and the obstacles they face in paying back the Iron Bank of Braavos without being able to tap into this resource anymore. This relates to the problems many developing countries face called the resource curse or Dutch …
Season 3 Episode 10: Varys offers diamonds to Shae to leave the Tyrion Lannister and the capital. She refuses. In doing so, the opportunity cost of staying with Tyrion are clearly illustrated – a lot of gold and a good life elsewhere. This clip also does a good job of illustrating trade offs, as Shae …
Season 3 Episode 6: Tywin negotiates with Lady Tyrell to have her daughter marry Loras to Cersei. Lady Tyrell opposes, but then Tywin says he’d force Loras to join the Kings Guard if Lady Tyrell refused. Tywin decreased his Lady Tyrell’s Best Alternative to a Negotiated Agreement (BATNA). When that happens, Lady Tyrell accepts the …
Season 1 Episode 6: The prison guard doesn’t trust that a prisoner will pay him. However, once he convinces the guard that he is a Lannister, the Lannister’s credit history – because a Lannister always pays his debt’s – helps convince the guard to help Tyrion. To teach this concept in the classroom, click here for …
Season 1 Episode 4: Rooms at the Inn are sold out – the quantity demanded exceeded the quantity supplied. Because of this, Tyrion offers a big premium to anyone who will sell him their room. This increase in price is consistent with market analysis when demand exceeds supply. It is also what we see in …
Season 5 Episode 8: Arya and Jaqen H’ghar discuss the case where someone bets that their ship won’t successfully make the voyage, i.e., that he will die. In essence, they are discussing the ship captain taking life insurance, as the family will be paid if the captain dies. Life insurance is common in the US, …
Season 5 Episode 9: Mace Tyrell and a representative from the Iron Bank are discussing the ethics of charging interest for loans. It is noted that high interest payments are seen by some as distasteful and there are threats of legal actions for higher interest payments. Throughout history, in fact, there are times where certain …
Season 7 Episode 1: Sam Tarley discovers where a cache of dragonglass is. Given the value of dragonglass, this immediately improves the outlook for society. The value of finding a valuable resource will improve production possibilities, and will mean society can produce more goods. To teach this concept in the classroom, click here for a lesson plan
Season 7 Episode 4: When there is creative destruction – i.e., new industries are formed and help make old jobs and industries obsolete, it can be chaotic. Bran tells Little Finger in this clip that “chaos is a ladder”, which is certainly true for career opportunities for those who enter into organizations and markets when …