Season 1 Episode 3: There is a discussion on inefficient government spending (for the hand’s tournament). Government spending should almost always be more inefficient than private sector spending because governments don’t face the same constraint consumers do when spending on items that give the highest marginal utility per dollar.
Season 3, Episode 8: A soldier is happier to see Lady Brienne die fighting a bear with a wooden sword than to receive a big ransom. By doing so, he is paying an opportunity cost for entertainment To teach this concept in the classroom, click here for a lesson plan
Season 2, Episode 10: Daenerys and Jorah intend to use a gold chalice as currency – a medium of exchange – to purchase a ship for crossing the Narrow Sea into Westeros. Throughout history, gold and other precious metals have served as currency for many empires. To teach this concept in the classroom, click here for a …
Season 7, Episode 4: Tyrion and Daenerys are discussing strategies and Tyrion recommends a complete restriction on King’s Landing ability to trade. Most government decisions to restrict free trade make society worse off, however one key argument for trade restrictions is when it can impact national security, which is the grounds on which Tyrion is …
Season 5, Episode 4: The Iron Bank of Braavos recalls 1/10 of the crown’s debts, but the kingdom can only afford to pay back half of that amount. Initially, Mace Tyrell offers to front the money, expecting the crown to pay it back later, but Cersei says no and seeks to renegotiate the terms of …
Season 4, Episode 6: Tyrion explains how borrowing money works. To teach this concept in the classroom, click here for a lesson plan
Season 2, Episode 3: Theon argues for cooperation and gains from trade, his father argues for seizing land and not doing anything productive. This is a good example of how wealth was gained throughout history vs. how wealth is primarily gained now. Most of the rich people in the world now gain their wealth through …
Read more “Markets vs. Plunder: Theon’s Case for Cooperation”