Economics in the movies! Ripped from the big screen just in time for Halloween!
Before you put on that oh-so-real-looking pirate costume, you might want to check out “Captain Phillips: Pirate Economics.” Our latest hot topic uses the economic way of thinking to explain when going 200 miles out to sea in a tiny fishing boat to attack a cargo ship might be a rational choice and when it might not. The economic reasoning tools in ERPs #1 & 2 – choice and opportunity cost analysis – help students find the rational man in the seemingly irrational choice of young Somalis. “Captain Phillips” gets it right; clips from the movie and interviews with modern pirates make it clear that Somali pirates aren’t crazy or stupid. They’re simply choosing the best of their (scarce) alternatives.
The ready-to-use student collection can be assigned for homework, and the accompanying teacher collection provides an overview, background, and suggestions for using the hot topic in a flipped-classroom or blended learning exercise.
(For more information on FTE Gooru, blended learning, customizing collections, and other Hot Topic lessons, use the red links to the right of the screen.)