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Posted: April 14th, 2022
Economics
Listen this episode of the Planet Money podcast, Summer School 2: Markets and Pickles. You can find it on your phone and listen while you fold laundry (it’s 31 minutes).
Respond each of the following prompts. Total response should be 100-200 words (due 4/11)
1. Explain how the food banks improved efficiency by creating a market system to allocate food.
2. Each food bank was given “money” (shares) based on need and number of clients served. How does that differ from how a real market works, and what effect does that have on distribution/allocation? Which method do you think is better?
3. One main topic of the podcast is whether market forces are the best way to allocate scarce resources. A major debate going on these days is how much market forces should be used in allocating resources in education (for example should all schools be private) and health care (other wealthy nations have national health care, not the largely private system we use the US). Choose one of these areas (education or health care) and briefly explain why you think markets should or should not be used.
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Summer School 2: Markets and Pickles is the second episode of the Planet Money podcast. You can listen to it on your phone while folding laundry (it’s 31 minutes long).
Respond to each of the prompts below. Total response length should be between 100 and 200 words (due 4/11).
1. Describe how food banks increased efficiency by establishing a market system for allocating food.
2. Each food bank was given “money” (shares) based on the number of clients served and the need. How does this differ from how a real market operates, and how does this affect distribution/allocation? Which method do you believe is superior?
3. One of the podcast’s main topics is whether market forces are the best way to allocate scarce resources. There is a major debate going on.
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