Unexpected Economics by Timothy Taylor

The great courses class on Unexpected Economics by Timothy Taylor covers a wide range of topics at what many people think would be at the edge of the field of economics. However, many of these topics have garnered Noble Prizes for the researchers and that puts them closer to the middle rather than at the fringe.

On the subject of substance abuse and addiction, Professor Taylor makes a strong argument against the disease based paradigm. With a disease you can not just decide to quit, but the vast majority of people who have an addiction eventually quit. This often occurs when they get older and begin to establish themselves. The addiction now has much more cost to their professional and personal life. Many Vietnam Vets took drugs while overseas but dropped the habit once they returned to the U. S. and a different environment. Use of addictive substances is also sensitive to the cost of the product.

The section on Terrorism as an Occupational Choice highlighted that terrorist often are skilled or educated.  They volunteer for their work and are chosen on a merit based system over others with fewer skill sets. A democracy may work to prevent terrorism by providing another way for expressing political dissent. However, failure to get the desired outcome may spur on terrorism.  Democracies typically are not as heavy handed with terrorist as autocracies and the response may have less strength and effectiveness.

An economics looks at the decision to vote - Approx. 4.5 minutes

Economics of racial discrimination  - 32 minutes