The Economics of The Office
Learning economics from the world's best boss
Textbook Tear
In this silly clip, we see Michael's disdain for economics and traditional learning. Michael abuses the trust of a student in ruining a textbook that clearly has value to the student.
Season 3 Episode 16 "Business School" Caution!
Candy Bars
In this clip, we see that Michael doesn't really understand very much about business or economics but he does have a clever way of explaining his limited knowledge through the use of candy bars!
Season 3 Episode 16 "Business School" Caution!
Pretzel Day 1
Even when something comes at a zero monetary cost it may cost considerable time to get something for "free". How much money would you spend for a pretzel? What is the value of the time that Michael and Stanley are spending standing in line? Is a pretzel really worth that much?
Season 3 Episode 5 "Initiation"
Labor Productivity (J24) Behavioral Economics (D03)
Write That Down
In this clip, Michael tries to explain the concept of profits and business decisions and the demand for paper. Clearly, Michael does not understand how technological changes have influenced demand for paper!
Season 3 Episode 16 "Business School" Caution!
Teaching of Economics (A20) Technological Change (O30)
Pretzel Day 2
Even when something comes at a zero monetary cost it may cost considerable time to get something for "free". How much money would you spend for a pretzel? What is the value of the time that Michael and Stanley are spending standing in line? Is a pretzel really worth that much?
Season 3 Episode 5 "Initiation"
Behavioral Economics (D03) Externalities (D62)
Pretzel Day 3
Even when something comes at a zero monetary cost it may cost considerable time to get something for "free". How much money would you spend for a pretzel? What is the value of the time that Michael and Stanley are spending standing in line? Is a pretzel really worth that much?
Season 3 Episode 5 "Initiation"
Labor Productivity (J24) Behavioral Economics (D03)
Huge Turnaround for Profit
Dwight corners the market on Princess Unicorn dolls! This is a good opportunity to discuss the relationship between expected future prices and changes in demand. Dwight knew that the demand for these dolls would increase as Christmas drew closer. Advanced students should be able to draw a supply and demand graph for this market and see that in the very short run the supply of this good is perfectly inelastic in the Scranton area. This makes the profit opportunity for Dwight even greater.
Season 5 Episode 11 "Moroccan Christmas"
Information and Market Efficiency (G14) Microeconomic Behavior: Underlying Principles (D01)
FaLaLa CaChing
Dwight corners the market on Princess Unicorn dolls! This is a good opportunity to discuss the relationship between expected future prices and changes in demand. Dwight knew that the demand for these dolls would increase as Christmas drew closer. Advanced students should be able to draw a supply and demand graph for this market and see that in the very short run the supply of this good is perfectly inelastic in the Scranton area. This makes the profit opportunity for Dwight even greater.
Season 5 Episode 11 "Moroccan Christmas"
Information and Market Efficiency (G14) Microeconomic Behavior: Underlying Principles (D01)
Arbitrage
In this example Dwight exploits an arbitrage opportunity. He buys a good at a low price and then sells it at a much higher price. We think in efficient markets consumers or firms will look to exploit these opportunities until they no longer exist.
Season 4 Episode 16 "Did I Stutter?"
Information and Market Efficiency (G14) Microeconomic Behavior: Underlying Principles (D01)
Performance Review
In this clip (found only on the deleted scenes sadly), Dwight attempts to justify the raise he feels he deserves. Dwight correctly identifies the relationship between inflation and his real wage. If Dwight’s nominal wages do not increase at least at the rate of inflation the real purchasing power of his wages will fall!
Season 2 Episode 8 "Performance Review"
Compensation Packages (J33) Inflation (E31)