February Edition
Editorial team: Ioulia Koletsos, Liz Maia, Kothan Nieves-Orama.
Dear Readers,
Welcome back! The ERPC is up and running for another semester, and we’re excited to bring you the February Edition of the ERPC Newsletter. Inside, you’ll find updates on upcoming events, student research, and some fun Economics facts to brighten your day.
📌 Announcements and Updates
Tuesday, February 17: This spring semester is off to a great start! If you’re interested (or completely clueless) about the Federal Reserve Board, join us on the 17th. Heather Daly, Head of Economic Education at the Federal Reserve Bank of New York, will talk with us about the economy, careers, and internships. Make sure to RSVP, as seats will be limited.
Friday, February 27 – Saturday, February 28: The ERPC will be attending the Issues in Political Economy Conference in NYC, where two UConn Stamford Economics students will be presenting their research. For more information, feel free to reach out through Substack or UConntact.
Here are the pictures from last years conference, where members were able to learn more about Economics, share research and network:
📄 Feature Article
By Ioulia Koletsos
🎯 Editor’s Pick
The Economics Media Library has the perfect clip for every concept: from South Park to The Today Show. Struggling with Game Theory? Psych breaks it down. Need a quick way to show Health Economics or the law of diminishing returns? The Simpsons covered it. Explore the full collection of videos at Economics Media Library.
“This clips includes a few different economics concepts rolled in to one. The overarching theme is that of consumer choice where Homer appears to experience diminishing returns while trying to eat a 16 pound steak. He’s competing against a previous eating contest winner, who dies at the end from eating too much steak.
In the middle of the clip, Marge asks Dr. Hibbert if that much steak is healthy and Dr. Hibbert exhibits a bit of the principle-agent problem where his interests now align with eating competitions because he owns a portion of the restaurant. The good doctor tells her not to worry because they have a new Heimlich machine, which decreases their need to focus on choking hazards.”
https://econ.video/
🌍 Here’s my 5 cents…
If you’ve been hoarding pennies hoping they’ll make you a billionaire (same), the law of supply and demand might disagree. Even with production winding down, that penny in your pocket is still worth… well, a penny.
The reality is, each penny costs almost 4 cents to produce. Economists estimate that eliminating pennies from cash transactions could save about 2 seconds per checkout. That’s time that adds up fast. On a different note (get it? 💵) a nickel costs 13 cents to mint. So… should we unplug the machine?