Friday, October 24, 2008

A Couple Thoughts on "Buy Local"

First, there's an interesting interview with Russ Roberts, host of Econtalk and a presenter at the forthcoming AP Economics Conference co hosted by the Powell Center for Economic Literacy and the Federal Reserve Bank of Richmond.

Russ is going to debate with Bill McKibben, author of Deep Economy, next week on the topic of "Buy Local"

The reason I point you to Russ's interview is his comment about choices about buying local need to be individual. I agree that we all need to understand the issue and choose according to our own levels of "satisfaction" and our ability to make use of our own scarce resources. This brings me to my second recommendation.

This cartoon does an excellent job of showing the opportunity cost of choosing to buy local. One way is that the purchaser is gaining satisfaction by doing his part to "buy local." That should be worth something. At the same time, someone on a limited income may choose differently. By my calculations for every four gallons purchased "locally," one could afford almost five gallons purchased from a conglomerate. It depends on how one chooses to use scarce resources. Like Russ, I think the individual should be allowed to make the choice.

Do these resources offer any possibilities for your classroom?

No comments: