Public Goods and Common Resources
Consider a group-project assignment in one of your MBA classes. Suppose each group consists of five students and the professor assigns every group member the same grade from a submitted project. Suppose that the project is only a “pain in the ass,” meaning that students learn nothing new when they put effort in the project and their only gain is receiving a better grade. (PS: This is definitely not my econ class.) What kind of a good is a student “putting effort in the group project”? Is the total quantity of effort put in the project optimum? If not, how do you think group members can solve this problem? Explain.
Imagine your MBA economics course, where the professor is teaching to a class of around 10 students where there are many more vacant seats available in the class. What kind of good is your professor’s economics lecture: private good, public good, common resource or a club good? Explain and justify your answer. (Note: Actually an economics lecture is a “service” and not a “good”.)
Imagine your own workplace as if it is a “country”. Give an example of what serves or might serve as a public good. Explain and justify your answer. (Note: You should argue that the good or service you propose is neither excludable nor rival in consumption). Does your company provide this public good for everyone? If not, do you think your company should provide it? (Perhaps you can use what you have learned in the class to convince your superiors to provide it, and finance it perhaps through a small cut in wages.)
Consider Mrs. Gül, the business faculty secretary at Ozyegin University, whose job is to assist faculty members in whatever they need. There are around 40 faculty members in the business school.
From the perception of faculty members, what kind of a good is the time of the secretary: a private good, a public good, a club good, or a common resource? What kind of problems might arise in the faculty members’ use of the secretary’s time? To deal with these problems, what can the dean do?
What are the problems associated with “free-market outcome” regarding fishing in the Marmara Sea and fishing in the Back Sea? Tell the common and uncommon aspects associated with these two problems. Which of these problems do you think is more complicated to deal with? What entity can do something to solve each of these problems and how?
Interdependence and the Gains from Trade
Give an example from your company (or your own life) a task that is outsourced by your company (or by you)? Do you think the decision to outsource makes sense? Explain and justify your answer from the perspective of comparative advantage.
Some people say that Turkey used to have a comparative advantage in the textile sector but now it does not. What might be the reason for Turkey losing its comparative advantage in the textile sector? Explain.
Give one or two industries in which you believe Turkey has comparative advantage. Explain and justify your answer.
Your economics professor sometimes thinks about what he can do to make a living for himself if he is to give up his job at Ozyegin University. What kind of job would you propose him to do? Explain and justify your answer from the perspective of “comparative advantage(s)” of your professor
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