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What Seinfeld can teach you about economics

Maybe the best way to make the dismal science less dismal: learn it from Seinfeld. A site called the Economics of Seinfeld pulls together more than 100 Seinfeld clips that illustrate all sorts of economic concepts, from cost-benefit analysis to rate of time preference.

Once you really sit and think about it (or just scroll through the site) you realize what a treasure trove of economics lessons Seinfeld was. Newman's trip to Michigan to cash in on its 10-cent bottle deposit is an example of arbitrage.

The Soup Nazi's power over his customers illustrates how monopolies work (and how an enterprising person like Elaine can break them).

And when Mr. Lippman takes Elaine's muffin top idea, it shows just how important intellectual property rights are.

The site isn't new — it was created in 2010 by professors at Baker University in Kansas and Eastern Illinois University — but (like the sitcom) it stands the test of time. Click through and while away the rest of your afternoon watching your favorite beloved Seinfeld clips. It's not wasting time; it's educational.

[h/t: Marginal Revolution]

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