Real world Economics

Topics: Economics, Opportunity cost, Associated Press Pages: 1 (347 words) Published: February 18, 2014
Running Head: Economics in the Real World

Economics in the Real World – Blast Kills Husband and 2 Sons of Missing Woman

The article, “Blast Kills Husband and 2 Sons of Missing Woman” by the Associated Press of the New York Times recollects the death of a father and his two kids. The father, Josh Powell, was directed to attend a psycho-sexual evaluation in order to possibly regain the custody of his children. This decision was determined because Powell’s wife was missing and he did not have a legitimate alibi. Moreover, Powell’s father had been charged with child pornography and the court feared that Powell was somehow involved. The court denied custody of the children, but allowed supervised visits. The day of the first scheduled visit turned horrific when Josh Powell denied the social worker to enter the home. Powell locked himself inside his home with the two kids leaving the social worker outside. While outside, the social worker smelled gas and the house blew up moments later. These actions were unexpected and left everyone in awe (The Associated Press, 2012, p. [1-3]). This article had economic concepts embedded within its content. These concepts include self-interest, and an opportunity cost. Josh Powell, the father of the two boys, displayed self-interest because he did not care about his children’s wellbeing. He wanted the custody of his children and decided that if he couldn’t have them then no one could. The court’s decision to allow a supervised visit cost the life of two children and one crazy man. These three lives are an opportunity cost to the court because they can never recover these lives. I learned that economic concepts are everywhere and they can sometimes be integrated in everyday life. I also got a better understanding of economics by seeing its role in our society. I find it awesome that economics is not always about money and can be related to things like death.

The Associated Press. (2012, February 5)....
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