economics of shakespeare

BB&T Academy of Free Enterprise Education

5:30 – 6:00 Dinner and Introduction

6:00 – 6:45 His Times & Entrepreneurship

6:45 – 7:45 Arguments: From Propaganda to Rhetoric

7:45 – 8:15 Teaching Economics with Shakespeare

8:15 – 8:30 Summary and Evaluation

THE ECONOMICS OF SHAKESPEARE: The Legacy 400 Years Later

Tonight’s Agenda

1


Scarcity

Finances

Wealth & Poverty 2


• 67 registered trademarks with his name • Shakespeare brand is worth over $600 M • Best-selling author of all time (2-4 billion books) • 64 million students study Shakespeare globally • Over 400 films and TV productions source: Brand Finance

Signature from Shakespeare’s last will & testament


3


How can learning and appreciating Shakespeare and Elizabethan life help students see today’s problems from a different perspective?

Draw evidence from literary or informational texts to support analysis, reflection, and research.

LAFS.612.W.3.9

Apply grades 9–10 Reading standards to literature (e.g., “Analyze how an author draws on and transforms source material in a specific work [e.g., how Shakespeare treats a theme or topic from Ovid or the Bible or how a later author draws on a play by Shakespeare]”).

LAFS.612.WHST.3.9

SS.612.E.1 Understand the fundamental development of a market economy.

SS.912.W.4.3 Identify the major artistic, literary, and technological contributions of individuals during the Renaissance.

SS.912.S.7 Social Problems/Analyze a range of social problems in today’s world.


Scarcity

Wealth & Poverty 4


“…the idea of Shakespeare as a hardheaded businessman may not fit with romantic notions of the sensitive artist, but we shouldn't judge him too harshly. Hoarding grain was his way of ensuring that his family and neighbors would not go hungry if a harvest failed. He would not have thought of himself first and foremost as a writer. Possibly as an actor -- but first and foremost as a good father, a good husband and a good citizen to the people of Stratford."

source: Daily Finance


Scarcity

“The original monument erected after his death in 1616 showed Shakespeare holding a sack of grain. In the 18th century, it was replaced with a more "writerly" memorial depicting Shakespeare with a tasseled cushion and a quill pen.” source: Daily Finance

Wealth & Poverty 5


“…the portrayal of John Shakespeare as a failed trader is a fable: “John Shakespeare was a national-level wool dealer, and legal research, coupled to analysis of the wool market, proves this. The Shakespeare family never fell into poverty.” “…the family’s wealth could not have come just from William’s theatrical activities: “Nobody made a fortune from theatrical seat sales alone.”

Source: The Guardian


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Scarcity

Finances

Wealth & Poverty 7

Entrepreneurial Thinking

1. PASSION (Vision, Goal-Oriented, Proactive)

2. CREATIVITY (Innovative, Resourcefulness, Open-Mindedness, Eager to Learn)

3. RISK-TAKER (Courage, Confidence, Aggressiveness)

4. PERSEVERANCE (Grit, Resilience, Hard-Working)

5. FLEXIBILITY (Agility)

6. RELATIONSHIPS (Networking, People Skills, Salesmanship)



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9


Shakespeare and the American elections Bernie Sanders, the modern-day Mark Antony

Rhetorically, the senator from Vermont’s strategy of running a positive campaign could be borrowed from the Roman general’s playbook. Mark Antony is given leave to speak at Julius Caesar’s funeral, provided his speech “shall advantage more than do [the assassins] wrong.” He repeatedly references these “honourable men” but it gradually becomes clear that this is an ironic sneer, repeated to the point of ridicule.

When Mark Antony finished his funeral oration, the mob—which a short while before was calling for a statue to be raised to the honourable Brutus—was poised to “burn his body”. We live in less sanguinary times. Yet Mr Sanders's cunning oration achieves the same end; when Ms Clinton accused him of “artful smears”, the plebeians booed.

Mr Sanders never fails to declare his admiration and respect for his worthy opponent—while subtly undermining her. To those that accuse him of breaking his promise of positivity—et tu, Bernie—he indignantly demands: “How often have I talked about Hillary Clinton’s emails? Have you heard me? Not a word. How often have I talked about the Clinton Foundation’s fundraising? Have you heard me say one word about it during the campaign?”


10


To paraphrase Shakespeare, when global economic risks come, they seem to come not as single spies but in battalions. In Europe, these presently include the risk of Britain exiting Europe following its referendum late this June, Greece being forced out of the Euro for failure to comply with the terms of its IMF-EU loan agreement, and Italy succumbing to a banking crisis as a result of an inordinate amount of non-performing loans. Outside of Europe, these risks include a deepening of the political and economic crisis currently engulfing Brazil, difficulties associated with China’s efforts to move its economy away from an investment and export-led growth model, and a heavily indebted Japanese public sector finding that the Japanese economy has again lapsed into deflation.

…the level of overall public and private sector indebtedness in the global economy is very much higher today than it was in 2008 at the start of the Great Economic Recession. Particularly troublesome is the very high level of corporate debt in the emerging market economies and the still very high public sector debt levels in the European economic periphery.


11


How can learning and appreciating Shakespeare and Elizabethan life help students see today’s problems from a different perspective?

Draw evidence from literary or informational texts to support analysis, reflection, and research.

LAFS.612.W.3.9

Apply grades 9–10 Reading standards to literature (e.g., “Analyze how an author draws on and transforms source material in a specific work [e.g., how Shakespeare treats a theme or topic from Ovid or the Bible or how a later author draws on a play by Shakespeare]”).

LAFS.612.WHST.3.9

SS.612.E.1 Understand the fundamental development of a market economy.

SS.912.W.4.3 Identify the major artistic, literary, and technological contributions of individuals during the Renaissance.

SS.912.S.7 Social Problems/Analyze a range of social problems in today’s world.


12

Break



13


How can we use Shakespeare to teach students how to create effective written and oral arguments?

Write arguments focused on discipline-specific content. LAFS.68.WHST.1.1

Write arguments to support claims in an analysis of substantive topics or texts, using valid reasoning and relevant and sufficient evidence.

LAFS.612.W.1.1

Present claims and findings, emphasizing salient points in a focused, coherent manner with relevant evidence, sound valid reasoning, and well-chosen details; use appropriate eye contact, adequate volume, and clear pronunciation.

LAFS.8.SL.2.4

Evaluate a speaker’s point of view, reasoning, and use of evidence and rhetoric, identifying any fallacious reasoning or exaggerated or distorted evidence.

LAFS.910.SL.1.3

Present information, findings, and supporting evidence, conveying a clear and distinct perspective, such that listeners can follow the line of reasoning, alternative or opposing perspectives are addressed, and the organization, development, substance, and style are appropriate to purpose, audience, and a range of formal and informal tasks.

LAFS.1112.SL.2.4


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15


How can we use Shakespeare to teach students how to create effective written and oral arguments?

Write arguments focused on discipline-specific content. LAFS.68.WHST.1.1

Write arguments to support claims in an analysis of substantive topics or texts, using valid reasoning and relevant and sufficient evidence.

LAFS.612.W.1.1

Present claims and findings, emphasizing salient points in a focused, coherent manner with relevant evidence, sound valid reasoning, and well-chosen details; use appropriate eye contact, adequate volume, and clear pronunciation.

LAFS.8.SL.2.4

Evaluate a speaker’s point of view, reasoning, and use of evidence and rhetoric, identifying any fallacious reasoning or exaggerated or distorted evidence.

LAFS.910.SL.1.3

Present information, findings, and supporting evidence, conveying a clear and distinct perspective, such that listeners can follow the line of reasoning, alternative or opposing perspectives are addressed, and the organization, development, substance, and style are appropriate to purpose, audience, and a range of formal and informal tasks.

LAFS.1112.SL.2.4


16

Break



17


How can we use Shakespeare to teach students economic concepts and entrepreneurial thinking in a more memorable way?

SS.6.E.1.3 Describe the following economic concepts as they relate to early civilization: scarcity, opportunity cost, supply and demand, barter, trade, productive resources (land, labor, capital, entrepreneurship).

SS.7.E.1.4 Discuss the function of financial institutions in the development of a market economy.

SS.7.E.1.5 Assess how profits, incentives, and competition motivate individuals, households, and businesses in a free market economy.

SS.7.E.2.4 Identify entrepreneurs from various gender, social, and ethnic backgrounds who started a business seeking to make a profit.

SS.8.FL.4.1 Explain that people who apply for loans are told what the interest rate on the loan will be. An interest rate is the price of using someone else’s money expressed as an annual percentage of the loan principal.

SS.8.FL.4.4 Explain that lenders charge different interest rates based on the risk of nonpayment by borrowers. Describe why the higher the risk of nonpayment, the higher the interest rate charged by financial institutions, and the lower the risk of nonpayment, the lower the interest rate charged.


18


How can we use Shakespeare to teach students economic concepts and entrepreneurial thinking in a more memorable way? (continued)

SS.912.E.1.15 Describe the risk and return profiles of various investment vehicles and the importance of diversification.

SS.912.FL.4.8 Examine the fact that failure to repay a loan has significant consequences for borrowers such as negative entries on their credit report, repossession of property (collateral), garnishment of wages, and the inability to obtain loans in the future.

SS.912.FL.2.6 Explain that people may choose to donate money to charitable organizations and other not-for-profits because they gain satisfaction from donating.

SS.912.FL.4.9 Explain that consumers who have difficulty repaying debt can seek assistance through credit counseling services and by negotiating directly with creditors.

SS.912.FL.5.10 Explain that people vary in their willingness to take risks because the willingness to take risks depends on factors such as personality, income, and family situation.

SS.912.FL.5.6 Describe how diversifying investments in different types of financial assets can lower investment risk.


19


Trade, Entrepreneurship, Risk, Financial Institutions, Profit, Incentives, Loans, Interest, Diversification, Consequences

Donations, Negotiations, Risk Tolerance


20


Entrepreneurship & Management Inspiring confidence Gaining trust Merging with competing firms


Scarcity

Wealth & Poverty 21


Tradeoff between economic freedom and economic security


22


How can we use Shakespeare to teach students economic concepts and entrepreneurial thinking in a more memorable way?

SS.6.E.1.3 Describe the following economic concepts as they relate to early civilization: scarcity, opportunity cost, supply and demand, barter, trade, productive resources (land, labor, capital, entrepreneurship).

SS.7.E.1.4 Discuss the function of financial institutions in the development of a market economy.

SS.7.E.1.5 Assess how profits, incentives, and competition motivate individuals, households, and businesses in a free market economy.

SS.7.E.2.4 Identify entrepreneurs from various gender, social, and ethnic backgrounds who started a business seeking to make a profit.

SS.8.FL.4.1 Explain that people who apply for loans are told what the interest rate on the loan will be. An interest rate is the price of using someone else’s money expressed as an annual percentage of the loan principal.

SS.8.FL.4.4 Explain that lenders charge different interest rates based on the risk of nonpayment by borrowers. Describe why the higher the risk of nonpayment, the higher the interest rate charged by financial institutions, and the lower the risk of nonpayment, the lower the interest rate charged.


23


How can we use Shakespeare to teach students economic concepts and entrepreneurial thinking in a more memorable way? (continued)

SS.912.E.1.15 Describe the risk and return profiles of various investment vehicles and the importance of diversification.

SS.912.FL.4.8 Examine the fact that failure to repay a loan has significant consequences for borrowers such as negative entries on their credit report, repossession of property (collateral), garnishment of wages, and the inability to obtain loans in the future.

SS.912.FL.2.6 Explain that people may choose to donate money to charitable organizations and other not-for-profits because they gain satisfaction from donating.

SS.912.FL.4.9 Explain that consumers who have difficulty repaying debt can seek assistance through credit counseling services and by negotiating directly with creditors.

SS.912.FL.5.10 Explain that people vary in their willingness to take risks because the willingness to take risks depends on factors such as personality, income, and family situation.

SS.912.FL.5.6 Describe how diversifying investments in different types of financial assets can lower investment risk.


24



Scarcity

Finances

Wealth & Poverty 25



26

Summary


All the world's a stage, and all the men and women merely players: they have their exits and their entrances; and one man in his time plays many parts, his acts being seven ages.