Seamus = Caramel Wealth

I found the exercise we participated in Friday was an interesting take on prosperity. A series of colored poker chips with their corresponding significance in types of candy you could redeem for five or six chips. While not necessarily a representation of the current market; the group established the points that resources are scarce, people have unattainable desires, and oftentimes people must work together for mutual benefit. So, within a very simple exercise, the group established the basis of economics. I also appreciate how the group provided a number of chips so that not all of them are redeemable. There are numerous inefficiencies in the market that separated those with the ability to maximize their utility and those left with chips as a sort of deadweight loss.
The class responded in a wide array of manners, all accurately capturing various economic strategies/market structures. Dustin formed trade blocs with numerous other people, ensuring he got a large portion of several different types of candy. I decided I did not have to make deals, and consolidated all my wealth into the caramel market. I made the assumption that caramels, out of all the candy available, were least desirable to most people. I happen to like just about any candy, and gladly took my eight caramels, which turned out to have a large calorie count, for which I won an additional prize. Emily and Alex engaged in black market trading of candy to maximize their utility, which also proved effective. Overall, outside of Catherine’s give-away-chips-for-free approach, I’d say every strategy was fairly successful in obtaining resources.
In conclusion, I commend the prosperity group for an interesting exercise and discussion. I’m excited for the next presentation.