Economics in Family Ties: Alex P. Keaton Rents Out the House
It's Like AirBNB or VRBO but 20 years ahead of it's time!
What economic lessons can we learn from the 1980s comedy hit, Family Ties? Quite a few, especially in this episode where Alex and his siblings decide to rent out their home.
Alex P. Keaton was one of the most popular TV characters in the 1980s. Played by Michael J. Fox, the economics major was always thinking about business possibilities, sometimes with ideas that were ahead of his time.
Watch the video to see some clips from the show and learn several economic lessons:
How the need for money drove the motivation to find a business
How the business opportunity emerged
How Alex had bargaining power when multiple families wanted the room
And what happens when a potential customer says “We’re Desperate and We’re Wealthy”
The full episode is iconic, and there are a bunch of great lessons within!
Watch the video for more:
Description of Family Ties from ChatGPT:
Family Ties is a beloved American sitcom that revolves around the Keaton family, portraying the generational and ideological differences between liberal parents Steven and Elyse Keaton, former hippies of the 1960s, and their conservative son Alex P. Keaton, an ambitious, Reagan-supporting young Republican. Set in the Reagan era, the show explores the family dynamics, values, and societal changes through witty humor and heartfelt moments. Alongside Alex, the show features siblings Mallory, Jennifer, and occasionally Andy, creating a diverse and relatable family dynamic. Through its blend of comedy and thoughtful storytelling, Family Ties captures the essence of familial relationships and the cultural shifts of its time, resonating with audiences through its endearing characters and engaging narratives.