Abstract
This paper uses specific examples from my cancer treatment to illuminate multiple concepts that are typically covered in principles of economics classes. Economics is a method of thinking that reveals itself in all aspects of life and a good economics instructor should be able to see and adapt these economic concepts in even his or her most severe life experiences. The real events of my treatment serve to illustrate and further clarify basic economic concepts such as inelasticity, cost-benefit analysis, product bundling, how people respond to incentives, and marginal decision making. The more advanced concepts of a second-best world and the logic of the rational voter model are also explained using situations that arose during the treatment. These real-life incidences further clarify these ideas and provide effective examples that can be used in the classroom to bolster students’ confidence in the economic way of thinking.
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Notes
- 1.
In retrospect, I think the pharmacist was trying to find a polite way of asking if I could still pay for the expensive medication rather than if I really wanted it. However, this thought did not enter my head at the time.
- 2.
Despite the necessity of the Emend pills, I still never got over the thought that, at the margin, I was swallowing over $100 with every one of those pills.
- 3.
The side effects of chemotherapy are very unpleasant. They often include but are not limited to nausea, hair loss, fatigue, dizziness, ringing of the ears, headaches, mouth sores, blood clots, and low blood cell count levels that result in a higher risk of other disease and infections. It also includes other long-term negative effects such as increased risk of other cancers and sterility.
- 4.
Upon hearing this I cursed all the mornings that I got up and went to the gym to perform bench presses in what I thought at the time was a sacrifice that would help me live a healthy life.
- 5.
My medical coverage at the time had a $100,000 per year cap on it, so even when the insurance company would be billed, I was still very much concerned with the costs of the treatment.
- 6.
The doctors and hospital staff also thought it to be particularly amusing, especially as I drew out the cost-benefit chart above with the chemotherapy IV still in my arm.
- 7.
The fact that I am sitting here writing this shows that they were successful in their efforts to cure me.
- 8.
In actuality, the probability of being hit by a car on your way to the voting booth is often higher than the probability of being the decisive voter, so people choosing to play this strategy really should have stayed home.
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Acknowledgements
The author would like to thank Russell S. Sobel and Tami Gurley-Calvez for comments and suggestions. I would also like to thank all of the doctors, nurses, hospital staff, family, friends, teachers, and students who helped me throughout my cancer treatment and recovery.
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Corey, J. (2019). The Economic Principles of My Cancer Treatment: How to Use Medical Experiences to Teach Economics. In: Hall, J., Lawson, K. (eds) Teaching Economics. Springer, Cham. https://doi.org/10.1007/978-3-030-20696-3_6
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DOI: https://doi.org/10.1007/978-3-030-20696-3_6
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