A recent study co-authored by Dr. Julien Picault from UBC Okanagan demonstrates how scenes from popular Netflix series like Narcos and Stranger Things can be used to teach complex economic principles. The paper, titled Teaching Economics with Netflix and published in The Journal of Economic Education, explores how carefully selected clips from these shows can help students grasp abstract concepts such as market control, creative destruction, and inflation. According to Dr. Picault, a Professor of Teaching in the Department of Economics, Philosophy and Political Science, this approach aims to meet students in their cultural space, making economics more relevant and engaging. “Students are already watching this content,” he explains. “Our goal is to use familiar, culturally relevant media to explain fundamental concepts like opportunity cost, supply and demand, or moral hazard.”
Central to this approach is EcoNetflix, a free online platform developed by Dr. Picault in collaboration with colleagues at Marymount University. This resource provides teaching guides built around diverse clips from Netflix originals, films, and documentaries, connecting cultural moments directly to foundational economic ideas. By integrating these media examples into lectures, educators can offer students more context-rich, relatable pathways into complex economic theories, moving beyond dry textbook explanations.
One compelling example comes from the hit sci-fi series Stranger Things. Set in the 1980s, the show often features outdated technology like walkie-talkies, phone booths, and cassette players—all of which have primarily been replaced by modern smartphones. This shift offers a vivid illustration of creative destruction, a concept introduced by the economist Joseph Schumpeter. Creative destruction refers to the process by which new technologies render older ones obsolete, transforming industries and economies. This example raises interesting economic questions: Would purchasing each older device separately today be more expensive than owning a single, multifunctional smartphone? And how do such technological advances affect how we measure inflation through metrics like the Consumer Price Index (CPI)?
Narcos provides another rich teaching opportunity, particularly for illustrating the concept of market control and oligopoly. The series, based on the true story of Colombian drug lord Pablo Escobar, includes scenes where Escobar proposes forming a cartel with rival traffickers. Escobar offers to coordinate operations in one pivotal scene, allowing other kingpins to share in the profits in exchange for mutual protection and reduced competition. This kind of collusive behaviour is a textbook example of oligopoly strategy, where dominant firms cooperate to stabilise prices, limit outside threats, and reduce market uncertainty. Despite the ethical and legal challenges, such arrangements can be highly profitable, highlighting the trade-offs firms often face in competitive markets.
According to Dr. Picault, this approach is efficient because it connects abstract economic principles to real-world scenarios that students already understand through popular culture. By grounding theory in familiar narratives, educators can foster a deeper, more intuitive understanding of the subject, making economics feel more relevant to students’ lives. This approach also supports broader efforts to make economics education more inclusive, reflecting the diverse cultural, geographic, and social perspectives that platforms like Netflix represent.
Dr. Picault’s recent work builds on earlier studies he has authored, which focus on using pop culture to teach economics in innovative ways. His ongoing research aims to show that economics isn’t just a set of abstract formulas but a powerful lens for understanding the world. By leveraging the cultural power of streaming platforms, this approach seeks to make economics not only more accessible but also more engaging and inspiring for the next generation of students.
More information: Julien Picault et al, Teaching economics with Netflix, The Journal of Economic Education. DOI: 10.1080/00220485.2025.2501640
Journal information: The Journal of Economic Education Provided by University of British Columbia Okanagan campus