Issue 6, Spring 1993

William A. McEachern, Editor

Grapevine

Roger Trenary of Kansas State University suggest we calculate the unemployment rate using the class as the population. He also calculates a consumer price index for students. He developed a bundle of student consumer goods by asking students to identify five items that most students buy and the amount of each typically consumed during the semester. Each term he asks students to find out the prices of the items in this student bundle. By maintaining records from term to term, a student CPI can be constructed and updated.

Before the formal introduction of demand, Evelyn K. Smith of West Texas State University elicits enough information from students to construct a demand curve. Students don't really know what she is up to, but they are able to say how much of an item they would purchase given certain levels of income and prices. She would be glad to share the details of her system with anyone who writes her at the Center for Economic Education, WTSU Box 187, Canyon, Texas 79016.

Lee Susa of Mid-State Technical College in Wisconsin asks students to offer practical examples of economic concepts. This not only gives the instructor a good idea whether or not students really understand the concept in question, but also appropriate examples reinforce the learning process. Good examples also add to the stock that can be shared with other classes.

Gary C. Fisher of Chapman University recommends Readers Digest stories as case studies, such as "Will Congress Sink the Boat Business?" (Oct. '91), "A Service Economy?" (Sept. '86), and "Why Not Just Soak the Rich?" (April '90). He cautions that you must either get reprints from the publisher or get copyright permission to duplicate the article.

Charles W. Martie of Quinnipiac College offers the following suggestions on how to manage time more effectively. List priorities for the day and work from that list. Avoid "yakkers" and others who value your time too little. Keep in mind how little most tasks benefit you--something worth doing is not necessarily worth doing well. Group your activities when possible, such as jogging and thinking over a problem, proctoring and prepping for class, driving and tape-recording notes. And if you watch TV, tape shows so you can speed through the commercials.

Here is how Thomas H. Cate of Northern Kentucky University demonstrates the consumption rule that the marginal value of a product equals or exceeds its price. Some students typically bring cans of soda to class. Why? Because they are thirsty--their expected value of the soda is at least equal to the soda's price of 55 cents. Professor Cate asks the student: "Would you still buy the soda if the price was 75 cents per can? How about one dollar per can?" He says that a similar approach can be used to illustrate other decision rules such as how the marginal revenue product equals or exceeds the marginal resource cost. He says that "If the illustration is done on the first day of class, the students realize that economics is something they do every day."

H.L. Brockman of Central Piedmont Community College tells students they can use their notes during exams but the price will be reduced time for the exam. The class must decide based on unanimity rule. Professor Brockman says that when students are allowed to use their notes, they take better notes in class, feel more confident, and usually earn better grades. They may also make notes form the text if they want to. He reminds us that taking notes in class uses more of the senses, which helps improve learning and retention.

David Sollars of Auburn University at Montgomery sensationalizes his introduction to externalities by peeling and eating an orange in class. He walks around the room first peeling the orange, which in itself can be messy. He then pulls apart the orange amidst a spray of juice. He points out how the price he paid for the orange ignored the effects that consuming this orange could have on others.

John W. Williams of Principia College notes that students have trouble coping with the vocabulary of economics to the point where it inhibits their learning. Rather than "force feed" the terminology, Professor Williams asks students to invent their own language. He says the class has fun defining terms and agreeing on the spelling. He also includes the new words on a pop quiz and vocabulary tests. He finds that the new system reduces the fear of terminology and speeds students on to the economic concepts. (Having students "invent" what may be "meaningless sounds," seems quite imaginative, but it remains unclear whether students must then learn two sets of vocabularies--the gibberish and correct terms. And are students who go on to take more advance economics courses at a disadvantage when compared to students who learned the correct terms from the start?)

Robin L. Bartlett of Denison University has passed along material describing the Economics Computer Lab at Denison. With a National Science Foundation grant, Denison has developed a computer curriculum for Economics majors. A weekly two-hour laboratory activity was added to 11 of the Department's 18 courses. The lab offers an opportunity for immediate feedback, as students try alternative resolutions to economic problems. This immediacy links economic concepts directly with economic analysis. The lab also promotes more student-faculty interaction. Faculty members are collaborators in learning rather than aloof experts. The results have been positive--more economics majors and an increase in the number of senior research and honors projects. For a fuller description of Denison's experience see Robin L. Bartlett and Paul G. King, "Teaching Economics as a Laboratory Science," Journal of Economic Education, Vol. 20 (1990), 181-193.

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