Teaching Economics HIS 420 Summer 2010 Scott Fenwick

UIC’s Center for Economic Education Dr. Helen Roberts - Certificate for Teaching Economics ml ml

Big Questions… Why should we teach economics? What should we teach? How should we teach it? How does teaching economics fit into a social studies framework that seeks to build effective citizens? What opportunities exist in teaching economics? Think about student outcomes. What can history folks bring to the economics classroom?

Our Provocateur: Michael Moore Capitalism: A Love Story (2009)

Capitalism: A Love Story Discussion Questions 1) Define capitalism. Do we Americans truly understand it as an economic system in the abstract? Is there a better alternative? 2) President Calvin Coolidge once said, “The business of America is business.” Since 1981, how has capitalism affected our democracy?

Capitalism: A Love Story Discussion Questions 3) Does our democracy depend upon capitalism, or vice versa? Do Americans tend to conflate the two? Why or why not? 4) Alvarado St. Bakery and Isthmus Engineering – is this capitalism? Why are cooperative companies the exception rather than the rule?

Capitalism: A Love Story Discussion Questions 5) Professor Black – do those who choose finance on Wall Street really make the world worse? 6) Is deregulation anti-democratic?

Four Approaches to Teaching Economics Financial Literacy Historical/Philosophical Foundations of Economics Microeconomic Principles Macroeconomic Principles

Financial Literacy National Endowment for Financial Education (NEFE) High School Financial Planning Program Council for Economic Education’s Financial Fitness for Life

Historical/Philosophical Foundations of Economics Why? Because students need context in order to better understand abstract ideas and phenomena. How? Economic History, Biography, Primary Documents

Who are these guys?

Historical/Philosophical Foundations of Economics New Ideas From Dead Economists by Todd G. Buchholz The Worldly Philosophers by Robert L. Heilbroner

Historical/Philosophical Foundations of Economics Lords of Finance by Liaquat Ahamed An Empire of Wealth by John Steele Gordon

Historical/Philosophical Foundations of Economics The Literary Book of Economics by M. Watts

Historical/Philosophical Foundations of Economics Examples of Primary Documents: – The Muqaddimah by I. Khaldun – The Wealth of Nations by A. Smith – An Essay on the Principle of Population by T. Malthus – Das Kapital by K. Marx – Principles of Economics by A. Marshall – The General Theory of Employment, Interest and Money by J.M. Keynes – Economic Organization of a P.O.W. Camp by R. A. Radford

Historical/Philosophical Foundations of Economics Fear the Boom and Bust: John Maynard Keynes vs. Friedrich August Von Hayek

Microeconomic Principles Choice, Trade-offs & Decision Making Opportunity Cost & Comparative Advantage Supply & Demand Consumer & Producer Surplus Elasticity Taxes Consumer Preference – Utility Production Decisions Market Structures

Microeconomic Principles -Photo Elicitation Activity- Introduction to Economic Principles: Essential Concepts

Macroeconomic Principles Gains From International Trade Aggregate Supply & Demand GDP: Measuring Production and Income Unemployment & Inflation Economic Growth & Business Cycles Monetary Policy Fiscal Policy Globalization & the International Financial System

Macroeconomic Principles -“Active Learning” Game- The Gains From Trade

Resources: Books and Supplementary Readings Popular Press/Trade Paperbacks Textbooks & Workbooks Periodicals Blogs

Resources: Books and Supplementary Readings Popular Press/Trade Paperbacks – Freakonomics by S. Levitt & S. Dubner – Superfreakonomics by S. Levitt & S. Dubner – Nudge by R. Thaler & C. Sunstein – The Economic Naturalist by R. Frank – The End of Poverty by J. Sachs – Naked Economics by C. Wheelan – The Armchair Economist by S. Landsburg – Too Big to Fail by A.R. Sorkin

Resources: Books and Supplementary Readings Popular Press/Trade Paperbacks cont. – The Divine Right of Capital by M. Kelly – Shock Doctrine by N. Klein – The Truth About Markets by J. Kay – Financial Shock by M. Zandi – The Great Unraveling by P. Krugman – The Field Guide to the U.S. Economy by J. Teller-Elsberg, et al. – The Cartoon Guide to Economics Vol. 1: Microeconomics by G. Klein & Y. Bauman

Resources: Books and Supplementary Readings Textbooks and Workbooks – Economics by Example by D. Anderson – Discussing Economics by M. Salemi and W.L. Hansen – Contemporary Economics by W. McEachern – Econ Alive! The Power to Choose by TCI choose choose

Resources: Books and Supplementary Readings Textbooks and Workbooks cont. – Focus: High School Economics by NCEE – United States History: Eyes on the Economy, vols. 1&2 by NCEE – Mathematics and Economics: Connections for Life, grades

Resources: Books and Supplementary Readings Periodicals – Wall Street Journal & WSJ Classroom Edition – The Economist – New York Times Opinion Pages

Resources: Books and Supplementary Readings Periodicals cont. – New Yorker’s Financial Page by James Surowiecki ta_talk_surowiecki ta_talk_surowiecki – Consumer Reports

Online Resources Blogs – Economix, New York Times – Wall Street Journal’s Top 25 Econ Blogs – Seeking Alpha’s Economics Blog Resource Page resource-page resource-page – Powell Center for Economic Literacy Blog by Timothy Schilling

Online Resources National Public Radio and American Public Media’s Marketplace & Marketplace Money Yoram Bauman: The Stand-Up Economist

Online Resources NCEE’s Virtual Economics DVD Econ Ed Link

Online Resources The Federal Reserve’s Educational Materials

Other Resources Teaching Economics As If People Mattered – an “alternative” curriculum? –

Teaching Economics as if People Mattered: Think/Pair/Share Give a brief summary of your lesson. Would you use the lesson as is, modify it, or not use it at all? Why? Tell us some of your lesson’s pros and cons.

NCEE & GATE National Council for Economic Education Global Association of Teachers of Economics

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