1. Teaching Economics HIS 420 Spring 2010 Scott Fenwick rsfenwick2@gmail.com

2. UIC’s Center for Economic Education Dr. Helen Roberts - hroberts@uic.edu http://cee.econ.uic.edu/ Certificate for Teaching Economics http://cee.econ.uic.edu/certification.html http://cee.econ.uic.edu/undercertification.h tmlhttp://cee.econ.uic.edu/undercertification.h tml

3. Big Questions… Why should we teach economics? What should we teach? How should we teach it? How does teaching economics fit into the social studies and our vision/goal to build effective citizens? What opportunities (think about student outcomes) exist in teaching economics? What can history folks bring to the economics classroom?

4. Our Provocateur: Michael Moore Capitalism: A Love Story (2009) http:// www.michaelmoore.com/books-films/capitalism-love-story

5. Capitalism: A Love Story Discussion Questions So, what is capitalism? Do we Americans truly understand it as an economic system in the abstract? Can Democracy exist with or without capitalism? Do we Americans conflate the two ideas without realizing it? If yes, what are the costs/benefits of doing so? The Bread Co. and Isthmus – is this Capitalism? Why don’t we see more businesses like this? Professor Black – do those who choose finance on Wall Street really make the world worse?

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

7. Financial Literacy National Endowment for Financial Education (NEFE) High School Financial Planning Program http://hsfpp.nefe.org/http://hsfpp.nefe.org/ Council for Economic Education’s Financial Fitness for Life http://fffl.councilforeconed.org/ http://fffl.councilforeconed.org/

8. 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

9. Who are these guys?

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

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

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

13. 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

14. Historical/Philosophical Foundations of Economics Fear the Boom and Bust: John Maynard Keynes vs. Friedrich August Von Hayek http://econstories.tv/home.html

15. 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

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

17. 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

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

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

20. 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

21. 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

22. 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 http://www.teachtci.com/programs/high/ea-power- choosehttp://www.teachtci.com/programs/high/ea-power- choose

23. 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 9-12 http://www.councilforeconed.org/ http://store.councilforeconed.org/

24. Resources: Books and Supplementary Readings Periodicals –Wall Street Journal & WSJ Classroom Edition http://www.wsjclassroomedition.com/cre/index.html –The Economist http://www.economist.com –New York Times Opinion Pages http://www.nytimes.com/pages/opinion/index.html

25. Resources: Books and Supplementary Readings Periodicals cont. –New Yorker’s Financial Page by James Surowiecki http://www.newyorker.com/talk/financial/2010/04/1 2/100412ta_talk_surowieckihttp://www.newyorker.com/talk/financial/2010/04/1 2/100412ta_talk_surowiecki –Consumer Reports http://www.consumerreports.org/cro/index.htm

26. Resources: Books and Supplementary Readings Blogs –Wall Street Journal’s Top 25 Econ Blogs http://online.wsj.com/article/SB124768581740247061.html –Seeking Alpha’s Economics Blog Resource Page http://seekingalpha.com/article/3070-the-economics-blogs- resource-pagehttp://seekingalpha.com/article/3070-the-economics-blogs- resource-page –Powell Center for Economic Literacy Blog by Timothy Schilling http://valuingeconomics.blogspot.com/

27. Other Resources National Public Radio and American Public Media’s Marketplace & Marketplace Money http://marketplace.publicradio.org Yoram Bauman: The Stand-Up Economist http://www.standupeconomist.com/

28. Other Resources NCEE’s Virtual Economics DVD http://ve.councilforeconed.org/ Econ Ed Link http://www.econedlink.org/

29. Other Resources The Federal Reserve’s Educational Materials –http://www.federalreserveeducation.org/FRED /?CFID=5414555&CFTOKEN=88536688http://www.federalreserveeducation.org/FRED /?CFID=5414555&CFTOKEN=88536688 –http://www.stlouisfed.org/education_resources /http://www.stlouisfed.org/education_resources /

30. Other Resources Teaching Economics As If People Mattered –an “alternative” curriculum? –http://teachingeconomics.org/http://teachingeconomics.org/

31. HIS 420 Economics Wiki http://his420teachingeconomics.wikispaces. com/ - Please make contributions and comments! - Together, we can make a great resource!