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TEACHING CORE Aston, 28 Sept 2015 TEACHING CORE, Alvin Birdi TEACHING CORE 1. 2. 3. 4. Adopting CORE Adapting CORE Delivering CORE Resources to help 1. Adopting CORE • Coherence – will CORE fit into my programme(s)? • Capacity – can we teach CORE? • Buy-in – will CORE be accepted? UNIVERSITY A UNIVERSITY B Example Curricula Macro 1, Micro 1, World Economy History and Theory (40%?), Quants, Options Economics and global history Economic Instutitions Economic Theory and Application (1/3?) Maths / Stats Options Macro 2, Micro 2, Econometrics Options Growth, value and distribution Intermediate Micro Intermediate Macro Maths 2/ Stats 2 / Econometrics Applied Economics Options Applied Econ Project Options Microeconomics Macroeconomics Project UNIVERSITY A (Micro) Supply and Demand. Supply; demand; market equilibrium; equilibrium shocks; government intervention; supply and demand elasticities. Consumer theory. Preferences; utility; budget constraints; individual demand; substitution effects; income effects; Applications, behavioural economics and critiques of rational choice framework Production. Technology; isoquants; marginal rate of technical substitution; marginal products; cost curves; long and short run; returns to scale; profit maximisation; cost minimisation; cost curves; supply curves. Competition. Profit maximisation; short run; long run; market equilibrium; consumer welfare; producer welfare; applications. Imperfect Competition; Models of Oligopoly: Cournot Model; Stackelberg Model; Comparison of Collusive, Cournot, Stackelberg, and Competitive Equilibria; Bertrand Model; Game Theory. An introduction to terminology and Nash equilibria. General Equilibrium Models and the Welfare Theorems; Externalities, public goods, asymmetric information – moral hazard and adverse selection. UNIVERSITY B (Econ Theory) Microeconomic analysis of a pure exchange economy using indifference curve analysis and the Edgeworth-Bowley box framework Concepts of scarcity, preference and choice, demand, supply, exchange, and equilibrium prices using these tools Production and supply in a production economy in partial equilibrium Pareto optimality and market failure in a general equilibrium framework The basic concepts and analytical procedures of macroeconomic theory: a simplified two-sector model of the economy, the autonomous expenditure multiplier, and conditions for equilibrium; Increasing the complexity of the model: the government and foreign trade sectors, and money and price-level inflation The role of expectations and investment Fluctuations in the level of economic activity and the efficacy of fiscal and monetary policy Coherence • CORE is a module not a programme • What changes? • • Re-sequencing Re-prioritisation • Why? • • Increased motivation provides rationale for year 2 developments Ease of adoption without (necessarily) disturbing course logic Coherence Capacity and buy-in • Quality of the ebook and related readings • Pragmatic approach to curriculum change • It is not “heterodox” but it does not treat economics as “settled” • It raises issues like inequality, climate constraints, crisis and methodological concerns in context Capacity Quality of ebook: students engage differently… How do you access the materials? (UCL Data) 60.0 51.7 50.0 41.2 % 40.0 30.0 20.0 30.8 30.0 25.6 26.5 17.5 18.4 17.1 15.0 22.8 10.0 3.3 0.0 Computer Always Phone or tablet Frequently Occassionally Read all or most of the unit Didn’t read before lecture UCL 58% 22% Bristol 12% 57% PDFs Never 2. Adapting CORE Length of Course (20,30,40 out of 120 cp) Intake (maths level) Programme type (economics, business studies) Leibnitzes Einsteins Games and Experiments Discusses and extra MCQs Choice of units (e.g. Bristol 1-14,17) Instructors guides and case studies Adapting CORE 3. Delivering CORE (at the cutting edge) • Just in time, clickers/responseware • Re-imagining the lecture • Flipping • Experiments and Games Delivering CORE 4. Resources to help (in Preparation) • Lecture Slides • Extra MCQs and Discuss questions (with Suggested solutions and ideas for class use) • Experiments and games • Adapting CORE: pathways through the text • Data sets from the text • User community and contributions Resources to Help DISCUSS Guidance Resource Examples Experiments Data Files Images from the chapters “If you read the whole of Varian, you could talk about gradients and lines and curves, but if you wanted to have a conversation about economics, you’d struggle” CORE Econ