Enhancing the use of international data by students of economics

1. Enhancing the use of international data by students of economics Dean Garratt and Stephen Heasell Nottingham Business School 6th September 2011

2. Dean’s perspective • Adopt Problem-Based Learning (PBL) • Embed concepts, theories and techniques in empirical context • Use of problems, issues, themes to engage students with economics • Role to play as part of student retention, including crucial level 1 • Develop a sense of ‘economics for a purpose’ • Helps ‘unite’ curriculum

3. Dean’s perspective • Use economic data to enhance deep learning • Historical comparisons • International comparisons • Inductive and deductive • Raise levels of curiosity • Develop research skills

4. Dean’s perspective • Develop skills associated with data extraction, interpretation and analysis • Databases • National Statistics, AMECO, IMF, OECD • Spreadsheet skills • Data manipulation, descriptive stats, charts

5. Dean’s perspective • Develop other skills associated with being a professional economist • Skills in briefing and constructing ‘purposeful’ narratives • Apply concepts and ideas to different scenarios or situations

6. Steve’s perspective • Learn about methods used by economists • Applicability of theoretical ideas & methods embedded in professional pronouncements • Present information as a production function • Appeal to interests in & beyond academia • Clear exposition of comparative complexity

7. Instrumental & dumbing down? • Yes to the first, if we do it right • Emphatically no to the second, at least not intentionally.

8. 3 main messages • Use empirical data to retain & deepen engagement with methods of economics • Use student curiosity & ambition to understand their complex economic environment • Towards a coherent blend of learning materials

9. From Comparative complexity to clear exposition • Use publicly-available empirical data to: • Engage student curiosity about comparisons • Demonstrate layers of complexity in interpreting data about the economic environment • Lead students towards making reliable comparative statements

10. Ideas addressed in the Case Studies • Economic concepts & theory embedded in data • Interpret data, using economic theory • Use quantitative methods for economic insight: • Nominal and real measures • Stock measures and flow measures • Measures of value & monetary measures of volume

11. And more ideas… • Specific data-related issues: eg • Choice of data • Seasonally-adjusted/cyclically-adjusted • Reliability & timeliness • Use of proxies • Use of plural sources together • Risk of misleading over-interpretation

12. Complexity of comparisons • Levels, growth rates & differing growth rates • Rates of change, trends & volatility • Ratios, percentages & proportions • Frequency of data • Longitudinal comparisons, differing data sets

13. Evidence from an EN funded project • Case studies: structure and content • For advanced Level 1 HE students of economics • From classroom to case study: successes and limitations

14. Case Study structure • Data Use • Data Search and Selection • Data Transformation and Interpretation • Review Questions • Summative Assessment task • 6 dual-column pages; tables; charts; few equations; short sentences & paragraphs

15. Case Study topics • Working with Data on… • Economic Growth • House Prices • Household Debt • Consumption Spending • Government Finances

16. Empirically-led LT for Economics • Empirically-informed LT: • in using economic concepts • in producing economic data • in presenting data for decision makers