Case Study for Principles of Macroeconomics

1. Case Study for Principles ofMacroeconomics Fall 2006 Term Ana C. Corrales

2. Economics at MDC • Across all MDC campuses, approximately 33% of all Principles of Economics students will be unsuccessful in their attempt • Withdraw or Fail • Evidenced in Macro and Micro • Data from Full-time Faculty only (2004)

3. Macroeconomics at MDC (ECO 2013) • Transfers for full credit to any State University • General Education course (Behavioral & Social Science) • Required for Business majors • Gordon Rule Requirement (2,000 words) • Extensive Graphing

4. What is a Case Study? • A real life problem or dilemma which has no immediate, obvious, single, or correct solution It is NOT “What principles can be conveyed?” but “What can be learned?”

5. Benefits of Case Studies in the Classroom • Promote Active Problem Solving • DevelopCritical Thinking Skills • FosterRelevancy to Discussions • Encourage Deep, Collaborative Learning • ProvideStimulating, Experimental Scenarios • PresentReal-World Application • CreateResponsibility for OWN Learning

6. Harvard Business School Case Method • Used with large groups • Sections have 80 students • Directed discussion - Case Facilitators • Elicits multiple viewpoints • Results in a shared experience • Build teamwork

8. China In the News… • Opening up its Economy • Transition: Command to Market Economy • Enviable Economic Growth • Outsourcing of Jobs, Production Plants • Demand for Essential Resources • Worldwide Prices of Goods Rising • Beijing Olympics • Environment/Human Rights • WTO Membership • Overvaluation of Currency

9. US News & World Report Poll: What is your current perception of China? • Economic Threat to the U.S. • Violator of Human Rights • Growing Superpower • All of the Above • None of the Above

10. Case Study: Comparing the US and Chinese Economies • Current Events • Emphasize “Big Picture” View of Macro • Globalization & Transition Economy

11. Goal: Find, Read, & Evaluate Economic Data • Investigate & Assimilate Data • Expose Global Issues • Face Uncertainty • Deal with Complexity • Make Decisions

12. Format • Start Small: Group size of 3 to 4 students • The group or collaborative environment contributes to the power of case studies • Comparisons as concepts are introduced • Focus questions received 1 – 2 weeks prior to group discussion • Honors College class

13. Key Economic Issues • Economic Goals • Economic Systems • Role in Global Economy • Valuation of Currency • Economic Growth • Price Fluctuations • Fiscal Policy • Monetary Policy • Interest Rates • Skills of Labor Force

14. Case Deliverables • Group Written Summary Reports • Include Graphs/Tables US v. China • Group Presentations • Roundtable Discussions • Postings to Discussion Board

15. Resources for Students • The Economist • The Washington Post • NPR’s Marketplace and Morning Edition • US News & World Report • Financial Times • Kidon Media Link • China News • China Economic Review • China Window • Rand Corporation Report

16. Next Steps • Establish classroom norms for discussion • Develop a list of focus questions that challenges students to go beyond obvious conclusions • Reflecting Application, Evaluation and Synthesis from Bloom’s Taxonomy • Feature Case Study in Faculty Webpage