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01 Intro - Economics 101 Introduction to Microeconomics...

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Unformatted text preview: Economics 101: Introduction to Microeconomics Contact information and preliminaries Prerequisites Course requirements A bit about me What people are saying Fuzzy thinking On to business… Alan C. Marco Economics 101 Contact Info Alan C. Marco Main, 2nd Floor south x. 7669, [email protected] x. [email protected] Blackboard, self-enroll OH: TBA Intern: Luke Farrell Economics 101 Alan C. Marco Prerequisites Desire to think critically and formally about Desire economic issues economic No fuzzy thinking (read: purely verbal arguments) Mostly graphical and algebraic analysis Self-starters (DIY; I tell you once) Economics 101 Alan C. Marco Course requirements Participation Problem Sets Midterm Final 5 25 35 35 Economics 101 Alan C. Marco Course requirements Attendance (Mandatory? Quizzes) Text (Mankiw, website) Text Readings (articles, Hamermesh) Course Outline Workgroups (up to 3) Tutorials (3-4) Economics 101 Alan C. Marco Just a little bit about me: a brief intro to the person that is me Economics 101 Alan C. Marco I was born in the 60s Economics 101 Alan C. Marco Grew up in the 70s Economics 101 Alan C. Marco High school in the 80s Economics 101 Alan C. Marco Graduated college in the 90s Economics 101 Alan C. Marco Got married Economics 101 Alan C. Marco (Here’s a more recent picture) Economics 101 Alan C. Marco I’m told I look like this guy… Economics 101 Alan C. Marco …or this guy… Economics 101 Alan C. Marco But, I’m still thinking… Economics 101 Alan C. Marco I did consulting in DC… Economics 101 Alan C. Marco …and San Francisco Economics 101 Alan C. Marco Berkeley for grad school Economics 101 Alan C. Marco Came to Vassar and lived in a dorm Economics 101 Alan C. Marco …and now I live here Actually, here Economics 101 Alan C. Marco …and this is my favorite color (and I like to see it dance) Economics 101 Alan C. Marco A bit about you What would you like to know? Particular markets/phenomena? Something you’ve noticed? Your parents made you take the course? You think econ will help you get a finance job? Do you really want a finance job? Do want Economics 101 Alan C. Marco What people are saying: the course is challenging… Everyone told me to not take your class because you were Everyone really hard but good. So I figured that’s what I needed in an econ professor…Everyone was right. People told me before I took this course that “it was a pain People in the ass, but you come out knowing economics.” I’d say that statement holds true. that I think every econ major should take at least one Marco think class. It’s kinda like sticking your finger into an open flame—you need to do it at least once and get burned. Economics 101 Alan C. Marco …and I use the full range of points I really like your testing style---separates the men from the really boys. boys. I do not think that (a) 130 point test should have a median do of 59---do you really feel people actually learn like that? I understand why you test us the way you do, despite the understand fact that the exams themselves are trauma-inducing. Exams: scary as hell, but not completely unbearable. Exams: Economics 101 Alan C. Marco But, I’m not trying to scare you I ...feel that you were trying to make the class more attentive and ...feel involved by pretending that you would be a hardass. The only problem w/ this is that in pretending to be an ass, you became one. w/ You came off kind of intimidating and arrogant at first, but I’m glad to You report I do not now find you so… Learn to be warmer and less…I report don’t know—you! don’t The first month or so of class, I agreed w/ all those nasty comments The you read on the first day of class. I really thought you were an asshole… however, now I realized that all you were trying to do was make us learn the material. make You totally freaked me out the first day of class and then when I didn’t You get stuff [graded?] during the first couple weeks, I NRO’d the class, which I now think will be entirely unnecessary. which Alan C. Marco Economics 101 You should read the text You weren’t kidding when you said it was helpful You to read the book beforehand…it made a big difference when I did. I think the textbook was really good…Sometimes, think you made topics very complicated and after I read the textbook, it seemed easy and I was like “Hey, why did he make it seem so tough?” You explain things very well and put things in a You simplistic way. Alan C. Marco Economics 101 And, if you’re not careful, you might just learn something… I catch myself analyzing everyday situations in an catch economic sense, such as why ACDC never has enough good food. good I… found an article on the economics of spanking. It… argued that people of lower incomes have fewer ways to argued punish their children…Anyway, I thought it was interesting and thought of the class when I read it. interesting Although I don’t really like economics, I feel like I learned Although a lot about it and I often find myself applying it to the outside world (to the annoyance of people around me). outside Alan C. Marco Economics 101 I try to respond to suggestions… I really think this class could use Blackboard. Blackboard A few more problem sets would have been nice even few though they take up a good chunk of time. I would have felt a bit more comfortable with the material. Tutorials Next semester you should advocate reading ahead as Next opposed to reading after the lecture. opposed Reading mandatory Alan C. Marco Economics 101 …or, at least explain myself. [Please] show the difference between √- and √+ [Please] and work more effectively, b/c I never got the grade I expected. I think your tests are fair. I do, however, think the think problem sets were unnecessarily vague often times. I also don’t think the problem sets were graded fairly. Fairness defined. Alan C. Marco Economics 101 But, you can’t please all the people all the time I liked how you asked so many question and made liked us participate because applying the material helped me learn more. The way class was run was a lot of times stressful. The “Hazarding a guess,” as you called it, at many times seemed as if you weren’t looking for students to get the right answer but rather the wrong one so you could prove to the class how much smarter than us you actually are. Alan C. Marco Economics 101 You can’t please all the people all the time… The problem sets I found ridiculously hard in that The my partners and I often came across material we had gone over in class only generally while on the problem sets were extremely specific. problem Class was fun. The tests were funner. Problem sets Class were funnest. I would not have minded more problem sets. Economics 101 Alan C. Marco You can’t please all the people all the time… I appreciated the fact that you stuck close to the appreciated book book [T]he course depended too heavily on the book. Economics 101 Alan C. Marco You can’t please all the people all the time… I have learned a lot from your class and I think it’s have probably the only class in which I can stay awake through [75 minutes] of lecturing. through I really enjoyed the course, despite often feeling really very sleepy during lecture. very Economics 101 Alan C. Marco At least some people enjoy the course I enjoyed taking this course, although I was afraid to after hearing enjoyed rumors that one would have to be masochistic to want to take a course with you. Just so you know, I will make it my job to dispel those rumors. (maybe). I really enjoyed this course. Yes, it was often challenging. Yes, the really homework questions sometimes kicked my ass. Yes we learned a lot of material that we were responsible for. But, we also just learned a lot of material, most of which was actually interesting. I loved the class, it was difficult and extremely challenging but you loved made it worth the effort made Economics 101 Alan C. Marco What the…? I only had a problem w/ your little stories and jokes only because you have no morals, or not very good ones. However, I have come to accept that economists don’t have morals so don’t feel too bad. have “Success is counted sweetest, By those who ne’er succeed; Success To comprehend a nectar, Requires sorest need.” –Dickinson. Brush up on Alaskan Geography. I learned good. Alan C. Marco Economics 101 Fuzzy thinking People who switch to Geiko save an average of People $235 on their car insurance. $235 Self-selection States with more police officers per capita have States higher crime rates. higher Economics 101 Alan C. Marco Fuzzy thinking In 1973 there were 12,763 applications for graduate study at the In University of California, Berkeley, of whom 8442 were male and 4321 were female. Of the male applicants, 3738 were admitted (44%), whereas of the female applicants only 1494 were admitted (35%). Simpson's paradox/Ecological fallacy Dept. A Men Women 50 40 80% Men 50 10 20% Dept. B Women 100 20 20% Men 150 90 Total Women 150 Applied Rate 100 80% Accepted 80 60% 40% 60 Economics 101 Alan C. Marco Fuzzy thinking Theoretical questions Aka, deductive logic Assumptions Conclusions Assumptions Aka, inductive logic, inference Which theory is best supported by the facts? What theories explain this? Married Men > Single Men = Single Women > Married Women Alan C. Marco Empirical questions Example: Women are paid less than men, on average More facts: More Economics 101 ...
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