Case Study for Principles of Macroeconomics Fall 2006 Term Ana C. Corrales 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) 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 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?” Benefits of Case Studies in the Classroom • • • • • • • Promote Active Problem Solving Develop Critical Thinking Skills Foster Relevancy to Discussions Encourage Deep, Collaborative Learning Provide Stimulating, Experimental Scenarios Present Real-World Application Create Responsibility for OWN Learning 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 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 US News & World Report Poll: What is your current perception of China? a. b. c. d. e. Economic Threat to the U.S. Violator of Human Rights Growing Superpower All of the Above None of the Above Case Study: Comparing the US and Chinese Economies • Current Events • Emphasize “Big Picture” View of Macro • Globalization & Transition Economy Goal: Find, Read, & Evaluate Economic Data • • • • • Investigate & Assimilate Data Expose Global Issues Face Uncertainty Deal with Complexity Make Decisions 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 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 Case Deliverables • Group Written Summary Reports – Include Graphs/Tables US v. China • Group Presentations • Roundtable Discussions • Postings to Discussion Board 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 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