Undergraduate Economics Courses Research Articles

Marx and the Big Mac: An Empirical Exploration of Marx’s Exploitation Theory for Introductory Economics Courses

Undergraduate economics courses have low relevance, belonging, and growth mindset levels. For instance, Bayer et al. found that less than 30 percent of the students in their sample strongly agreed with the statement “The class gave me a useful framework for thinking about important issues.” Integrating pluralist methodologies into introductory economics classes may be one solution for overcoming this issue. This article introduces an empirical activity designed to teach students about Marx’s theory of exploitation. The activity utilizes the 10-K annual report from a publicly traded company, in this case, McDonald’s, to analyze the rate of exploitation of workers. Through this exercise, students delve into the theory of exploitation, analyze data from the 10-K, calculate the rate of exploitation, and engage in discussions about its application to contemporary social and political issues. JEL Classification: A22, P16, B24

Facilitating feedback generation and group skill development through assessment design

PurposeLarge classes pose challenges in managing different types of skills (e.g. maths, subject-specific knowledge, writing, confidence and communication), facilitating interactions, enabling active learning and providing timely feedback. This paper shares a design of a set of assessments for a large undergraduate economics course consisting of students from diverse cultural backgrounds. The benefits, challenges and learning experiences of students are analysed.Design/methodology/approachStudents worked in groups to complete an assessment with several questions which would be useful as a revision for the individual assessment, the following week. Survey questionnaires with Likert-type questions and open-ended questions were used to analyse the learning and skill development that occurred because of the group work. Responses to the open-ended survey questions were coded and analysed by identifying the themes and categorising the various issues that emerged.FindingsThis assessment design developed group working skills, created opportunities to interact and enhanced learning. The analysis of the responses found that working with peers enabled the students to generate their own feedback, clear doubts and learn to solve problems. Effective communication, planning meetings and working around the diverse group members’ strengths and weaknesses are some graduate skills that are developed in this group assessment. The challenges were arranging meetings, finalising assessments, engagement of group members and unreliable technology. However, the students found ways to overcome these challenges.Originality/valueThis assessment design can be useful in higher education practice by introducing a mechanism for authentic collaborative practice. This paper adds to the literature on peer interactions and group work and enables effective learning at scale.

Twenty-three years of teaching economics with technology

This meta-analysis considers the use of technology to facilitate learning in undergraduate economics courses. We ask what technologies have been adopted, who did the adopting, and how effectiveness was evaluated. A survey of 277 articles published between 2000 and 2022 demonstrates that while many of the technologies adopted for teaching reflected contemporary trends, studies of online and hybrid courses and flipped classrooms are now staples of the literature. Pedagogical studies that explore novel applications without quantifiable evaluative outcomes have declined substantially, whereas the number of studies that empirically estimate learning gains have doubled. Increasingly, researchers leverage random control trials and quasi-experiments.

The Economic Statistics Skills Assessment (ESSA)

In this paper, we document the design, development, and validation of a new multiple-choice assessment created to test student knowledge and understanding of probability and statistics concepts used in economics. High quality measures of student skills and understanding are useful for course and program evaluation, analysis of pedagogical innovation, and identifying misconceptions and gaps in students’ prerequisite knowledge in more advanced courses. Alternatives such as final examinations often do not provide the desired coverage and are difficult to compare across terms and institutions, and student evaluations of teaching (SETs) may reflect student sentiment rather than the quality of instruction and overall student learning. Until now, the only standard assessment appropriate for undergraduate economics courses was the Test of Understanding College Economics (TUCE), which tests introductory economics knowledge.

Teaching methods and materials in undergraduate economics courses: School, instructor, and department effects

There has been very little change in how the economics profession teaches undergraduate students over the last 25 years. This study examines the effects of school, instructor, and departmental characteristics on teaching methods and materials used in undergraduate economics courses. We employ the regression framework originally used by Harter, Schaur, and Watts (2015a), but differentiate our work from prior research by using a single survey sample, separating descriptive statistics by course type, adding new dependent variables (e.g., use of adaptive learning technologies), and creating figures to represent predicted probabilities for a variety of variables. We find, among other things, that changes in departmental policies, such as teaching loads and class sizes, along with shifts in the composition and characteristics of faculty members (e.g., male vs. female or years of teaching experience) may have unintended consequences on instructors’ teaching practices. These findings have implications for school and departmental policies that could affect the quality of undergraduate economics course instruction.

Evaluating the efficacy of different types of in-class exams

In this research project, students were asked to compare their experiences of two types of exams in an undergraduate economics course with closed-book exams. The first type of exam had a timed group discussion session followed by individual work while the second type had a conventional open-book format. We find that a vast majority of students prefer our new assessment methods, but the group discussion session received mixed reviews. Post-exam feedback on exam preparation methods vindicates our hypothesis that closed-book exams may not encourage deeper learning and are not always an effective means of assessing students’ knowledge and skills. Group discussions are valued by students to brainstorm ideas, clarify questions, and formulate arguments. However, allowing discussion just before a written exam is disruptive to students who want a serene atmosphere to gather and organise their thoughts.

Effects of mixed groups on multicultural interaction and student experience

This article studies the multicultural experience of students who completed a group project in an undergraduate economics course. Students were required to work in groups of four consisting of at least two nationalities. Feedback on this multicultural experience was gathered through a questionnaire. The results show strong support for intervention by academic staff to promote multicultural interactions on campus, identify many benefits and highlight potential challenges. We found evidence that students interacted on topics wider than the project topic itself, such as differences in culture, university life, and leisure activities, and that almost half of them agreed that their quality of work improved when they worked in mixed groups. Cultural diversity in group work should be built into the early years of degree programmes to help students develop multicultural competency.

The impact of distributed homework on student outcomes

Distributed practice improves learning by requiring the brain to expend extra effort retrieving prior learning after a time delay. I examine whether repeating the most troublesome homework question on the next assignment improves exam performance within one large upper-level undergraduate economics course. I compare exam outcomes of students enrolled in Fall 2017 as my control group (N = 136) with those of the intervention group in Spring 2018 (N = 163). Adjusting for differences in student characteristics, the intervention was associated with a statistically significant (at the 90% level) increase of 2.44% in final exam scores, with raw average scores of 84.6% versus 81.7%. No difference was found post-intervention in overall course scores, while small increases for midterms. Subgroup analysis suggests the benefits may accrue more to the strongest and weakest performers. Findings suggest that repeating troublesome problems could improve learning in economics.

Enhancing Students Learning in an Undergraduate Engineering Economics Course During the COVID-19 Pandemic

As the Covid 19 Pandemic greatly impacted teaching and learning, academic institutions switched from in-person to online classes. This shift prompted an examination of students’ learning styles to accommodate their learning in virtual environment. The VARK (Visual-Aural-Read/Write-Kinesthetic) instrument was used to assess effectiveness of teaching and students’ learning in U.S. Coast Guard Academy (CGA) undergraduate engineering course. The VARK instrument was used to facilitate effective virtual classroom activities to engineering students during the COVID-19 pandemic. This paper argues that students have different learning strengths and styles. Some students may learn best by watching and listening, others by thinking, and others by doing or by doing, touching, and feeling. Our results indicate that engineering students demonstrate a strong preference for at least two learning styles and the learning styles differ between male and female students. Females are not kinesthetic learners, but their preferable mode of learning is verbal or reading. Male students preferred aural style and African Americans kinesthetic learning style. This research was conducted to improve our teaching and provide students with safe learning environment during challenging time of the COVID-19 pandemic. The paper finds that learning styles are important across all majors during virtual learning and teaching. The VARK instrument can be used to indicate cadets’ learning styles to facilitate effective learning and teaching in virtual environment during the COVID-19 pandemic.

An undergraduate economics course on belief formation and influence

The author of this article describes a game-theory-based economics class on how people should, and do, form beliefs, communicate, and make decisions under uncertainty. Topics include Bayesian and non-Bayesian belief updating, the value of information, communication games, advertising, political media, and social learning. The only prerequisite is introductory microeconomics. The course also seeks to convey both the value of thinking in probabilities and awareness of mechanisms of strategic influence in students’ everyday lives.

Springsteen-omics: contemplative pedagogy and Springsteen in undergraduate economics courses

The authors of this article describe a unique approach to economics education in which contemplative deep listening practices were applied to Bruce Springsteen’s music in order to introduce basic economic concepts to incoming university students. The course Springsteen-omics: Economics through the Songs of Bruce Springsteen shifted the mechanisms by which college students interacted with introductory economic themes, providing them with a positive perception of economics and deepening the way they think about the economy. Using a qualitative analysis of responses to several learning reflection exercises, the authors also explore the impact of this pedagogy on student learning. Their findings indicate that students gained an appreciation for Springsteen’s music and deepened their ability to identify and describe the lyrical intent and economic themes in his songs.

Development and challenges of teaching law and economics online

ABSTRACT With the rise of online education as part of the college curriculum, numerous business and law schools have started offering courses online. The COVID-19 pandemic will also be a catalyst for more institutions of higher learning offering online or hybrid courses as part of their menu of choices. While there is a growing literature on teaching online, there is no information on the challenges that come with teaching an undergraduate online law and economics course. This paper deals with the development and challenges of teaching an online law and economics course and makes brief comparisons to a face-to-face course. The paper reflects on what was done in a recent online course with a focus on online discussions and reflects on what could be done in the future.

Combating the Stress of an Urgent Move to Remote Learning Caused by the COVID Pandemic

Remote learning became the primary venue for university education throughout the world during the COVID-19 pandemic. While some academic institutions already had remote learning mechanisms in place by design, many higher education institutions – along with faculty and students – had to adapt to virtual or online education for the first time, while school was in session, in spring 2020. The continued effort to improve on-line pedagogy during the 2020-21 academic year suggests new pedagogical norms are now being established, with longer term implications for educators and students alike. In this paper, the authors explore different technologies used in the “classroom” and observed impacts on teaching effectiveness, particularly as they relate to an undergraduate economics course. The authors find that while it is challenging to replicate the in-person class experience, basic economics courses can be effectively taught in a remove environment by leveraging technology.

“A Little Flip Goes a Long Way”—The Impact of a Flipped Classroom Design on Student Performance and Engagement in a First-Year Undergraduate Economics Classroom

The flipped classroom is gaining prominence as an active learning pedagogy to engage a new generation of students. However, all courses do not lend themselves to a fully flipped design and instructors are often reluctant to flip lectures due to the additional time and effort involved, especially so in case of technical subjects such as economics. This study experiments with a flipped classroom design in a first-year undergraduate economics course. The research was motivated by the fact that many undergraduate economics students do not engage with traditional lectures. They fail to acquire critical thinking, data handling and reasoning skills, which are thought to be at the core of the economics curriculum. In this flipped classroom format, traditional lectures were substituted with micro-lectures and the remaining class time was devoted to active learning pedagogies including quizzes, group work and student presentations. The full lectures were panopto recorded and put up on the e-learning site, Blackboard. In order to evaluate the effectiveness of the flipped classroom format, I compared the final exam scores of students in the flipped classroom with those in the control group, which followed a traditional lecture-based approach. The key results from the analysis revealed that students in the flipped classroom performed better in the final exams vis-à-vis students in the traditional classroom format. Furthermore, students in the flipped classroom format were 1.61 times less likely to fail in the module as compared to students in a traditional classroom format. This format also resulted in better student engagement, more flexibility and enhanced student–tutor interactions within the classroom.

Teaching modules for estimating climate change impacts in economics courses using computational guided inquiry

The authors of this article introduce two teaching modules that aim to increase climate literacy and active learning in undergraduate economics courses through the incorporation of real-world data and modeling. These modules are based on the concept of computational guided inquiry (CGI), which combines a guided inquiry approach within a computational framework, such as Excel. In one module, students estimate and graph expected marginal damages due to regional sea level rise for various polar ice melt scenarios. In the second module, students partially replicate a journal article estimating the total economic value of ecosystem services in the Arctic. These modules have been used in urban, environmental, and climate change economics courses, and are ready to be implemented with minimal upfront cost to instructors.

The Gender Gap in Undergraduate Economics Course Persistence and Degree Selection

This study examines male and female course persistence and choice of economics degree via a combination of student, instructor, and structural characteristics. We find that students of both genders who declare economics as their major are more likely to take additional economics courses than their non-major peers. Additionally, students' economics grades are a significant determinant of course persistence and degree selection, but men and women respond somewhat differently to their absolute and relative grades. Finally, men's economics degree selection is significantly correlated with their math abilities, while women's economics degree selection is correlated with both their math and verbal aptitudes.

Роль математики в преподавании базовых экономических дисциплин: мнения студентов и рекомендации

Based on a survey of 622 students of different majors from 4 Russian universities, we check the validity of the opinion widely popular among Russian professors of economics, according to which the use of math in undergraduate economics courses should be kept to a minimum since students do not possess enough math skills and consider economics a non-quantitative field. Our analysis shows, however, that most students do not see economics as being non-quantitative, and just 6% of students do not find math knowledge to be important for studying economics. It should be noted that students' opinions on both measures do not depend in a statistically significant way on students' majors. More than half of the students included in the survey found math helpful for their study of economics. And again there was no statistical significance of majors in explaining this result; furthermore, students' knowledge of whether derivatives are used in economics was also found to be insignificant. Makes us believe that math is on average helpful even for lagging students. Building on our statistical results, we propose several recommendations aimed at increasing the quality of economics courses offered at Russian colleges and universities.

Economics Education and Teaching the Theory of the Firm Excerpts from Economics Textbook Materials

Curtis Jr (2018) describes the objective of the university course, to convey intermediate and advanced concepts of theory of the firm to students using explanatory, graphical and mathematical methods of analysis. The only prerequisite for this course is successful completion of Calculus, Principles of Microeconomics, or equivalent. After completing the requirements in this course, students should have a sufficient set of skills to thoroughly analyze interesting economic questions and to effectively participate in (i) advanced undergraduate economics courses, (ii) core graduate economic theory courses, and (iii) graduate courses in the school of business, including MBA programs. The emphasis of this paper is that economics is the study of the efficient choices made by individuals, including consumers, workers, owners of firms and social planners Policy writers. Students and wealthy philanthropists reading this paper might conclude that corporate board members, and higher education endowment strategists and budget executives, should focus on and enhance the effectiveness of the individual, conditional on the capacity and constraints, whether they are innate, financial or political.Curtis Jr (2018) presents the teaching materials separately, attached to this document, presented in Microsoft Powerpoint slides, created by James Edward Curtis Jr (2001) and Microsoft Publisher slides, created by James Edward Curtis Jr (2014), for projector transparency presentation by university instructors, and created by James Edward Curtis Jr, for higher education student studies.Reviewers include Dr. John C Ham, Ph.D. from Princeton University, Tenured Professor and Provost, and Former Advisor.

Econocast.net: Pencasts to supplement the undergraduate economics curriculum

URL: http://www.econocast.netWe developed Pencast video lessons to complement six undergraduate economics courses that form the core curriculum for undergraduate economics, including introductory m...

A latent-class discrete-choice model of demand for economics electives: a case study on the challenge to increase enrollment

ABSTRACTIncreasing enrollment in undergraduate and graduate economics courses that focus on the natural world (natural resource, environmental, energy, and mineral economics) is important for preparing a work force capable of addressing complex environmental issues. This is especially challenging for smaller universities that want to offer diverse electives in economics. This study seeks to obtain information on the effects of course attributes and student characteristics on preferences for and probabilities to enroll in economics courses offered at Michigan Technological University. A discrete-choice experiment is used to elicit 723 students’ stated preferences for eight different course attributes. A latent-class model is used to probabilistically group students into different preference classes. The cost-effective methods demonstrated in this study can be applied to any courses in any fields to inform course-level marketing efforts aimed at bolstering enrollment while addressing administrative budget constraints.