Weekend Break

I wonder if they need any econ teaches here?

Better Than Sliced Bread

When I look back on my teaching career I like to split it into two categories: before VE3 and after VE3. There was a time not so long ago when I spent hour upon hour scouring textbooks, the Internet and my local library looking for ideas on how to teach economics in engaging and meaningful ways. Heck, there was even a time when I asked my econ major sister if she had any good ideas on how to teach about externalities. Sadly, but not surprisingly, she had nothing for me.

All of this changed the day I attended a GCEE Virtual Economics 3 workshop. In a matter of hours I gained access to more than 1,000 outstanding lesson plans that covered every single GPS standard. Looking back on my teaching career I would have to say that the VE3 disc helped me become successful in the classroom more than any other resource.*

Do you have the VE3 disc? If not you may want to give serious thought to acquiring this amazing resource sooner rather than later. Now with more than 1,244 lesson plans, the VE3 disc can help you take your teaching of econ to the next level.

Click on the "register" link and search for a workshop location and date near you. GCEE will be offering the VE3 workshop five times between now and the end of the school year. Hope to see you at one of them!

*(other than my own brain)

Et tu, Starbucks?

OK, now this is getting serious. Even Starbucks is shedding jobs and closing shops. Starbucks! I thought they were growing like crazy? Are people now going without their morning jolt of caffeine? Can America even function properly without easy access to the daily Mint Chocolaty Chip Frappuccino blended creme with Chocolate Whipped Cream?

The news of the Starbucks slow down got me thinking about coffee. Is it a normal good? Is it a want? Is it a need? I guess it depends on your level of coffee addicition.

Read Any Good Books Lately?

So what books are we reading these days? I'm talking books with an economic theme of course. I just finished Pietra Rivoli's "The Travels of a T-Shirt in the Global Economy." An interesting look at cotton, markets, and the incredible amount of government intervention in global markets. Answers the question- Where does my t-shirt come from?

From time to time we will be highlighting books of interest right here on the blog. I invite all of you to post a comment and let us know what books you think the rest of us would enjoy. "Wealth of Nations" anyone?

The Smelliest Silver Lining

As the economy continues to contract you hear more and more stories that are quite alarming. From today's announcements, to news from last week, it is getting harder to find much good news about the economy.

Although this isn't all good news, I guess we have to take what we can get at this point.

And speaking of good news, did anyone see this story about rising home sales? Houses will sell. Maybe not at the initial prices sellers are asking, but they will sell. Makes me think of this definition. For example, if the price of this place came down about $29,800,000.00 I would buy it in a split second. Cash money. No questions asked.

From the Classroom vol 3

One of my favorite topics to teach is the workings of the market system. One reason is that our students are somewhat familiar with all of the concepts, if not the terminology. Another reason is that there are a couple of great, short activities to demonstrate some of the concepts.

A simulation to teach kids that trade creates wealth is certainly a must. I use a variation on Lesson 1 "Why People Trade" of Economics in Action (located on the VE3 disk). The lesson calls small bags of goodies for each student, but I prefer to customize the activity by substituting a list of things that students may find enjoyable. These range from the lead in a Broadway play, the ability to run the 40 yard dash in 3.8 seconds, to Atlanta Braves luxury boxes. The great thing is that you can customize each item according to your school, your student population, and your own sense of humor. Each student gets a small piece of paper with a different item and then we commence with the activity as described.

Another short little activity I use demonstrates the importance of property rights. In class today, we performed the paper clip simulation described in lesson 4 "Property Rights in a Market Economy," also in Economics in Action. And a nice cap to this lesson is discussing the horrid condition of the boys bathroom at school to tie the tragedy of the commons to something the students experience every day.

From the Classroom vol 2

It's what you want, but more importantly its what your students want. Relevance. Why on earth does this stuff matter? One way I like to answer this question is using economic principles to answer the mysteries located in a sometimes overlooked resource,The Great Economic Mysteries Book 9-12.

Last week we used portions of a lesson called "Why Airborne Infants Aren't Required to Buckle Up?" to explore the ideas of rational decision making and incentives. This resource has 35 lessons that explore nearly every standard. The next time you are exploring your copy of the Virtual Economics 3 disk looking for a new lesson, you might give this book a chance. Cut out copies of the clues, perhaps make up a new title that fits your personality (Why does the FAA hate babies?), dangle some extra credit for the group that solves the mystery first, and watch the students apply economic principles to real world situations.

Hong Kong or North Korea?

Where would you rather live? According to the 2009 Index of Economic Freedom, Hong Kong has the highest economic freedom score on the planet. North Korea on the other hand ranks dead last.

So what is economic freedom?

This is how the Heritage Foundation explains it: "The highest form of economic freedom provides an absolute right of property ownership, fully realized freedoms of movement for labor, capital, and goods, and an absolute absence of coercion or constraint of economic liberty beyond the extent necessary for citizens to protect and maintain liberty itself. In other words, individuals are free to work, produce, consume, and invest in any way they please, and that freedom is both protected by the state and unconstrained by the state. "

If you would like to learn more about this topic you can visit this link. (also included in the "links" section) It's a great place for statistics, maps and economic information. Do your students know why the US is not ranked #1 or why Albania has a higher ranking than Italy? This site will help them understand the answers to these important questions.

Economic Freedom is just one of the many topics that will be discussed at the Economies in Transition- Africa workshop on January 30th. Click on "register" for information on the upcoming Economies in Transition- Latin America and Globalization workshops.