TEACHING  ECONOMICS TO MBA STUDENTS “  You sow a thought, you reap an action You sow an action,  you reap a habit You sow ...
Why this lecture? <ul><li>Most of the methods applied to teaching Economics is also applicable to teaching other papers in...
Why Economics is Important?
Why Economics is Important <ul><li>In 2007,a survey* of 275 AACSB (the Association to Advance Collegiate Schools of Busine...
MYTHS <ul><li>MBA students do not want to learn about economics, and especially not micro. </li></ul><ul><li>They haven't ...
Why MBA Students are so demanding <ul><li>They see themselves as customers,  </li></ul><ul><li>-  They pay high fees, and ...
CHALLENGES <ul><li>Generally we can  categorise  students </li></ul><ul><li>(a)Those have studied some economics formally ...
Enjoyable Teaching <ul><li>Learning from the feedback given by MBA students.  </li></ul><ul><li>The propensity of MBA stud...
MBA Teaching and Research <ul><li>Virtuous circle </li></ul><ul><li>MBA student as a customer who places a high value on d...
Methods to teach Economics <ul><li>Lecture Method-Talk &chalk method, </li></ul><ul><li>Seminar </li></ul><ul><li>Case Met...
Why case Method <ul><li>Economics education  should enable students to ‘think like economists’.  </li></ul><ul><li>Case me...
Pedagogical issues of Case Method <ul><li>Motivation to learn theory </li></ul><ul><li>Application of theory </li></ul><ul...
Approach to Case method <ul><li>1.As a support to lectures & seminars </li></ul><ul><li>-  Extracts from newspaper&busines...
Elements of case method <ul><li>1.Through the use of newsclips </li></ul><ul><li>Osmotic newsclips-  have no commentary ex...
Lecture Method vs Case method <ul><li>Teacher analyses the material </li></ul><ul><li>Dominant role of teacher </li></ul><...
THANK YOU <ul><li>“ Where the mind is without fear, </li></ul><ul><li>and the head is held high, </li></ul><ul><li>Where t...
TEACHER <ul><li>T-TEACHER </li></ul><ul><li>E-EDUCATION </li></ul><ul><li>A-ADAPTABILITY </li></ul><ul><li>C-COURAGE </li>...
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Challenge Of Teaching Economics to Management Students in PPT

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This power point is not limited to teaching economics to MBA students.It can help other teachers teaching other management topics.Hope it will help all types of management faculty members

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Challenge Of Teaching Economics to Management Students in PPT

  1. 1. TEACHING ECONOMICS TO MBA STUDENTS “ You sow a thought, you reap an action You sow an action, you reap a habit You sow an habit, you reap a character You sow a character, you reap a destiny” Prof.B.P.Mahapatra Faculty Member In Economics GIFT Bhubaneswar Prof.B.P.Mahapatra Faculty Member AIBM BERHAMPUIR
  2. 2. Why this lecture? <ul><li>Most of the methods applied to teaching Economics is also applicable to teaching other papers in a MBA curriculum </li></ul>
  3. 3. Why Economics is Important?
  4. 4. Why Economics is Important <ul><li>In 2007,a survey* of 275 AACSB (the Association to Advance Collegiate Schools of Business ) institutions relating to economics course requirements in their MBA programs and the distribution of topics. The survey findings are: </li></ul><ul><ul><li>• More than 50% of institutions require either macro or micro economics courses or business statistics course as prerequisites for the managerial economics course. </li></ul></ul><ul><ul><li>• Both macro and micro economics are required as prerequisites by 53% of the institutions. </li></ul></ul><ul><ul><li>• Calculus is still required as a prerequisite by more than 40% of the institutions. </li></ul></ul><ul><ul><li>• On the average macro, micro and managerial economics components constitute 18%, 28% and 52% respectively, of the managerial economics courses. </li></ul></ul><ul><ul><li>• A majority of the institutions (65%) require more than one economics course. </li></ul></ul><ul><ul><li>• On the average institutions cover 37% quantitative applications, 19% cases and 15% global and trade issues in their managerial economics courses. </li></ul></ul><ul><ul><li>• More than 50% of institutions do not use any computer software in teaching managerial economics course and of those that use computer software a majority use Excel in their courses. </li></ul></ul><ul><li>• A majority of the AACSB institutions do not waive or substitute managerial economics course at the MBA level, even with prior managerial economics course work at the undergraduate level. </li></ul><ul><li>*Source-Journal of College Teaching & Learning – September 2007 </li></ul>
  5. 5. MYTHS <ul><li>MBA students do not want to learn about economics, and especially not micro. </li></ul><ul><li>They haven't the patience for intellectual rigour, but want everything distilled to a few bullet points. </li></ul><ul><li>They are not much concerned about the research prowess of their teachersthey see research as something that so preoccupies their tutors, that these do not pay enough attention to their teaching. </li></ul><ul><li>REALITY </li></ul><ul><li>- However, many MBA students can be persuaded of the huge value of studying economics (macro and micro </li></ul>
  6. 6. Why MBA Students are so demanding <ul><li>They see themselves as customers, </li></ul><ul><li>- They pay high fees, and they are very sensitive to the high opportunity cost of their time.They feel entitled to expect very high standards, and entitled to get angry when standards drop. But as a corollary - and this is one of the real rewards of working with MBA students - they are highly motivated and expected to work hard. </li></ul><ul><li>MBA students, like any other students, vary greatly, so one should be careful to avoid stereotypes. They are often portrayed as very career driven, very market oriented </li></ul><ul><li>Collectively, they have a breadth of knowledge and experience with different disciplines </li></ul><ul><li>The beauty of this is that if you pick an example from a particular industry to illustrate a point, the chances are that at least one student will have experience of working in that industry, or experience as a customer of companies in that industry </li></ul>
  7. 7. CHALLENGES <ul><li>Generally we can categorise students </li></ul><ul><li>(a)Those have studied some economics formally at school </li></ul><ul><li>and/or university </li></ul><ul><li>(b)Those have not studied economics formally, but read </li></ul><ul><li>economics articles in The Economic Times,The Hindu </li></ul><ul><li>Business Line,Business Standard. </li></ul><ul><li>(c)Those who will not fall in above two categories (a) and (b) </li></ul><ul><li>So there can not be a single teaching style that is ideal for all the many types of MBA students. </li></ul><ul><li>Mathematical ability varies very widely. Those with a background in the arts tend to be thrown by mathematical models in an economics course, so these have to be used with caution </li></ul>
  8. 8. Enjoyable Teaching <ul><li>Learning from the feedback given by MBA students. </li></ul><ul><li>The propensity of MBA students to complain is highly nonlinear. </li></ul><ul><li>MBA teaching requires painstaking preparation. Students want all the slides, cases, web references, readings, assignment details, past exam papers - everything, indeed - in advance. </li></ul><ul><li>Don't &quot;teach to the textbook&quot; - unless, of course, it is a text you have written yourself. </li></ul><ul><li>- Unique teaching </li></ul><ul><li>Topicality </li></ul><ul><li>The life cycle for materials used with MBA students is not quite so short. </li></ul><ul><li>Intellectual modesty </li></ul><ul><li>Dealing with students Enquiry </li></ul><ul><li>-T eaching must be more interactive </li></ul><ul><li>-Teacher should have patience to listen a stupid questions & stupid </li></ul><ul><li>answers </li></ul><ul><li>-S tudents tend to be hugely impressed if you remember questions raised in one session and then come back a few lectures later and say, &quot;as that student said in lecture 2.&quot; This sort of thing really matters. </li></ul><ul><li>Interdisciplinary Approach- -Linkage with other field & discipline </li></ul>
  9. 9. MBA Teaching and Research <ul><li>Virtuous circle </li></ul><ul><li>MBA student as a customer who places a high value on distinction, and if research can deliver distinction then it is of value. </li></ul><ul><li>Research projects generate distinctive insights and evidence. Students appreciate the lecturer who can make 'off the cuff' reference to these, especially in response to student questions in class. It helps when projects are commissioned by international organisations, government departments or companies, because this persuades students that economic principles can be put to very practical use. Moreover, active researchers will have research associates who are a very useful resource for students. This is most obvious in project work, where these researchers provide additional expertise </li></ul>
  10. 10. Methods to teach Economics <ul><li>Lecture Method-Talk &chalk method, </li></ul><ul><li>Seminar </li></ul><ul><li>Case Method-The case,preparedness of the students,discussion </li></ul><ul><li>Pedagogical Diagrammatic Device </li></ul><ul><li>-A good picture should be </li></ul><ul><li>Simple </li></ul><ul><li>Accurate </li></ul><ul><li>Flexible </li></ul>
  11. 11. Why case Method <ul><li>Economics education should enable students to ‘think like economists’. </li></ul><ul><li>Case method is helping students develop following skills in students </li></ul><ul><li>-Knowledge </li></ul><ul><li>-Understanding </li></ul><ul><li>-Comprehension </li></ul><ul><li>-Application </li></ul><ul><li>-Analysis </li></ul><ul><li>-Synthesis </li></ul><ul><li>-Evaluation </li></ul>
  12. 12. Pedagogical issues of Case Method <ul><li>Motivation to learn theory </li></ul><ul><li>Application of theory </li></ul><ul><li>Use of evidence. </li></ul><ul><li>Limitation of theory </li></ul>
  13. 13. Approach to Case method <ul><li>1.As a support to lectures & seminars </li></ul><ul><li>- Extracts from newspaper&business journal </li></ul><ul><li>Advantage-Requires relatively less preparation </li></ul><ul><li>constitutes an easy and gradual introduction to the use of </li></ul><ul><li>longer and more comprehensive case studies </li></ul><ul><li>2.The second way of using case studies is to challenge the students to grapple with a decision-maker’s dilemma, formulate a strategy and come to a class prepared to explain and defend their recommendations. In this approach, which is usually referred to as ‘case method teaching’, the instructor either does not lecture or conducts a limited number of lectures that are complemented by the analysis of longer and more complex case studies. The role of the lecturer is to moderate a classroom discussion among the students in which the students compare their different approaches. Learning from each other, the students work together to reach a richer understanding. This requires more effort on the part of the lecturer in order to prepare the required case studies and to plan for their use in class discussion. </li></ul>
  14. 14. Elements of case method <ul><li>1.Through the use of newsclips </li></ul><ul><li>Osmotic newsclips- have no commentary except headings </li></ul><ul><li>familiarity will eventually translate into economic literacy. </li></ul><ul><li>Case study newsclips- published & accompanied by questions and/or analysis. They are usually complex in their coverage. </li></ul><ul><li>Focused newsclips. These are short news excerpts used to illustrate a given economic principle or theory. </li></ul><ul><li>Reworked news. This is written in the author’s own words with specific acknowledgement of the news source. </li></ul><ul><li>The use of newspaper articles in your teaching will mainly require the use of focused and case study newsclips. </li></ul><ul><li>2.Coursework Students assessed by coursework should be given a case study newsclip and should be required to provide a detailed account of the events described in the article by resorting to economic theory. The analysis should break up the article into simple components. Relationships between economic agents, actions and outcomes should be established, and an evaluation of the problem should be provided. </li></ul><ul><li>3.Presentation </li></ul><ul><li>Assessing students by presentation is not only an effective way of testing their level of understanding, but also helps them develop other transferable skills such as the ability to communicate to a particular audience, time management and organisational skills. The presentation might require the student to act, for example, as a business news reporter who has to analyse, present and evaluate a piece of economic news for a wider general audience. </li></ul>
  15. 15. Lecture Method vs Case method <ul><li>Teacher analyses the material </li></ul><ul><li>Dominant role of teacher </li></ul><ul><li>Teacher stands between student&material </li></ul><ul><li>While intellectual and procedural authority (*) belongs to the teacher in lecture, teacher and students share it in case discussion </li></ul><ul><li>Student analyses the material </li></ul><ul><li>Facilitator </li></ul>
  16. 16. THANK YOU <ul><li>“ Where the mind is without fear, </li></ul><ul><li>and the head is held high, </li></ul><ul><li>Where the world is not broken up into fragments </li></ul><ul><li>by narrow domestic walls, </li></ul><ul><li>Where the words came out from </li></ul><ul><li>the depths of truth, </li></ul><ul><li>Where tireless striving stretches its arms </li></ul><ul><li>towards perfection; </li></ul><ul><li>Where the clear stream of reason has not lost its </li></ul><ul><li>way into the dreary desert sand of dead habits, </li></ul><ul><li>Where the mind is led forward by thee into </li></ul><ul><li>ever widening thought and action - </li></ul><ul><li>Into that heaven of freedom, </li></ul><ul><li>My father, let my country awake.” </li></ul>
  17. 17. TEACHER <ul><li>T-TEACHER </li></ul><ul><li>E-EDUCATION </li></ul><ul><li>A-ADAPTABILITY </li></ul><ul><li>C-COURAGE </li></ul><ul><li>H-HONESTY </li></ul><ul><li>E-ENDURANCE </li></ul><ul><li>R-RE-SOURCEFULNESS </li></ul>
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