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Video
Why two not-so-loyal criminals would want to snitch each other out
- Course related:
- AMA1D04 Understanding Social Conflicts by Game Theory
- Subjects:
- Economics
- Keywords:
- Game theory Equilibrium (Economics)
- Resource Type:
- Video
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Video
This lecture gives an intuitive explanation of economics concept known as "Nash equilibrium" using traffic signals as an example.
- Course related:
- AMA1D04 Understanding Social Conflicts by Game Theory
- Subjects:
- Economics and Transportation
- Keywords:
- Game theory Traffic signs signals Traffic engineering Equilibrium (Economics)
- Resource Type:
- Video
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e-book
Russell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You're thinking, ”Yeah, sure. I've heard that before.“ This textbook, Economics: Theory Through Applications, centers around student needs and expectations through two premises: … Students are motivated to study economics if they see that it relates to their own lives. … Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem. Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students' economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know. How? Russell and Andrew have done three things in this text to accomplish that goal: Applications Ahead of Theory: They present all the theory that is standard in Principles books. But by beginning with applications, students get to learn why this theory is needed. Learning through Repetition: Important tools appear over and over again, allowing students to learn from repetition and to see how one framework can be useful in many different contexts. A Student's Table of Contents vs. An Instructor's Table of Contents: There is no further proof that Russell and Andrew have created a book aimed specifically at educating students about economics than their two tables of contents.
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e-book
This text strives to reach a median between these two approaches. First, I believe that students need to learn the theory and models to understand how economists understand the world. I also think these ideas are accessible to most students if they are explained thoroughly. This text presents numerous models in some detail, not by employing advanced mathematics, but rather by walking students through a detailed description of how a model's assumptions influence its conclusions. Second, and perhaps more important, students must learn how the models connect with the real world. I believe that theory is done primarily to guide policy. We do positive economics to help answer the normative questions; for example, what should a country do about its trade policy or its exchange rate policy? The results from models give us insights that help us answer these questions. Thus this text strives to explain why each model is interesting by connecting its results to some aspect of a current policy issue. A prime example is found in Chapter 11 "Evaluating the Controversy between Free Trade and Protectionism" of this book, which addresses the age-old question of whether countries should choose free trade or some type of selected protection. The chapter demonstrates how the results of the various models presented throughout the text contribute to our understanding of this long-standing debate.
- Subjects:
- Economics and International Trade
- Keywords:
- International economic relations International trade -- Econometric models Textbooks Equilibrium (Economics)
- Resource Type:
- e-book
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e-book
Russell Cooper and Andrew John have written an economics text aimed directly at students from its very inception. You're thinking, ”Yeah, sure. I've heard that before.“ This textbook, Macroeconomics: Theory Through Applications, centers around student needs and expectations through two premises: … Students are motivated to study economics if they see that it relates to their own lives. … Students learn best from an inductive approach, in which they are first confronted with a problem, and then led through the process of solving that problem. Many books claim to present economics in a way that is digestible for students; Russell and Andrew have truly created one from scratch. This textbook will assist you in increasing students' economic literacy both by developing their aptitude for economic thinking and by presenting key insights about economics that every educated individual should know. How? Russell and Andrew have done three things in this text to accomplish that goal: 1. Applications Ahead of Theory: They present all the theory that is standard in Principles books. But by beginning with applications, students get to learn why this theory is needed. The authors take the kind of material that other authors put in ”applications boxes“ and place it at the heart of their book. Each chapter is built around a particular business or policy application, such as social security, globalization, and the wealth and poverty of nations. Why take this approach? Traditional courses focus too much on abstract theory relative to the interests and capabilities of the average undergraduate. Students are rarely engaged and the formal theory is never integrated into the way students think about economic issues. And traditional books are organized around theoretical constructs that mean nothing to students. The authors' applications-first approach ensures that students will not see chapters with titles like ”Cost Functions“ or ”Short-Run Fluctuations“. They introduce tools and ideas as and when they are needed. Each chapter is designed with two goals. First, the application upon which the chapter is built provides a ”hook“ that gets students' attention. Second, the application is a suitable vehicle a vehicle for teaching the principles of economics. 2. Learning through Repetition: Important tools appear over and over again, allowing students to learn from repetition and to see how one framework can be useful in many different contexts. Each piece of economic theory in this text is first introduced and explained in the context of a specific application. Most are re-used in other chapters, so students see them in action on multiple occasions. As students progress through the book, they accumulate a set of techniques and ideas. These are collected separately in a ”toolkit“ that provides students with an easy reference and also gives them a condensed summary of economic principles for examination preparation. 3. A Student's Table of Contents vs. An Instructor's Table of Contents: There is no further proof that Russell and Andrew have created a book aimed specifically at educating students about economics than their two tables of contents. The Student's Table of Contents speaks to students, piquing their interest to involve them in the economics, and a Instructor's Table of Contents with the economics to better help you organize your teaching—and frankly, you don't need to get excited by economics, you already are.
- Subjects:
- Economics
- Keywords:
- Macroeconomics Textbooks
- Resource Type:
- e-book