Read the following article:https:/yti.ms/2SFkv65

Then answer the following questions. Note a pdf of the article is included in Blackboard

a.)What do you think is the most important takeaway from the article?

b.)Do you think learning economics has been useful to you? If it has, explain how.

Is there anything that could change that would make it more useful (e.g. focus on specific topics)?

. Fit Width and S Actual Ly Rotate Left Bookmark Size D. Fit Visible Reflow w Rotate Right Typewriter Highlight Image Annotation Audio & Video Tools View Comment Links Insert Start R. Lyman Ott, Michael ... \\Economics Isn't Dismal.... 10.1177_17511437177... > Economics Isn't Dismal. . x Merge and split PDFS 8/31/2021 Economics Isn't Dismal. It's Useful. - The New York Times The New york Times https://www.nytimes.com/2019/07/26/business/ economics-useful-superpower-education.html ECONOMIC VIEW Economics Isn't Dismal. It's Useful. By Justin Wolfers July 26, 2019 In an annual rite of passage, over a million Americans will enroll in their first economics class in the fall, and as the field of economics has evolved, these introductory classes are changing, too. Many economists these days view what we are teaching not so much as a specific subject matter but as a set of analytic tools that are relevant beyond the relatively standardized production and pricing decisions of the business world. This perspective has led modern economists to study families, education and health, much as they study business strategy, politics, and finance. This broader ambit for economic reasoning provides an opportunity to make introductory economic courses more useful to more students, exploring how these ideas can inform the thousands of decisions they confront each day. 114 1/2 162.16% . O S. ETTLET The Course 790F Sunny LO CH 20 TEX OM VoEconomics Isn't Dismal. It's Useful. - The New York Times.pdf File Home Comment Fil & Sign View Form Protect Share Connect Help Tell me what you want to do.. [@SnapShot Find OFit Page [ Clipboard D. Fit Width TT 190.01% - 1Rotate Left TI T Link [ File Attachment Hand Select Bookmark 12 D Fit Visible R Reflow Rotate Right Typewriter Highlight Lica Image Annotation Size Audio & Video Tools View Comment Links Insert Start R. Lyman Ott, Michael ... Economics Isn't Dismal.... 10.1177_17511437177... >Economics Isn't Dismal. .. x Merge and This broader ambit for economic reasoning provides an opportunity to make introductory economic courses more useful to more students, exploring how these ideas can inform the thousands of decisions they confront each day. This approach requires a shift in vision. As an undergraduate, I was taught from the perspective of a spectator in the nosebleed seats watching the economic action unfold below. But economics is more useful if we teach students to see themselves as protagonists on the economic playing field. This shift helps students see that economics is a set of tools that can empower them, providing insight that will guide them toward better decisions. I've adopted this perspective in the introductory classes I teach at the University of Michigan. My students describe a sense of wonder at discovering that their daily decisions - how much to spend, how many hours to work, or how to allocate household tasks - are the stuff that economists study. Take the theory of comparative advantage, which is a critical concept in international trade. It is traditionally taught as a series of calculations that can explain why England produces cloth that it trades for Portugal's wine. But comparative advantage is a broader, more useful, and intuitive idea: the insight that a group of people can produce more if each task is done by the person who can do it the lowest cost. Critically, economics teaches that the relevant cost is what we call the opportunity cost, which is not the number of hours a task take you but rather what you forgo by not pursuing the next best use of your time. 8 00 190.01% 1/2 790F Sunny 1040ENG ON EM LO OvoHand Select Fit Width Actual Rotate Left Bookmark D Fit Visible Reflow [Rotate Right Image Annotation Size Typewriter Highlight Audio & Video Tools View Comment Links Insert Start R. Lyman Ott, Michael ... \\Economics Isnt Dismal... 10.1177_17511437177... Economics Isn't Dismal. .. x you but rather what you forgo by not pursuing the next best use or your time. Merge and This idea explains why it would have made sense for Ringo Starr to play drums for the Beatles even if it were true, as some have said, that Paul Mccartney was a better drummer. The opportunity cost of Mr. Mccartney playing drums frequently would have been higher, because it would have meant forgoing his regular work on bass guitar. My students have applied the same idea in their own lives, discovering that they're better off assigning the task of cooking dinner to whichever roommate doesn't have a big paper due, rather than to the best cook. (And during exam week, they assign the task to the local pizzeria.) Daily Business Briefing Latest Updates > Updated Aug. 30, 2021 . The S.E.C. head is considering banning a key way Robinhood makes money. . A new plant was supposed to help keep New Orleans's lights on. It didn't. . N.J. will end pandemic unemployment benefits this weekend. Many of their parents probably used the same idea years earlier when deciding who should get up at 3 a.m. when the baby fusses, 8 0 190.01% . 41 1/2 790F Sunny ~$ 1040ENG 31/ EM 29 20 SP 9 novo Home F10 F11 F12 X F8 F9 F4 F6 F7 F5 F2 F3File Home Comment Fal & Sign Economic's Isn't Dismal. It's Useful. - The New York Trn View Form Protect Share Connect TSnapShot . Fit Page Help Q Tel me what you want to do.. [ Clipboard - T 190.01% - TI Gas Link Fie Attachment Hand Select D Fit Width Rotate Left Size Actual Fa Visible Reflow Rotate Right Typewriter Highlight Bookmark Image Annotation Tools Audio & Video Comment Links Insert Start R. Lyman Ott, Michael ... Economics Isn't Dismal.. 10.1177_17511437177... Economics Isn't Dismal. .. x Many of their parents probably used the same idea years earlier when deciding who should get up at 3 a.m. when the baby fusses, discovering that the opportunity cost is lower for whoever can be more productive the next day, even when sleep deprived. The same idea guides much of the business world, explaining why your dentist rarely cleans your teeth, your vet rarely weighs your pup and law partners rarely draft motions. In each case, the question about how best to allocate tasks rests on the same calculation, which involves identifying the best alternative use of your time. This approach can even guide shopping decisions. After all, when you're deciding whether to buy pre-cut vegetables, you're effectively asking whether to assign the task of chopping your veggies to yourself or someone else. https://www.nytimes.com/2019/07/26/business/economics-useful-superpower-education.html 1/2 8/31/2021 Economics Isn't Dismal. It's Useful. - The New York Times Start thinking this way and you'll quickly see that the ideas that guide your everyday decisions also propel international trade, which is why American engineers design iPhones, while foreign workers - who have fewer alternative opportunities - do the laborious work of putting them together. By assigning tasks this way, Americans have gotten cheaper iPhones, and Chinese and Indian consumers have gotten greater access to advanced technology. Teaching useful economics, this approach to teaching tweaks the incentives facing students. As they discover that economic ideas are relevant to their personal and professional lives, it becomes more likely that the benefits of engaging with economics will outweigh the 8 0 190.01% 41 4 1/2 13:10 79F Sunny ~|40ENG 31 31/08/2021 O Lenovo End Del Home Insert F11 F8 F9 FIC F6 F7 F4 F5 ESC F2 F3 F1 & FnLock S %Fie Economics Isn't Dismal. It's Useful. The New York Times.pdf - Foxx Reade Home Comment Fil & Sign View Form Protect Share Connect Help Tel me what you want to do.. SnapShot .) Fit Page 190.01% - Find on Link File Attachment Clipboard - Hand Select Fit Width TT 1Rotate Left TI Actual Bookmark La Image Annotation Size D. Fit Visible Reflow Rotate Right Typewriter Highlight Audio & Video Tools View Comment Links Insert Start R. Lyman Ott, Michael ... Economics Isn't Dismal... 10.1177_17511437177... Economics Isn't Dismal. ... x Spit POPS Teaching useful economics, this approach to teaching tweaks the incentives facing students. As they discover that economic ideas are relevant to their personal and professional lives, it becomes more likely that the benefits of engaging with economics will outweigh the costs. It shouldn't be surprising that a field that traditionally focused on the production decisions of a mythical widget factory failed to attract many women students. A broader approach to social science is likely to engage a more diverse array of students. Less than one-tenth of the students who take an introductory economics class will major in economics. And among that select group, fewer than one in 100 become economists. Yet everyone can benefit from applying the tools of economics. This can happen only if instructors focus on showing how their tools can help people from all walks of life rather than on training the tiny sliver of students who will become economists. It may also require a change in mind-set. Economists have traditionally been reluctant to give people advice because we have little to say about matters of taste. If you choose an apple rather than an orange, the argument goes, it's most likely because you prefer the apple. We have no business telling you which fruit to buy. Fair enough. But it would be wrong to conclude that economics can't help you make better fruit-buying decisions. If your family eats a lot of apples, it's worth pointing out that you can get a better deal buying the two-pound bag if it's less than twice BR 0 7 190.01% . 13:11 41 1 2/2 79F Sunny ENG 31/06/2021 EM TEN 9 LO enovo Home End inser F11G - 8 90903.: Economics Isn't Dismal. It's Useful. The New York Times.pdf - Foxt Reader File Home Comment Fil & Sign View Form Protect Share Connect Help Tel me what you want to do... SnapShot Find .Fit Page 190.01% - Link [ Fie Attachment Select In Clipboard . Fit Width TT 1Rotate Left TI T Hand Actual Bookmark Image Annotation D. Fit Visible Reflow Size Rotate Right Typewriter Highlight Audio & Video Tools View Comment Links Insert Start R. Lyman Ott, Michael ... Economics Isn't Dismal.... 10.1177_17511437177... Economics Isn't Dismal. .. x SOIL PDFS Economists Have tauntonany SUCHreluctant to give people auvite because we Have Title to say about matters Of taste. n you CHOOSE an apple rather than an orange, the argument goes, it's most likely because you prefer the apple. We have no business telling you which fruit to buy. Fair enough. But it would be wrong to conclude that economics can't help you make better fruit-buying decisions. If your family eats a lot of apples, it's worth pointing out that you can get a better deal buying the two-pound bag if it's less than twice the price of the one-pound bag. Even if cheaper apples are available on the other side of town, they may not be a good deal once you account for the opportunity cost of your time. And it would be foolish to buy apples without first checking whether there's a sale on useful substitutes, like oranges. You're also likely to make better buying choices if you note that even if a pound of candy is cheaper than a pound of apples, the true price of the apples may be lower once you account for the health consequences. And before you forgo the apples, consider the reality that buying food processed in polluting factories comes with a hidden cost to the planet. Indeed, one of the most useful payoffs from learning some economics is that it allows you to see the unseen costs. To some, that makes the field seem dismal. But I think of it as a superpower that will help you make better choices. 80 190.01% . 13:11 11 1 2/2 79OF Sunny ENG 31/08/2021 EM G TEX OM LO OVO