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Fall 2012

ISSN 0890-913X

Volume 28, Number 1

Categories: Fall 2012 | Education

Using Economic Freedom and Statistical Analysis to Teach Principles of Macroeconomics

Matt E. Ryan , Duquesne University

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TheJournalofPrivateEnterprise28(1),2012,105–111UsingEconomicFreedomandStatisticalAnalysistoTeachPrinciplesofMacroeconomicsMattE.RyanDuquesneUniversityAbstractAsstatisticsbecomesfurtherentrenchedwithineconomics,administrators’desiretoseestatisticswovenintoarangeofeconomicsofferingsincreases.Thisarticlepresentsameansbywhichtoincorporatestatisticalconceptsintoaprinciples-levelmacroeconomicscoursewhilereinforcingtherolethateconomicfreedomplaysingeneratingsuperioreconomicoutcomes.JELCodes:A20,A22Keywords:Economicseducation;Teachingofeconomics;Macroeconomics;Statistics;EconomicfreedomI.IntroductionAstheeconomicsprofessionwaxesempiricandtheworldatlargebecomesincreasinglydata-driven,so,too,doestheemphasisonstatisticsforundergraduates.Whilestudentstypicallyhavehadtheoptionofpursuingquantitativeanalysisthroughstatisticsandeconometrics,manybusinessschoolsnowrequirecoursesinstatisticsinordertoreceiveadegree.Economicsmajorsoftenmustshowfurtherproficiencyineconometricsand/orforecastingtechniques.However,whileincreasedquantitativeskillsoffervaluetostudentsbothintheclassroomandonthejobmarket,studentstendtobelessthaneagerwhenconfrontedwiththesubjectofstatistics.Increasingquantitativeskills,whilebeneficial,shouldalsobeviewedwithamodicumofcaution.Armingstudentswithever-morestatisticaltoolsraisestheopportunityforrotecomputationabsenteconomicreasoningtooccuralongwiththedangersthataggregatefromperformingsuchblunders.Insteadofsloggingthroughcompulsorystatisticalexercisesinordertosatisfycourserequirements,thefollowingexercisesallowstudentstoutilizeWorldBankdataanddrawuniqueconclusionsbasedupontheirparticularanalysisbypairingquantitativemethodswitheconomicanalysis.Furthermore,theparticularnatureoftheseassignmentsallowstheimportanceofeconomicfreedomtoemergebothtotheindividual105

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Title	Using Economic Freedom and Statistical Analysis to Teach Principles of Macroeconomics
Authors/Creators:	Matt E. Ryan , Duquesne University
Year:	2012
Volume:	28
Number:	1
Pages:	105 - 111
Publisher:	The Association of Private Enterprise Education
ISSN:	0890-913X
Document Type:	Educational Notes
Keywords:	Economics education, Macroeconomics, Statistics, Economic freedom

Citation:
Ryan, Matt E. / 2012. "Using Economic Freedom and Statistical Analysis to Teach Principles of Macroeconomics." The Journal of Private Enterprise, 28(1): 105-111.