TOKECON LESSONS

Mr. Strebler

ECONOMICS AS A SOCIAL SCIENCE

Fast Times at Ridgemont High:

Typical view of economics

Economics knowledge QW:

What kinds of things do YOU think economics deals with?

Rodney Dangerfield video: 1st day of economics class

What’s wrong with this picture (video)?

Mini lesson: What are some of the common misconceptions about economics?

• It’s about business and making money. • It’s hard. • It’s really boring. • I’m an artsy-fartsy liberal – economics isn’t for

me

What is economics? What kinds of economic problems worry Americans?

Problems that worry Americans:

• Unemployment, • inflation, • losing homes, • national deficits and debt, • inequality (rich vs. poor), • powerful banks and Wall Street, • paying for college, • retirement, • health care

Why is it worth knowing? How do micro and macro economics differ? Which is more important?

• It’s all about making good choices – in your life, in politics, for society as a whole. “You simply cannot make intelligent decisions about politics and government without an understanding of economics”. Corollary: All the people who vote and support candidates without understanding economics really don’t know what the hell they’re doing.

How does it relate to other social sciences? How does the scientific method apply to economics and other social sciences?

Explain the ceteris paribus assumption

What kinds of knowledge issues arise?

• Distinguish between positive and normative economics.

TOK QUESTIONS:

• What distinguishes a social science from a natural science?• Is there a “social scientific method” as opposed to a “natural

scientific method”? What might be the similarities and differences?• To what extent is economics value-free? • What are the implications of the assumption of ceteris paribus? Do

other areas of knowledge make a similar assumption? • What criteria should be adopted for evaluating normative

statements in economics? • What is meant by “rationality” in economics? Are there different

types of “economic rationality”?• If economics studies actual human behaviour, should it also study

irrational human behaviour?•

Examine the assumption of rational economic decision-making.

DVDs Ch. 1:• Rational is as rational does, • Specialization – genesis of markets and

capitalism, • Private Property

– advantages and disadvantages