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Thinking Like an Economist for Everyone

Name: Thinking Like an Economist for Everyone
Rating: 4.6 (90 reviews)

Mastering the Art of Economic Decision-Making: A Journey Through Economics Thinking and Real-World Applications

Created byEvrim Kanbur

Last updated 11/2024

English

What you'll learn

The Economist's Perspective: Understand how economists function as scientists & policy advisors, applying systematic and methodical thinking to economic issues.
Scientific Approach in Economics: Explore how economists use the scientific method for research and analysis, similar to disciplines like physics and biology.
Assumptions & Models: The importance of assumptions & models in simplifying complex economic phenomena, & learn to apply these concepts to real-world situations
Microeconomics vs. Macroeconomics: Gain an understanding of the differences and interconnections between microeconomics & macroeconomics.
Economists as Policy Makers: Learn how to make informed decisions and analyze economic policies using principles of economics.
Economic Policy in Action: Examine real-life case studies showing the interaction of economics and politics, & the challenges in implementing economic policies.
Positive vs. Normative Analysis: Understand the difference between positive statements (descriptive) and normative statements (prescriptive) in economics.
Graphing and Data Interpretation: Master the art of using graphs to represent economic data & relationships, & learn to avoid common pitfalls in interpretation.
Exploring Economic Growth and Trade-offs: Study key concepts like the Production Possibilities Frontier to understand economic trade-offs, efficiency, & growth.

Course content

8 sections • 19 lectures • 1h 14m total length

Introduction to Thinking Like an Economist1:48
Economists apply the scientific method to economics by developing theories, testing them with data, and decoding how economies function with objective, structured thinking.

The Scientific Method of Economists: Observation, Theory and Testing6:01
The Role of Assumptions in Economics5:26
Introduction to Economic Models2:40
Explore how economic models use simplified diagrams and equations to reveal the core supply–demand–price relationships, and note the role of assumptions and graphical methods.
The First Economic Model: The Circular Flow Diagram6:06
Explore the circular flow diagram, showing firms and households interacting in goods and money flows. See the inner loop of production and the outer loop of income and profits.
The Second Economic Model: The Production Possibilities Frontier10:11
Explore the production possibilities frontier to understand trade-offs, opportunity costs, efficiency, and how resource limits and technological progress shift production of cars and computers.
Microeconomics and Macroeconomics3:24
Quiz

Positive versus Normative Analysis1:51
The Impact of Economists in Policy-Making at the White House3:03
Economists weigh policy trade-offs. They inform the White House through the Council of Economic Advisers and agencies like the Office of Management and Budget, Treasury Department, and Federal Reserve.
Economists' Advice isn't Always Followed & Here is "Why" with 3 Real-World Cases2:35
Explore why economists' advice isn't always followed and examine three cases: austerity after the 2008 crisis in Europe, carbon tax communication, and universal health care debates in the US.
The Real-World Case Study: Turkey 2020-20244:08
Analyze Turkey's 2020-2024 policies that diverged from economist advice, fueling inflation and eroding middle-class purchasing power. Highlight need for balanced, data-driven policy integrating positive and normative analysis to protect welfare.
Quiz 2

Why Economists Disagree4:33
Economists disagree due to different scientific judgments, lenses on issues like minimum wage and tax cuts, and underlying values shaping policy views such as transit subsidies.
The Real-World Case Study: Montpellier's Free Public Transport3:30
Economists examine Montpellier's policy of free public transport for residents through a positive and normative lens, linking efficiency, equity, and emissions to urban sustainability.

Graphs of a Single Variable: Pie Chart, Bar Graph and Time-Series Graph3:26
Graphs of Two Variables: Understanding the Coordinate System in Economics3:38
Slope and Correlation in Economics4:17
Explore how slope measures the rate of change between variables using rise over run and delta, and interpret positive, negative, and zero correlations in economic data.
Cause and Effect, Reverse Casuality in Economics and Real-World Case Studies5:16
Examine how graphs aid causality but can mislead without constant variables, recognizing confounding factors and reverse causality in cases like fast food and heart disease.
Quiz 3

Requirements

The desire and awareness to learn Economics
This course focuses on how Economists think in the most simplest way, therefore it doesn't require you to come from an Economics background.

Description

Ever wondered how the mind of an economist ticks? Intrigued by how they dissect complex markets, forecast trends, and navigate the corporate world with ease? 'Thinking Like an Economist' is a cornerstone in the vast structure of economics and business.

Who Should Take This Course?

This course is a treasure trove for everyone - whether you're just starting in economics, a business professional craving deeper insights into the minds of economists, an aspiring student, or simply curious about the way economists think. It's crafted to add value to everyone's learning path.

Meet Your Instructor: Evrim

Hi, I'm Evrim! With my journey spanning from auditing at Deloitte to shaping business strategies at Riot Games, and nurturing entrepreneurs in China, I bring a diverse blend of real-world experience and academic insight. I've had the joy of teaching over 100,000 students, and now, I can't wait to embark on this learning adventure with you.

Course Highlights

Delve into the world where economists are the detectives of our economy - testing theories and analyzing data. We'll unravel how economists serve as both scientists and policy advisors, and why their views sometimes converge and other times diverge. By the end, you'll be thinking like an economist.

Affordable and Impactful Learning

We believe in democratizing knowledge. This course offers you a premium learning experience at an accessible price, empowering you to make informed and strategic decisions in the corporate world.

What Will You Gain?

By the end of 'Thinking Like an Economist', you'll have a transformed perspective on business and economics. You'll not just understand but also apply economic principles to analyze situations, predict outcomes, and make data-driven decisions.

Q&A Forum and Interactive Learning

Got questions? Dive into our interactive Q&A Forum. It's your space to engage, discuss, and learn from a community of peers and experts. Your learning journey is supported every step of the way.

No Economics Background? No Problem!

Don't worry if you're new to economics. This course is designed to be intuitive and engaging, regardless of your prior experience. It's about building knowledge and skills from the ground up.

Join Us!

Ready to think like an economist and reshape how you view the business world? Enroll in 'Thinking Like an Economist' today and unlock the economist in you. I'll see you inside!

Who this course is for:

You're just starting your journey in economics
You're a business professional craving deeper insights into the minds of economists
You're simply curious about the way economists think

Thinking Like an Economist for Everyone

What you'll learn

Explore related topics

Course content

Introduction to Thinking Like an Economist1 lecture • 2min

The Economist as Scientist6 lectures • 34min

The Economist as Policy Adviser4 lectures • 12min

Why Do Economists Disagree?2 lectures • 8min

Graphing in Economics4 lectures • 17min

Final Assignment0

Congratulations and your review1 lecture • 2min

BONUS1 lecture • 1min

Requirements

Description

Who this course is for: