Skip to main content

On the margin, getting old makes you worth less

I have been trying to think of good, practical examples of marginal analysis that I can use with my students (unlike many economists I know, I don't think it makes any sense to explain to students that 'if the movie stinks, you should get up and leave' - it might be the utility-maximizing thing to do but it's just too big a jump from human nature to be useful for teaching). EconomistMom may have a more useful example - she points out that when the marginal benefits from something (in this case, straightening out one's teeth) accrue over a lifetime, those benefits are automatically higher for a kid simply because they have more lifetime left. Economistmom goes on to talk about the implications for social policy (e.g., spending money on education versus cutting inheritance taxes); this could get into some nuances about investment vs. consumption but I think her point is a powerful one.
Labels:

Comments

Post a Comment

Comments that contribute to the discussion are always welcome! Please note that spammy comments whose only purpose seems to be to direct traffic to a commercial site will be deleted.

Popular posts from this blog

When is an exam "too hard"?

By now, you may have heard about the biology professor at Louisiana State (Baton Rouge) who was removed from teaching an intro course where "more than 90 percent of the students... were failing or had dropped the class." The majority of the comments on the Inside Higher Ed story about it are supportive of the professor, particularly given that it seems like the administration did not even talk to her about the situation before acting. I tend to fall in the "there's got to be more to the story so I'll reserve judgment" camp but the story definitely struck a nerve with me, partly because I recently spent 30 minutes "debating" with a student about whether the last midterm was "too hard" and the whole conversation was super-frustrating. To give some background: I give three midterms and a cumulative final, plus have clicker points and Aplia assignments that make up about 20% of the final grade. I do not curve individual exams but will cu...
3 comments
Read more

THE podcast on Implicit Bias

I keep telling myself I need to get back to blogging but, well, it's been a long pandemic... But I guess this is as good an excuse as any to post something: I am Bonni Stachowiak's guest on the latest episode of the Teaching in Higher Ed podcast, talking about implicit bias and how it can impact our teaching.  Doing the interview with Bonni (which was actually recorded a couple months ago) was a lot of fun. Listening to it now, I also realize how far I have come from the instructor I was when I started this blog over a decade ago. I've been away from the blog so long that I should probably spell this out: my current title is Associate Vice President for Faculty and Staff Diversity and I have responsibility for all professional learning and development related to diversity, equity and inclusion, as well as inclusive faculty and staff recruitment, and unit-level diversity planning. But I often say that in a lot of ways, I have no business being in this position - I've ne...
Post a Comment
Read more

Designing effective courses means thinking through the WHAT and the HOW (in that order)

I think most folks have heard by now that the California State University system (in which I work) has announced the intention to prepare for fall classes to be primarily online. I have to say, I am sort of confused why everyone is making such a big deal about this - no matter what your own institution is saying, no instructor who cares about their own mental health (let alone their students) should be thinking we are going back to 'business as usual' in the fall. In my mind, the only sane thing to do is at least prepare  for the possibility of still teaching remotely. Fortunately, unlike this spring, we now have a lot more time for that preparation. Faculty developers across the country have been working overtime since March, and they aren't slowing down now; we are all trying to make sure we can offer our faculty the training and resources they will need to redesign fall courses for online or hybrid modalities. But one big difference between the training faculty needed ...
Post a Comment
Read more