Experiments versus Econometrics: Implications for Teaching Economics
The dominant empirical paradigm in economics for more than half a century has been econometrics, which involves the use of statistical methods to identify patterns in data. This paradigm has induced a quantitative approach to teaching, with positive and negative effects on the educational process. An emerging alternative research methodology involves the use of lab experiments. This method of economic inquiry is more akin to the physical sciences and opens up fresh possibilities for the teacher to develop student learning in new directions. This paper explores this frontier, outlining the rationale for using experimental economics in the classroom, and exploring some implications for the future infrastructure of teaching and learning in the discipline.
||Experimental, Experiential, Teaching, Learning
The International Journal of Learning, Volume 15, Issue 10, pp.149-156.
Article: Print (Spiral Bound).
Article: Electronic (PDF File; 526.695KB).
Professor of Economics, Department of Economics, Management and Accounting, Hope College, Holland, MI, USA
Kim Hawtrey is Professor of Economics at Hope College Michigan. He came from Macquarie University Australia and publishes internationally on banking and finance. In 2007 he received a prestigious National Carrick Award for Teaching Excellence from the Australian Government, in 2006 an Outstanding Teaching Award from Macquarie University, and in 2005 was chosen as AFAANZ/Pearson Finance Lecturer of the Year, an international competitive teaching award. Experiential learning lies at the heart of Kim Hawtrey’s teaching philosophy, yet is still rare in his teaching context: the discipline of economics. The approach he has pioneered has taken ten years to evolve and aims to help students be better equipped to become lifelong learners by learn about learning itself, gaining self-awareness of their own learning style in the process. Prior to academia Kim Hawtrey was Chief Economist at Colonial State Bank and an Economic Advisor at the Reserve Bank of Australia. He holds a Bachelor of Economics with First Class Honours from the University of Sydney, a PhD from the University of New South Wales, and a Certificate in Monetary Economics from the Universidade Tecnica de Lisboa Portugal.
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