Economic Rockstar

Connecting Brilliant Minds in Economics and Finance

071: Darshak Patel on Using Popular Culture to Engage Economics Students in the Classroom and Online

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071: Darshak Patel on Using Popular Culture to Engage Economics Students in the Classroom and Online

Darshak Patel is currently a Lecturer of economics at the University of Kentucky, USA.darshak patel

After a one-year Visiting Assistant Professor appointment at Roanoke College, Darshak served three years as an Assistant Professor of Economics at the University of Tennessee, Martin. 

Darshak’s research and teaching interests include labor economics, microeconomics, industrial organization, the economics of education, and sports economics.  

Darshak graduated with a PhD in Economics at the University of Kentucky with his dissertation exploring the use of  option value theory to explain student decision-making in post-secondary schooling. 

Economics:

In this interview, Darshak mentions: option value theory, pedagogy, decision-making, opportunity cost, logic, profit, the hazard model, entrepreneurship, economic growth and corruption.

Economists:

In this interview, Darshak mentions: Abdullah Al-Bahrani, Kim Holder, Brendan Sheridan, Jadrian Wooten and Milton Friedman.

In this episode you will learn:

  • whether using Twitter to enhance the students’ learning outcomes is effective.
  • how video scrapbooking can be integrated into the economics curriculum.
  • the benefits and difficulties of using social media platforms to teach economics.
  • what option value theory is.
  • about Milton Friedman’s recommendation to the US government to introduce a tax to finance the US involvement in World War II.
  • how Bing Crosby helped promote the purchase of war bonds for the US war effort during the Second World War.
  • about the transition of the Kenyan economy since the 1970s.
  • about the Chinese influence in Africa.
  • how you can use the economic data provided on FRED to bring your economics classroom alive.
  • how Darshak is using popular culture to help interpret economic concepts and theories.

Resources:

Books:

  • The Two-Second Advantage: How We Succeed by Anticipating the Future–Just Enough by Vivek Ranadive and Kevin Maney
  • Soccernomics by Simon Kuper and  Stefan Szymanski

Papers:

  • Al-Bahrani, A., Dowell, C. & Patel, D. (2016). Video Scrapbooking: An Art Form Revived in the Economics Curriculum. Journal of Economics and Economic Education Research. Forthcoming.
  • Patel, D. and Saunoris, J. (2016). Using FRED Data Series to Improve Learning Outcomes in Economic Courses: From Student to Practitioner, Journal of Economics and Finance Education. Forthcoming.
  • Al-bahrani, A., Patel, D. and Sheridan, B. (2015). Engaging Students Using Social Media: The Students Perspective. International Review of Economics Education, 19, 36-50.
  • Al-bahrani, A. and Patel, D. (2015). Incorporating Twitter, Instagram, and Facebook in Economics Classrooms,  Journal of Economic Education. 46 (1), 56-67.
  • Al-bahrani, A. and Patel, D. (2015). Using ESPN 30 for 30 to Teach Principles of Economics, Southern Economic Journal, 81 (3), 829-842.

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004: Jadrian Wooten on Using Sports to Carve Out a Career in Economics – Sports Economics

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Episode 004: Jadrian Wooten on Using Sports to Carve Out a Career in Economics – Sports Economics

Jadrian WootenJadrian Wooten is an Economics lecturer at Pennsylvania State University. Jadrian’s research focuses primarily on sports economics. He has a PhD from Washington State University and an MBA from Sam Houston State University.  He analyses various economic concepts that otherwise would not be evident by a typical sports fan or analyst. Jadrian shares his passion for teaching economics and believes that an interactive classroom is the best learning environment.

Economics and Finance Themes:

In this interview, Jadrian mentions and discusses: economics in sports, price discrimination, market structures, decision-making, some of his academic papers, over-confidence, Billy Bean, John Nash, Jim Cramer, stock markets, behavioral psychology, herding, contrarian investors, unemployment, labor economics and loss-aversion.

Jadrian’s Influencers:

His past lecturers, particularly Professor Mark Frank and Professor Darren Grant of Sam Houston State University.

Find Out:

  • how Jadrian found a love for economics and the moment he wanted to teach it.
  • which academic paper made Jadrian realise that you can combine sports with economics and have the ‘dream job’.
  • about Jadrian’s unique teaching style and how it culminated from the collective influences of past professors.
  • how Jadrian used billions of tweets on Twitter to identify over-confidence in a sport pundits’ predictions of outcomes in games.
  • who has a better prediction rate for sports results – amateurs or pundits.
  • what type of words you should use so as to increase your Twitter followers.
  • Jadrian’s opinion on online learning and the use of social media in knowledge sharing.

Advice:

‘You’ll be successful in this class, as an adult and in life, if you just read’ – Jadrian Wooten

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The more you read, even books that are non-academic, you can see economic applications.

Personal Habits:

  • Jadrian sees economics all around him and has developed a new passion for it each semester. Jadrian focuses a lot of his time and effort outside of the classroom on explaining economics to people who may not be taking it in school. Whether that’s online or whether they are doing research, Jadrian likes to talk to them about how economics can be used in their everyday life.
  • “My goal is try to get people reading about economics or thinking about economics. Even if they are not going to university, there are still plenty of popular press books that they can use to kind of learn the basics and get excited about it” – Jadrian Wooten.
  • “I am a word minimizer when it comes to slides. I love talking. I have no problem chatting with students and being in front of the classroom.”
  • “I am a big believer in showing them data, showing them graphs, showing them stuff that’s actually going on – actual application.”
  • “I am a big believer in the ‘Zero Inbox’. I don’t keep e-mails in my inbox. If something comes into my e-mail, I’ll respond to it immediately if I can.”

Takeaway:

‘Whether you think you can or you think you can’t, you’re right’ – Henry Ford

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If you think you have the ability when you start and if you put your mind to it, you can achieve the things that you want to do and if you don’t think that you can do it, then you know that’s also true, you are going to end up failing because of self-defeat.

‘Anyone who stops learning is old, whether twenty or eighty. Anyone who keeps learning stays young and the greatest you can do is to keep your mind young’ – Mark Twain

‘Dedicate time in your day to reading… it can be just books in general’ – Jadrian Wooten

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Recommended Books:

Favorite Internet Resource:

  • Calendly.com makes life easy for business professionals and their customers by streamlining administrative tasks through simple, beautiful scheduling software.

Where to Find Jadrian Wooten:

 

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003: Erin Lowry on Millennials, College Debt and Asking for the Order

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Episode 003: Erin Lowry on Millennials, College Debt and Asking for the Order

Erin LowryErin Lowry is a double major in journalism and theatre and writes on finance and money related matters for the millennial generation. She lives in New York and is founder of brokemillennial.com where she is on a mission to explain financial concepts and money saving tips to her fellow Millennials using a little humor along the way. Erin is also a freelance writer for both Daily Finance and US News and World Report. Erin has deservedly been recognized for her astounding contribution to the finance and money industry, being voted ‘Top Finance Blog’ and winner of the ‘Best Personal Finance Blog for Young Adults’. Erin has also been featured on Forbes and Reuters, as well making appearances on TV, radio and other podcasts for her advice.

Economics and Finance Themes:

In this interview, Erin mentions and discusses: millennials, Generation Y, student loan debt, credit card debt, savings, habits, business startups, money, returns, net profit, incentives and perfect competition.

Erin’s Influencers: 

Her Mum and Dad, Warren Buffett, Bill Gates, Mark Cuban and Magic Johnson.

Find out:

  • how a Krispee Kreme gave Erin her biggest lesson in understanding finance, money and net profit at the tender age of seven.
  • how living in Japan and China during her childhood developed a different money mindset to her fellow consumer-led American peers.
  • how Erin left college debt-free.
  • who are millennials, if you are one and, if so, are you narcissistic and lazy?
  • about the massive student loan and credit card debt taken on by this generation and what you can do about it.
  • the money-saving tips that you can use in college or at work.
  • how saving a little, even $2, from a paycheck now will develop into a powerful life habit.
  • the importance of having a mentor in your life, particularly as a young adult.
  • the importance of networking for millennials.
  • how ‘Asking for the Order’ can help you succeed.
  • some money-saving dating tips.
  • how you can use your free-time between college classes or in the evenings to become creative and generate supplementary income.
  • how to manage your credit card and to use it to your advantage.
  • about the importance of list-making and how this can empower you.
  • about the ‘Snowball Method’ and how it can make you feel good.

Advice:

‘As soon as you get your pay cheque, the first thing you do is pay yourself’ – Erin Lowry

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  • If you felt an outcome was unfair, ‘Ask for the Order’.  If you don’t tell people what you want, they can’t read your mind and the worse someone can tell you is ‘No’..

  • I find that list writing helps me organize my thoughts and then when I cross something off, it’s just such a satisfying feeling.

  • If you are having debt problems, talk about it to your loved ones, to your closest friends, to a credible financial planner or to a priest.

Personal Habits:

A respect for money was instilled in Erin at a young age by her father, which she carried right through into her adult life. As a head-strong decision-maker, Erin was faced with an ‘economic’ choice in adolescence which resulted in her finishing college debt-free! These traits, coupled with her mother’s mantra ‘Ask for the Order’ has given Erin enough social and financial clout too pursue her love of personal finance and helping fellow millennials to straighten out their finances.

‘Ask for the Order’ – Erin Lowry

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Takeaway:

  • ‘Your relationship with your parents and how they treat money is huge because we started learning about money from an incredibly young age’.
  • ‘I find very fascinating… men and women that are able to go out and start their own companies and start with very little money and even not necessarily a lot of knowledge about something, and they teach themselves and they just go out and work really, really hard and I think that that’s the realization of the American dream and that it still really is possible.’
  • ‘Put yourself out there, develop contacts and network with others. You can be successful this way.’
  • ‘Never just make the minimum payment on your credit card. Pay it off in full. Banks will earn high interest on outstanding credit card debt.’

Recommended Books:

Favourite Internet Resource:

Where to Find Erin Lowry:

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