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Economics As a Science Socialism Vs. the United Order Econ 110

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Economics As a Science Socialism Vs. the United Order Econ 110 Brigham Young University Department Magazine Issue #3 2014 ECONOMICS Econ 110: Learning to Economics Socialism vs. Think Like an Economist as a Science the United Order Professors and students discuss What makes economics A comparison of socialism the 110 experience. a science? and the United Order. 4 9 14 Some econ classes have a reputation for pushing students to their limits. The professors know this. Here are some of their tips for success. From Professor Jim Kearl: • Prepare ahead of time for class discussion. • Try to get the “big picture” and then fit the details in place. • Take notes while you read, but in your own words; donʻt just copy material from the textbook. • Schedule time each week to work on homework. • Discuss what you are studying with others. • Focus on learning how to economics, not on learning economics. From Associate Professor Scott Bradford: Thereʻs no secret formula here, but students who do all of the following get Aʻs. • Conscientiously work through each problem on each problem set and on each practice test. Get help from fellow students, the TA, or your teacher until you understand how to do all of the problems. • Attend class each day and take careful notes. • Before every test, review the handouts and class notes. Be sure that you understand each concept and see how it all fits together. From Professor James McDonald: Econometrics is easy, econometrics is fun, econometrics is your friend, and econometrics is romantic. The Five Doʻs: • Do keep up with the material, maybe even scan new material before the lecture. • Do your homework as soon as possible (remember the dangers of freeriding). • Do visit with your TA or professor about questions you have. • Do look for a project (for which you have a passion) with data early in the semester. • Do keep a positive attitude—there is nothing as useful as good theory. From Professor Val Lambson: (1) A Bayesian-Nash equilibrium is a list of strategies and a list of beliefs such that the strategies have the mutual best reply property given the beliefs, and the beliefs are derived by Bayes' rule given the strategies whenever Bayes' rule is well defined. Understand this and the rest is commentary. (2) Ask questions. Chair Editors Graphic Designers Writers Faculty Writers Assistant Editors Eric R. Eide Carrie Scoresby Bree Morris Abigail Weidmer Eric Eide Brennan Platt Ann Baxter Abigail Weidmer Brooke Alius Eleanor Golightly Richard Evans Joseph Price Ben Hale Brigham Frandsen Michael Ransom Lars Lefgren David Sims Photographers Kerk Phillips Olga Stoddard Bree Morris Jenna Barton From the Chair Join LinkedIn! ECONOMICS Connect with the Economics It’s hard to believe Department and each other through the another year has department’s passed and we are Brigham Young University official Alumni and now sending you Department Magazine Student Network. the third issue of Issue #3 Some econ classes have a reputation for pushing students to their limits. this magazine. In 2014 The professors know this. Here are some of their tips for success. this edition, we highlight some of our FEATURES students’ and faculty’s accomplishments and From Professor Jim Kearl: milestones, and bring • Prepare ahead of time for class discussion. you up to date on some of our alumni. • Try to get the “big picture” and then fit the details in place. Changes are taking place among our faculty • Take notes while you read, but in your own words; donʻt just copy material from the textbook. and staff as well. We bid farewell to Professor • Schedule time each week to work on homework. David Spencer who is retiring after many years • Discuss what you are studying with others. of outstanding service to the department, the • Focus on learning how to economics, not on learning economics. college, and the university. Many of you will remember Professor Spencer as an instructor of our macroeconomics courses. While he will be missed, we are pleased to welcome 4 9 From Associate Professor Scott Bradford: another macroeconomist to our faculty, Econ 110: Learning to Think Economics as a Science Assistant Professor Christian vom Lehn, Thereʻs no secret formula here, but students who do all of the following get Aʻs. Like an Economist Kerk Phillips examines the scientific • Conscientiously work through each problem on each problem set and on each practice test. Get help from who recently received his PhD in economics Even though Econ 110 intimidates students across aspects of economics. fellow students, the TA, or your teacher until you understand how to do all of the problems. from Princeton University. Our Alumni and campus, it also leads to the conversion of many • Attend class each day and take careful notes. Internship Coordinator, Abby Weidmer, is future economists. • Before every test, review the handouts and class notes. Be sure that you understand each concept and moving on to begin her Master of Public see how it all fits together. Administration at BYU. We are grateful to Abby for all she has done in the department. Anecdotal evidence suggests that many From Professor James McDonald: of you became economics majors because of Econometrics is easy, econometrics is fun, econometrics is your friend, and econometrics is romantic. your experience in Econ 110. That was certainly The Five Doʻs: the case for me. I didn’t know much about • Do keep up with the material, maybe even scan new material before the lecture. economics, but it fit my schedule and satisfied • Do your homework as soon as possible (remember the dangers of freeriding). a GE requirement. From the first day I was • Do visit with your TA or professor about questions you have. smitten. I found that it characterized the way I • Do look for a project (for which you have a passion) with data early in the semester. viewed the world and presented it in a formal • Do keep a positive attitude—there is nothing as useful as good theory. way through economic models. One of our 14 22 feature articles focuses on the ways in which Socialism vs. the United Order Class Stats Econ 110 influences students’ perspective of Brennan Platt explores key differences between Find out where the most recent BYU the world. Another feature article compares socialism and the United Order. economic graduates are headed. From Professor Val Lambson: socialism and the United Order, which provides (1) A Bayesian-Nash equilibrium is a list of strategies and a list of beliefs such that the strategies have the mutual an example of how our faculty uses gospel best reply property given the beliefs, and the beliefs are derived by Bayes' rule given the strategies whenever Bayes' principles to shed light on economic concepts. ALSO IN THIS ISSUE rule is well defined. Understand this and the rest is commentary. I hope you enjoy this issue and (2) Ask questions. reconnecting with us. If you have comments or 2 David Spencer: The Man 24 Alumni Spotlights suggestions for future issues, please send an Behind the Desk 27 The Heart of the FOB email to [email protected]. 3 Standing on the Job 28 Cottage Dinners 12 Faculty Scholarship 29 New in the FOB Sincerely, 20 Student Highlights 29 In the News Eric R. Eide Department Chair 1 E David Spencer: The Man Behind the Desk By Richard Evans, Kerk Phillips, and Abigail Weidmer WHEN WE FIRST approached Professor of course, a marvelous colleague Spencer says that one of his greatest David Spencer about highlighting him in and co-author.” privileges as a professor is to be involved honor of his upcoming retirement, he In addition to his published work on in the lives of his students, many of whom responded with characteristically dry humor, empirical macroeconomics, Spencer have gone on to have highly visible careers “Is this article planned for the boring has made important contributions in the in academics, government, and the private section?” Always humble, Spencer has never application of time-series econometrics sector. “It’s very gratifying to look back on been one to draw attention to himself. to macroeconomic and monetary policy students, especially those that I’ve been able issues. His later work focused on the proper to keep in touch with or follow and see how MAN OF SUCCESS estimation and use of structural vector well they’ve done, how well they represent autoregressions (SVARs) and the information themselves, how well they represent BYU, Spencer has achieved great things as a they reveal about the relative importance of and how well they represent the Church,” professor. He holds an impressive publication price and wage stickiness. he expresses. record and has published his research in several of the best journals, including MAN OF INFLUENCE MAN WITH A LEGACY Econometrica, American Economic Review, Review of Economics and Statistics, Journal Through teaching experiences at several From his first year at BYU through of Econometrics, and the Journal of Money, universities, Spencer has touched the lives 2005 Spencer taught Econ 581, the Credit, and Banking. He has also refereed for of many students both at home and abroad. graduate school preparation course in these journals and many others. In 1997, he taught economics in Vietnam macroeconomics, and until 2003 he taught One of Spencer’s most cited papers is one as a Fulbright Scholar. There he was able to Econ 110, Principles of Economics. In he co-authored with Jo Anna Gray, a former influence many young scholars who were just addition, he has been a regular instructor in colleague. The paper, titled “Price Prediction beginning to learn about market economics Econ 381, Intermediate Macroeconomics, Errors and Real Activity: A Reassessment,” after being steeped in Marxist economics and Econ 453, Money and Banking.
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