Another attempt

[Joyce Burnette]

Here's my homework: 

http://www.educreations.com/lesson/view/keynesian-equil-1/9155142/?s=ojLdAz&ref=link

I used my laptop and learned that I can't write with the mouse.  Besides the fact that it looks goofy it takes a long time to write an equation.  I think it would go quicker with an ipad.

I ignored the 5-minute rule.  I think this topic could be done with a flipped classroom.  This plus a lesson on the multiplier should get them to the point where we could discuss/do problems in class.

Joyce

[Ed McKelvey]

Joyce,

 

Nice work, especially given that the mouse was holding you back.  I’m sure doing it with an iPad would help move things along.  I’d make the following comments, most of which are small points and several of which you may have done had you been working with a faster way to write.

 

1.       You could probably speed up the first minute or so—or dispense with it entirely—given that you don’t get to the multiplier in this lesson.  Put differently, I’d present the lesson as an explanation of Keynesian equilibrium and perhaps explain (quickly) that once the student understands this model he/she will be able to learn how the expenditure multiplier that underlies the Keynesian view of fiscal policy works.

 

2.       When you introduce the $100 birthday gift example it might help to have an extra step with ΔY=100 and ΔC=70, just to reinforce the marginal nature of this extra income.

 

3.       You get into the first graph fairly quickly with little explanation.  Perhaps label the $230 intercept and the 0.7 slope and verbally note what’s on the horizontal and vertical axes (I don’t think you did this).

 

4.       Where you use the term aggregate expenditure (AE) I would recommend substituting aggregate demand (AD) and reserve the former for the identity that GDP is aggregate expenditure (including unplanned inventory accumulation).

 

5.       In the final graph I’d keep the green for your AE (or AD) line and use some third color (or perhaps a dotted line) for the 45-degree Y=AE (or AD) line.  I’d also recommend a light grid in the background, if that’s possible, to reinforce the location of the equilibrium.

 

Ed McKelvey

Visiting Professor of Economics

Oberlin College

440-775-8857

 

210 Rice Hall

10 North Professor Street

Oberlin, Ohio  44074

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