10.28.07
The Economic Naturalist
This morning I stumbled upon an essay by Robert H. Frank, an economist at the Johnson School of Management at Cornell University, and author of “The Economic Naturalist.”
He argues that the study of economics is dismally taught and dismally understood. He suggests that rather than teach all the “horrible equations and graphs,” an alternative method should be deployed– that of storytelling and narrative. He writes: “The form in which ideas are conveyed is important. Perhaps because our species evolved as storytellers, the human brain is innately receptive to information in narrative form.”
Frank asks his students to pose an interesting question based on something they’ve observed or experienced, and then they must use basic economic principles to explain it– in no more than 500 words. Most students present answers invoking the “cost-benefit” principle which says that a rational person should only take actions whose benefits outweigh their costs. Read more from Frank here.
Basic economic principles, he says, are not rocket science. They are accessible to most children (and perhaps even to those of us who are desperate to come up with methods to value the impact of the social capital market!).
This method, “the economic naturalist” principle, harkens back to the field of biology that uses Darwinian principles to interpret the traits and behaviours of living things.
My take-away over coffee this morning is, as Frank writes: “… in light of the low bar established by traditional courses, there seems little risk in trying something different.”
What shall we try?
Sean Stannard-Stockton said,
October 30, 2007 at 9:08 pm
I loved this post. This is exactly the point I was trying to get across when I wrote about philanthropic capital markets needing an online conversation to provide context. I haven’t read Frank, but I was an econ student as an undergrad, so I agree with him 100%.
Allan said,
November 2, 2007 at 6:24 pm
It is only more recent economists, trying to acquire the validity of science for their social theories, that have resorted to the horror of graphs and equations.
The elegance of The Law by Bastiat (1801-1850) was in expression, the enjoyment of his Candle Maker’s Lament was in its story.
http://silentpc.org/university/TheLaw.pdf
http://silentpc.org/university/Candlemaker.pdf