“Economics is not about economics per se, as many people believe, but about resources, about us humans and how we behave. Not least, what choices we make in economically interesting situations.”
This description lends itself well to conducting experiments in the classroom. Which is what Louise has done. Using a number of scenarios, thirteen different ones so far, she lets the students act as different actors in a specific situation.
“They can be consumers or farmers, or companies that have an incentive to form cartels with others.”
These 'games’ or experiments—Louise Holm uses both terms—generate a number of behavioral observations that Louise Holm and the group can then analyze together to see whether they are consistent with economic theory or not. So instead of just reading about theories – like how in perfect competition, everyone's profit is zero in the long run – Louise first conducts an experiment.
“I like to call it an experiment because it makes the students think that almost anything can happen here. But in reality, the outcome is usually in line with what economic theory says.”
The experiments are an effective way of bringing abstract concepts down to concrete reality and helping students better remember what the theories are actually about after the course.
Was able to invest in technology
Louise Holm has invested the money from the Excellence in Teaching prize in an iPad, which helps her move around the classroom more easily. She has also purchased good headphones and a microphone so that she can record her lectures and share them with the class before they meet.
"This allows us to spend our time together on things that cannot be replaced by a book or lecture. Things that require us to meet on campus.
“This teaching method also makes students want to be present. They come to campus to participate in class and to meet their classmates. This is a positive side effect at a time when it is not always easy to encourage them to come here."
Recorded lectures free up time for experiments
So far, Louise Holm has only managed to record a few lectures, but it is something she aims to develop further. Recorded lectures free up many hours in her course budget, which creates space to work with the class in other ways.
“Sometimes I can have a class of ninety students. Some experiments may require a maximum of thirty, and with recorded lectures, I have time to do the experiment three times."
“I do this for my own sake and for the students, but of course it’s also really nice that others are recognizing it with this teaching award. It confirms that yes, this is the right way to teach."
"And the students love it!”
