Economics

Integrating Ignatian Values into Principles of Economics

Nancy Bertaux, Ph.D.
Mentor: Ed Cueva, Ph.D. (Classics)

Over the course of the Fall 2006 semester, through conversations with Ed Cueva, readings on Ignatian pedagogy/Jesuit education, and through personal reflection, I have both made a number of changes to my approach to principles of economics courses taught during the semester, and planned further changes for the next semester.

While the majority of class time and energy in a principles of economics class must be spent on standard, basic theory, there is always an opportunity for instructors to personalize and energize these courses through their use of optional materials and illustrative examples. In my two honors' sections of principles of microeconomics, I have used three major supplemental readings and some in-class and homework activities to focus students' attention on social and ethical issues that are either implicit in the methodology of economics, or serve as applications of the theory learned by students. The supplemental readings were Robert Layard's Happiness and Economics, Barbara Ehrenreich's Nickel and Dimed, and Vandana Shiva's Stolen Harvest. The activities included simulations of market dynamics and analysis of students' own spending patterns to explore market structures. I believe these changes were significantly effective at both enhancing student learning of the "basics" as well as students achieving a more sophisticated understanding of the advantages and disadvantages of free markets. This more sophisticated understanding included an expanded awareness of the many important ethical dimensions of economic theories and economic activities.

During the spring semester, I expanded this basic approach, in a modified fashion, to both principles of micro and macroeconomics, this time for non-honors students. To accommodate student time limitations, I had each class divided into two or three groups, each of which read one of the supplementary books. Discussions in class acquainted all students with the general arguments in each book. I added another reading, Paul Farmer's Pathologies of Power: Health, Human Rights and the New War on the Poor, which was especially appropriate since Farmer came to speak at Xavier during that semester. As time permitted, I also continued and extended the in-class and homework activities.

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Incorporating Jesuit Values into a First Year Seminar on Markets and Morality

Rachael Behr LaRose, Ph.D.

Mentor: Marcie Lensges, Ph.D.

In the pursuit of Jesuit education that nurtures the mind, body, and spirit, my Ignatian Mentor Program project incorporated Jesuit educational values into a First Year Seminar I designed, titled “Markets and Morality”. This course set out to explore the ethical implications of capitalism, and it had three main units of study: the first explored markets as corruptive of our morals, reading from thinkers like Aristotle, Rousseau, and Marx. The second unit explored the idea that markets are merely tools, to be used by actors for good or ill, reading selections from
scholars like Adam Smith and Bernard Mandeville. The final unit explored markets as morally enriching, and we read from scholars such as Montesquieu, Virgil Storr and Ginny Choi, and Deirdre McCloskey.

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Communicating Jesuit Values in Economics

Thomas Lesbesmuehlbacher, Ph.D.

Mentor: Christine Anderson, Ph.D. (History)

Economics is often considered the dismal science. Coined in the 19th century by historian Thomas Carlyle in the
context of reintroducing Slavery in the West Indies, economics today is still often used to derive gloomy prediction
and policies, often with little regard for human feelings. For example, economics can justify why, given scarce
funds, it is efficient to let AIDS patients in developing countries die. Economics can explain why at the onset of the
Financial Crisis in 2007/2008 traders kept making money well knowing they contribute to the demise of the
economy. Afterall, economics is all about incentives and rational decision making, and feelings have no place in the
dismal science.

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Student-Devised Cost of Living Comparisons (Economics 201: Macroeconomic Principles [2 sections, 25 students each], Winter 2007)

Michael Rimler, Ph.D.
Mentor: Sarah Melcher, Ph.D. (Theology)

Macroeconomic examines how the economy-wide average price level and the economy-wide output level are determined as well as what, if any, relationship exists between the two. We identify and analyze the forces which influence the overall stability of the economy. Specifically, we look at the causes of inflation, cyclical swings
in total production, and economic growth. The goal of characterizing macroeconomic theory is to apply that understanding to policy decisions for the purposes of stabilizing the growth of an economy.

This course satisfies the social science requirement in the University Core and is required of all undergraduate business students through the business core. As such, this course is taken by a wide range of students, most of which are classified as sophomores. Microeconomic Principles is a prerequisite for this course, thus students have prior knowledge of economic thinking. 

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