This post originally ran on MIT’s Office of Digital Learning blog and is authored by Jonathan Gruber, Ford Professor of Economics, MIT.
I’m excited to announce the launch of a new course on edX that covers Introductory Microeconomics. I’ve wanted to do a course like this for years. I have always found economics provides a terrific way to think about the world. Economics principles explain so much of what drives our everyday life: how people decide which goods to buy and how to spend their time; how firms set prices and hire workers, and whether the outcomes of markets are fair and efficient.
These economics principles were inspirational to me when I first learned them as an undergraduate. I have gone on to apply to them to a set of topics I am passionate about, both as a Professor at MIT and as a policy expert for both state and local governments. Whether in the classroom, in Washington D.C., or in state capitals, I have found that basic economic principles never lead me wrong in terms of explaining important aspects of the world.
Yet these basic economics principles are not understood by many. This isn’t surprising. Economics is kind of like a new language. Once you understand it, whole new experiences are open to you – but first you have to learn it, which can be hard.
But what is neat is that learning economics is a whole lot easier than learning a new language. I have realized through years of teaching economics principles that with a relatively short set of lessons we can provide the tools for everyone to see the world the way economists do. And that’s what this course is about.
By combining short videos on economics principles with fun applications of those principles, the course provides both the level of economics knowledge that is sufficient to pass the Advanced Placement® exam and a means of understanding more broadly how economics works. Now, more than ever, the lessons of the course and the questions that it asks are vital. Is going to college worth it? Why is Tesla building the world’s largest battery production plant? Is rising inequality something we should worry about, and what can we do about it? These are hard questions – that become much easier once you understand the principles of economics.
Economics is a way of seeing the world that’s useful, but it’s also beautiful and surprising and cool. I truly believe our world would be better if everyone took this course. And I know that you’ll have a great time if you take it.