Tuesday, November 25, 2008

An economics lesson

Last Saturday (11/22), I had to sit for a capital market examination … and it sucked! Suddenly I realize how little I have understood economics, the very subject which I should have handled quite well at least, considering I graduated from namely “Faculty of Economics” of a prestigious one (in Indonesia, at least). Moreover, with economic crisis going on and off for the last ten years (if you think about it, there IS always an economic crisis all time around), I should have put extra effort to re-learn various economics concepts which had been taught back in my university years.

Still, a wish remains a wish if I don’t actually do something about it. But after a painful experience with the exam, probably I will be more serious with my plan. And today’s global economic panorama has given me an extra incentive to start re-opening my economics books. Watching the turn of laissez faire economics in the superpower country – USA – to one which is more “socialist” is not something you get to experience every year. It is now suddenly easier for me to understand what Keynes, Hayek, and Friedman talked about, after real life illustration is being displayed right in front of me.

Actually there is one more thing which has helped improve my understanding of economics. This has got to do with a weekly event in my office, which is video showing on Monday noon. For the last three weeks, the video being shown is titled “Commanding Heights” and wow, how that video has significantly improved my understanding of economics and its history over the years since the beginning of the 20th century! I wish I had seen that video when I was in my undergraduate study!

But then, maybe I was not as enthusiastic as today when watching the video. I mean, back when I was a university student, I didn’t feel the urge to understand economics as high and imperative as today, and maybe I would have slept throughout the movie (*grin). Nevertheless, if I were an economics lecturer today, I would definitely make a special session for my students so that they could see this movie.


Berly said...

Seriously, does the video available online for download?

Most likely I will teach next semaster and could use some props.

Maybe you know better about economics than you are willing to admit

Yesse said...

you could teach me a lesson or two bout the economics..
seriously, i did understand the dynamics in classroom but i have trouble in keeping it up with the reality...

guess that's a homework for all economics lecturers...hehehe

metty said...

You can browse for it. I think I saw one in the Google video.
Nah, I definitely got to learn a lot about it.

Then you'd better see the movie. Or, you can visit the website, http://www.pbs.org/wgbh/commandingheights/lo/index.html and read the transcript. It's very insightful, the movie (and I just found out that it won BAFTA awards for Interactive Entertainment category. Well, it deserves an award, I'm telling you).

Ksatrio Wojo Ireng said...

Let one grasping all the skills and knowledge as high as the sky and as deep as the ocean... one thing that later to be found that those (skills and capabilities) would turn out good in the eyes of the people if only one turn those for the good of the people.. :-)


We've found so many good and educated ones here in West Africa, they were graduated from top schools in the US, and Europe and elsewhere only later to found that they've been rottened by the system bringing all those good years of education into a massive corruption and to circumvent the system and so forth.

One should remember that legacy and self-accountability would be the measures that public will see and remember forever when one is on such heights(in the government).

Last but not least, understanding how the UN works and its bodies to help developing nations through donors' fund and other assisted programs, let us be independent and not to be addicted with loans and dictated to build our economy bu those nations in 'heights' - if you know what I mean. :-)

Hugs and kisses from West Africa, Indeed!

Berly said...

Thanks for the link..really interesting stuff.

Dont know yet what will be assigned to teach next semaster. But the students certainly should know a bit of history.

must find the most relevant 5 minutes though