Art and Craft of Economics and Management at Oxford: An Unofficial Introduction

Bryane Michael, Linacre College

Note: The following does not necessarily represent the views of Oxford University,her departments, or scholars.

The master economist must possess a true combination of gifts ... He must be a mathematician, historian, statesman,

philosopher--in some degree. He must understand symbols and speak in words. He must contemplate the particular in terms of

the general, and touch abstract and concrete in the same flight of thought. He must study the present in light of the past for

purposes of the future. No part of man's nature or his institutions must lie entirely outside his regard. He must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible

as an artist, yet sometimes as near the earth as a politician

Motivation

Economics is a wide field

Neo-classical-Keynesian Political economy Cliometrics Econometrics Marxist economics “Post-modern economics” “Post-industrial economics”

E&M resources at Oxford and afield Economics faculty - next to St. Catz Said business school - next to train station Queen Elizabeth House (development) – next to

Wok 22 restaurant. A range of other institutes (see internet for specific

interests) Economics club, India club, business club, etc. London (IEA…) The computer centre and many colleges have

statistics processing software (also see SOSIG and WinEcon).

Key values

Critical – less model building than in US but more questioning assumptions, evidence, logic.

Judgement – know what arguments to apply, when and when not to.

Intuition building – “if you need to pick up a pen, you will never be a good engineer” (Bose)

Prioritise – can get lost in info. Overload without clear strategy of what you are trying to accomplish

Key values (cont)

Rigor – not just a pretty argument but uses lots of facts, evidence, and considers all angles.

Fractured – no one Truth, no one right answer. Everything is arguable.

Independence – less guidance than in US, Oxford is what you make it.

Everything linked – ideas come from everywhere and infuse everything else.

Fail to succeed – we learn most when we fail… keep at it.

How to get to Carnegie Hall…

Essay

Different preferences for every tutor, but… Writing style is key

If your writing is weak, go to an OWL on the Internet and brush up. This is priority number one.

Less argument and more exploration Should cover the issues comprehensively

But explore within a framework The one thing which unifies non post-modern

economics and management is the use of analytical frameworks

Essay (2)

Less “creative” than in US some tutors tell you to write about whatever or use whatever

readings you want. Best not to accept this…agree on a specific topic and stick to the

assigned readings. I’ve never seen a tutor happy with an essay comprising own

readings. Point is to determine what you know and think, not how creative

you are. Criteria of argument is important (define terms) Longer is not better – there are “key” issues “touch the abstract and concrete in the same flight of thought”

Essay (3)

Make every word count Avoid things like “basically”, “in other words”

Avoid hyperbole! innovation is the only hope for Malaysian economic growth we have entered a new era of knowledge...

Be concrete! don’t string jargon together (promoting competitive advantage

relies on key processes and skills) What does THAT mean?!? don’t simply state relations (investment determines output

growth) It DOES NOT always. Show me, don’t tell... I want data,

anecdotes If you can’t explain it to your 10 year old cousin, you probably

don’t understand it yourself!!!

Skills you Should Already Have Unlike US universities, most tutors will not assign

the following: vocabulary lists basic questions at the end of the chapter (for text books) Requests to compile annotated bibliographies of readings

As a mature adult, you are generally expected to do this yourself.

Saving time by failing to compile vocabulary lists, answer questions and summarise main points of readings is a false economy.

Staring out the window

Q: Why do Oxford students appear to stare out the window in libraries?

A: They are thinking (!?!) About 50% reading, 50% thinking How to think

Memorise key terms, theories and authors in your notes Make links “hum, Smith reminds me of Chandler on this

point….” How could I use that in my daily life? (trust me, you can)

The result?

Just like this 3D image, at first it seems like a lot of random information, but whenYou stare at it long enough, you see the underlying image (do you see it?)You will be tested on your ability to see “the image” in tutorials.

Model Based Thinking

Models help define the main factors driving phenomenon we are interested in

Why model-based thinking is important

S2

S1

D

D1

Different assumptions result in different answersIf you make the wrong assumption, you get the wrong policy advice, decision.

Please always question what you curves look like!

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Role of the Model

• model does not explain everything• simply clarifies the issues • Can conceal more than it reveals

Question Everything

Remember the Al-Jazeera motto “If there is one opinion, there is

another” ALWAYS

You will be expected in tutorial to provide a balanced view

No one viewpoint Though you should provide a “best”

answer given the data

I can’t get motivated

The linear approach

The network approach

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IndexTOC

• Most students find the first 2-3 weeks very challenging and Unnerving• Don’t worry, you will get over it….• The Oxford System requires someadjusting to!

Fluctuat Nec Mergitur

Remember Poe’s A Descent Into the Maelstrom (1841). The sailors escaped the whirlpool by keeping their sang froid and using their reason to find the way out.

Why is my course so difficult? Oxford has necessarily high standards The level of your tutorials is adjusted to your

talent Average performance at high levels of

difficulty better than exceptional performance at low difficulty levels

If you would prefer an uncommitted, easy tutor, please let me know.

Relationship Management

Your tutor is your closest advisor and ally…but Stay focused on the question at hand during

discussion (and keep tutor focused also). Stay calm – your tutor will “probe” your weaknesses

(sometimes aggressively). Terms of reference – agree beforehand what you

will learn for the term/year Agree on next week’s assignment – I find it helpful

to write down and agree on a draft version of the essay before I write it to make sure I am giving the tutor what (s)he wants.

Relationship Management (2)

Think before speaking – not like US “class participation” where say whatever. Must be well thought-out. Ask tutor for 30 seconds to think about your response if you need it.

Keep your appointments – your tutors’ time in the marketplace is worth hundreds of pounds an hour.

If the relationship is a disaster, you may switch.

La confession

Tutorials are not the Spanish inquisition

Bring materials you don’t understand to tutorial.

Not a crime not to understand a difficult paper (maths)

Is a crime to ignore it because very likely will be discussed in tut!!!

Bring the book or paper with things not understood underlined

Bring the whole paper with one big underline if you must!

Relationship Management: Culture Shock In America, your professor treating you informally may be an

invitation for you to treat him/her informally It’s an informal culture Professor will keep distance if he wants you to also (address by

last name) In EUROPE, this is not the case

higher ups (academics as well as business) may treat you informally

you may NOT generally do the same everyone has their place American ego or self-confidence is very distasteful If you commit lese-majesté, a European won’t tell you... but will

simply stop taking students from your programme/profile. Family visits, seeing the baseball game is NOT an excuse to

reschedule a tutorial.

And finally…

Double loop learning Observe how your tutor or lectures argue Observe how your readings reason Observe how you learn and ask if you can make it

faster, more practical… Economics and Management is as much a

way of thought as of content

Lectures to go to

Check the lecture lists (you won’t be coddled) Here some other lectures for you to go to:

General: http://www.admin.ox.ac.uk/pubs/lectures/ Development: http://www.qeh.ox.ac.uk/teaching/diary.html Economics:

http://www.economics.ox.ac.uk/Events/events.asp Business: http://www.sbs.ox.ac.uk/html/events_main.asp Oxonia: http://www.oxonia.org/events_2004.html Governance Programme:

http://users.ox.ac.uk/~ntwoods/whatson.htm

Help?

For light questions, advice on courses or career, feel free to contact me at 07815 652 209 or bryane.michael@linacre.ox.ac.uk

I come from a managerial rather than (stodgy) academic background so I expect frequent calls!

If you are interested in internships or research associations, please contact me. Some pop-up in Oxford from time to time.

Extra Resources

http://www.economics.ltsn.ac.uk/teaching/text/studyskills.htm

http://www.economics.ltsn.ac.uk/teaching/text/mathsforeconomists.htm

Thomson, William. 1999. "The Young Person's Guide to Writing Economic Theory." Journal of Economic Literature. 37: 157-183.

Ten Principles Every Student should learn