How to Make Microeconomics Engaging for Students: A Project by the Perm Campus of HSE University Wins the FEI Competition
The results of the autumn competition for educational innovations at HSE University have been announced. Among the winners in the "Free Nomination" category is the project "Microeconomics in Practice – Applying Theoretical Concepts to Extract Information from Data", developed by Professor Mariia Molodchik, a faculty member of the Department of Economics and Finance and a senior researcher at IDlab, and Egor Ivanov, a lecturer in the Department of Economics and Finance and a research assistant at IDlab.
The main idea of the project is to bridge the gap between theoretical economic concepts and their practical application. The initiative shows students how concepts such as supply and demand, as well as price elasticity, can be used to analyze real data. This makes the study of economics more engaging and relevant.
The authors of the project aimed to make econometric methods accessible so that students could learn to analyze economic phenomena and draw informed conclusions based on data. Mariia Molodchik and Egor Ivanov explained complex concepts in an understandable way, using examples from everyday economic life. Although students did not learn all the technical details, they gained an intuitive understanding of applied econometric methods, could analyze real market data, and practiced conducting regression analysis.
Egor Ivanov, Lecturer at the Department of Economics and Finance, Research Assistant at the International Laboratory of Intangible-driven Economy
The idea for the project arose from a desire to make economics more comprehensible and engaging for students. I remember facing similar challenges when trying to grasp theoretical material that seemed far removed from reality. Therefore, it was important for me to show students that theory can be not only interesting, allowing for a better understanding of economic patterns, but also have concrete applications for solving specific problems. Mariia Molodchik, the course lecturer, enthusiastically welcomed the idea and helped bring it to fruition.
Our initiative could also be beneficial in other courses that face the challenge of engaging students with seemingly abstract theoretical concepts. We plan to continue developing materials based on feedback from students, refining our approaches. We are also ready to share our experience and materials, helping colleagues develop this practice in their courses. All this is aimed at creating a more engaging and effective learning experience.
The HSE Educational Innovations Competition is an annual event that provides educators with the opportunity to present their new ideas and best practices in teaching, receive valuable feedback from experts, and scale their developments. The competition aims to identify and support the most promising and effective educational initiatives: each year, over 100 applications are submitted with projects from faculty across all campuses.