Common Sense: Economics for Life! February 9, 2013 Jim Gwartney Tawni Hunt Ferrarini Joe Calhoun Joab Corey.

Common Sense: Economics for Life!February 9, 2013

Jim GwartneyTawni Hunt Ferrarini

Joe CalhounJoab Corey

Our Saturday Journey1. 9.00 am – Noon:

◦ The art of online teaching to the multi-media (M2) generation

◦ Overview of CSE ◦ Part I◦ Part II

2. Noon – 1 pm Lunch3. 1.00 – 4.00 pm

◦ Part 3◦ Part 4◦ Controversies, Supplements and Cooperative

Efforts

Part I.What?Why? Who?

Why online learning to the Multi-media (M2) generation?

1. What is an online or distance learning course?

i. What is an online course?ii. Why an online course?iii. How to deliver successful online

course to the M2 generation?

Define: Course, Online Course and M2 TechnologyCourse: For a defined period,

students gain access to class sessions, they interact 3-4 hours per week with the professor and other students, expect 6-8 hours to complete assignments in order to meet course objectives and complete course tasks with purpose.

A course is not a courseTraditional course [face-to-face

(F2F) and established meeting times at a particular site, usually on campus)]

Correspondence (asynchronous around the globe/tests included/may or may not align with the traditional academic schedule)

Distance learning courseDistance learning (same

academic schedule as F2F students, distinct syllabus and tests, 50% face-to-face meetings, 50% other)

Online (100% anytime learning from any location, alternative section to F2F courses, same syllabus, etc.)

Hybrid (some combination of F2F and online)

Web-facilitated vs hybrid courseA mix of F2F and online meetingsWeb-facilitated: 1 to 29% of the course is uses

web-based technology to facilitate what is essentially a F2F course. Use a learning management system to post the syllabus and assignments.

Hybrid: 30 to 70% of the course blends online and face-to-face delivery. Substantial proportion of the content is delivered online, typically uses online discussions, and typically has a reduced number of F2F meetings.

Identify your university’s expectations. The cost savings can be huge!

Why deliver an online course? Babson Survey Research Group.

2012. “Changing Course: Ten Years of Tracking Online Education in the United States.” Retrieved from the WWW on January 12, 2013 at: http://sloanconsortium.org/publications/survey/changing_course_2012

2012 Survey Highlights: 2800 responses“Over 6.7 million students were

taking at least one online course during the fall 2011 term, an increase of 570,000 students over the previous year.”

“32% of higher education students now take at least one course online.”

Continue “77% percent of academic leaders

rate the learning outcomes in online education as the same or superior to those in face-to-face classes.”

“The perception of a majority of chief academic officers at all types of institutions is lower retention rates for online courses remain a barrier to the growth of online instruction.”

Continue“The proportion of chief academic

leaders who say online learning is critical to their long-term strategy is at a new high of 69%. “

“The proportion of chief academic officers who believe their faculty accept the value and legitimacy of online education has not increased – it now stands at only 30.2%.”

A successful and effective course1. Provides evidence of learning effectiveness, retains

the majority of students, and quantitatively and qualitatively tracks student progress

2. Access (faculty and student)* a. Accessibility, including federal regulations, available

resources, invisible disabilities, and effective practices for student and faculty success

3. Cost effectiveness (scale and scope)4. Faculty satisfaction and positive peer reviews5. Student satisfaction and positive course evaluations

The Five Pillars of Quality Online Education, The Sloan Consortium, Retrieved from the WWW: http://sloanconsortium.org/5pillars on 1/10/13.

Multi-media (M2) generation1. Who is a member of the M2

generation?2. Why do they matter?3. How do we advance their

understanding of wealth creation from the perspectives of economics and ethics?

Who?According to report “Generation

M2: Media in the Lives of 8- to 18-Year-Olds” of the Kaiser Family Foundation retrieved on January 10, 2013 at: http://www.kff.org/entmedia/mh012010pkg.cfm ◦8-18 year olds who have nearly 24/7

access to media technology◦The mass majority use it

recreationally.

M2 generation’s recreational choices3 out of 4 of surveyed 8- to 18-year-olds own MP3

playersAlmost 7 out of 10 0f them have cell phonesSurprisingly, only 3 out of 10 kids have computers in

the home. Interestingly they find ways to spend almost 7 ½

hours a day of their recreational time (time outside of the classroom) with some form of technology.

When multi-tasking is considered, students spend almost 11 hours with some media content.

It should not go without notice that this generation choose to spend a meager 38 minutes with print materials -- a historic low according to the Kaiser report.

Why M2 students matter?They are the inputs of faculty,

graduate students, colleges, universities and future workforce!

If a course is to be successful, it must advance student understanding of ethics and economics and help them effectively apply what they learn inside AND outside the classroom.

How to engage them in order to succeed in our courses.1. Leverage their revealed

preferences in our courses.1. Write pre-thoughts2. Read3. Watch4. Listen5. Act6. Post thoughts

Additional resourceFerrarini, Tawni and Mateer, Dirk.

Forthcoming. “Multi-Media Technology for the Next Generation.” Journal of Private Enterprise.

Part II. Strong BeginningsReadWriteWatch and listenActAssessLearnPrepare and continue

Part III. Effective EndsDirect assessment: Pre and post

survey/test and discussions for the course

Pre- and post-module assessments

Transition from respond to act

Part IV. Common Sense Economics: An Economics for Life Course

JAMES GWARTNEY, Florida State University, [email protected] FERRARINI, Northern Michigan University,[email protected]