Today sees the launch of a new interactive e-learning tool to help undergraduates get a handle on microeconomics. LiveEcon Microeconomics Essentials aims to engage students in the subject by allowing them to manipulate economic variables and immediately see the effects in moving on-screen tables and charts. The unique new programme follows the success of its sister product, LiveEcon Macroeconomics, which is currently being used to help undergraduates at 35 universities in the UK and worldwide, grasp the principles of macroeconomics.
Dr Jochen Runde, Reader in Economics at Judge Business School and co-author of LiveEcon Microeconomics Essentials, believes that while economics will always be a challenging subject, bringing it to life through LiveEcon will help students understand the concepts and how they apply to the real world. "For example, in the U-Drive-It! section, users can manipulate price, or impose a demand shock and immediately see on-screen how it affects the firms in the industry," says Dr Runde. "This is unique and LiveEcon’s main advantage because by making the subject visual and interactive like this, we can engage students in a way that isn’t possible with conventional textbooks." Students are also guided through dynamic moving tutorials covering all the main issues of economic theory, before testing their understanding through interactive question-and-answer sessions.
LiveEcon Microeconomics Essentials and its macroeconomics equivalent cover the material in most first year economics courses, but the programmes are not limited to use with first year students. Dr Runde even uses LiveEcon on Judge Business School's MBA programmes. "MBA students need to get up to speed with economic concepts and they often come from other disciplines so have no prior experience," said Dr Runde. “This makes LiveEcon perfect for them - the compactness and interactivity allows them to gain an understanding of how the models work quickly." LiveEcon Macroeconomics has an introductory version - Macroeconomics Principles, and a more advanced version - Macroeconomics Intermediate, featuring material suitable for second years. A more advanced Microeconomics edition is planned for January 2008 to build on the introductory Essentials edition.
The LiveEcon programmes are developed by Interactyx – an independent provider of learning tools for higher education. Charles Jordan, Chairman of Interactyx, said he is looking forward to seeing LiveEcon Microeconomics Essentials become as successful as the macroeconomics products. "We have received great feedback from the universities that have already adopted LiveEcon," he said. "We’re not saying it should replace textbooks, but there is nothing to equal LiveEcon’s combination of step-by-step tuition, hands-on manipulation of complex economic models and quizzes."
In authoring Microeconomics Essentials, Dr Runde is joined by Drs Phil Faulkner and Toke Aidt, both members of the Economics faculty at the University of Cambridge, as well as his colleague at Judge Business School, Dr Simon Taylor. The University of Cambridge is one of 35 to already adopt LiveEcon, others include the University of Liverpool and City University in London, as well as those as far away as the Universities of Rajasthan, Belgrade, Chicago and Melbourne.
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