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

1. 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.

2. Motivation 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

3. Economics is a wide field • Neo-classical-Keynesian • Political economy • Cliometrics • Econometrics • Marxist economics • “Post-modern economics” • “Post-industrial economics”

4. 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).

5. 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

6. 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…

7. 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

8. 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”

9. 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!!!

10. 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.

11. 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)

12. The result? Just like this 3D image, at first it seems like a lot of random information, but when You 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.

13. Model Based Thinking Models help define the main factors driving phenomenon we are interested in

14. Why model-based thinking is important S2 w S1 D1 D L Different assumptions result in different answers If you make the wrong assumption, you get the wrong policy advice, decision. Please always question what you curves look like!

15. Role of the Model • model does not explain everything • simply clarifies the issues • Can conceal more than it reveals

16. 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

17. I can’t get motivated • The linear approach • The network approach Page 1 Page 2 Page 3 TOC Page 65 Page 4 Index

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

19. 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.

20. 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.

21. 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.

22. 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! La confession

23. 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.

24. 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

25. 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

26. 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.

27. 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