Greg Mankiw is a professor of Economics at Harvard University. He has written an introductory Economics textbook that is widely used in AP courses around the nation. He has served on the Presidents Council of Economic Advisors, and is a real star in our field. In this New York Times article, he spelled out his advice for the college bound. Read the article and leave your comments. Do any of his points hit home for you? Remember no copying your fellow student's comments.
57 comments:
Minnu Augustine
Period 2
The section “Ignore advice as you see fit” really hits home for me because it reminds to take each person’s advice with a grain of salt. They have learned valuable lessons from their experiences and we all will too, through our own experiences. This section of the article reminds us that although we are more inclined to listen and go with the opinions of others, we should ultimately focus on what we want as individuals. Relating to economics and life, we should do our research to make smart decisions that benefit us rather than just going by the first thing we hear someone say.
Varsha Martin
Period 2
The section on Psychology is what stood out for me.Behavioral economics, along with the related sub-field behavioral finance, studies the effects of psychological, social, cognitive, and emotional factors on the economic decisions of individuals and institutions and the consequences for market prices, returns, and resources.The section told me the importance on how mind is essential when it comes yo the studies of economics, or anything that is related to business world. The section also depended on how our mind gives us the clue to the stock life we see in our daily life.The section also tells how human mind has mainly flaws that not everyone sees.
The advice that stood out to me was the idea that I should lean economics. After taking this course I learned the importance of economics and how important of a role it plays in all the financial decisions. For the rest of my life, what other people do with their money will affect what happens with my money. I will have to carry the importance of economics with me so that I will always be prepared for whatever happens in order to make smart financial decisions.
Period 6
The point that stood out to me was to learn finance because economics plays a large part in our savings accounts such as our 401K plans and the social security issues. Because of basic knowledge in economics and finances, we should be able to save large amounts off money by making educated choices. For example, if we learn to diversify our stocks we would learn to mediate the risks and hopefully not loose much money. As a result, we would now learn to make sure we have a wide base of economic security.
James Ware
4th Period
The part about psychology is important in any field where you will being dealing with people. People are not always rational and could change their mind on a dime, especially if they get that dime. On Golden Balls, there's some level of psychology there. The game is similar to the Prisoner's Dilemma, either both get a reduced sentence or one stays in prison and the other goes free. Understanding the human mind and behavior is a very powerful tool.
Marcella Winfiele
Period 6
Throughout the article, Gregory Mankiw portrays the fact that one topic or field of interest can be useful in everyday life as well as other work fields. By such a belief it allows for students to grasp the idea of not juts merging interests together, but also the benefits from looking at certain things with a different perspective or outlook in mind. Psychology is an extremely intense work force itself, yet it also aides other fields of study. Mankiw describes to us how a basic comprehension of psychology, even though he took the class as an adult well into his career, it truly helped him when Behavioral Economics started to gain popularity. By having even slight knowledge of different fields of studies, it can substantially increase ones knowledge on their main field of interest. Thus, by allowing yourself to become more of a well rounded person in the work world, you will only create more opportunity and success for your career in the days to come.
Victor Varghese
Period 2
The section "IGNORE ADVICE AS YOU SEE FIT" hit home for me. In our life, decisions are important, our life depends on our choices. Everyone's opinion will have an influence on us but what we should make sure is that we are analyzing the consequences of our decisions. It is important to research/study deep before taking decisions. For example when you buy or sell stocks make sure you know what you are doing and you are doing it because you know you should do it, rather than getting influenced by some one else's opinion.
Period 6
I agree with the author when he says that some subjects are just not as applicable for this day and age. The education system has to realize that some subjects just aren't relevant or useful for students anymore as we are dawning on an age where individuals care more about calculating probability and using statistics for self gains. It isn't like those subjects aren't important, but it's the fact that they aren't subjects that the majority of the population needs to know or use. Meanwhile, there are other subjects like Psychology which are being ignored as many don't see the value of information that this course provides. However, when it comes to studying the behavior of the economy, the greatest key element that we can predict is the behavior of individuals like ourselves and how we function as a whole. If we learn what motivates people and what controls people to act the way they act, this information can be very useful to understanding and predicting how the economy will react. I believe that this is some good advice that students like myself should take to heart in the coming future.
Mervin Cherian
Period 2
I agree on the factor that one should study economics. One reason is because like hes said not to be fooled by politicians. Politicians say they will do things even if it hurts the economy in order to get our votes. So I believe learning economics will also help us in our daily lives and help us make analytical judgments on our financial matters. I also think we need to learn some finance as it would help us better keep our money safe. Knowing the risks of stocks and cds will help one to better understand how to invest and to save our money.
The section on studying Statistics was especially interesting. Every day we all come across cast amounts of data and we all look at studies. A study of statistics will give a student a they knowledge they need to analyze the data they receive efficiently as well as have the ability to look at published studies with a new level of scrutiny. There are also several misconceptions about data analysis and probability that would be fixed by knowing some basic statistics.
The "Learn some psychology" section stood out the most to me because well one, I wish to be a psychology major in college and two, I always forget how much psychology ties into all fields of work. When I think of psychology, the only professions I imagine utilizing the study are therapist and psychiatrists. It was interesting to hear that economist can use it to, but after thinking about it, that makes a lot of sense. Economy has a lot to do with people and how they think so it would only be right that psychology would come into play.
Laura Rezmer-Cooper
Period 2
The advice that stood out to me the most was the part on "Learn Some Finance". When we go into college for the most part we will be by ourselves and making our own decisions when it comes to money. When we graduate high school we should know what the stock market is, and how to invest in it. We need to learn to diversify our money and invest it into different things and not have all of our eggs in one basket. The economy is a big part of everyones life. Having knowledge on how to save for 401k's and social security would be a huge benefit for everyone. As a result of learning this, we all might be more financially stable in the future.
Nima Jamshidi
Period 2
One part that stood out to me is the part about learning finance because I've known for a while now that I would have to learn it when I grew up but I never really wanted to. Every time I listen to my sister, brother, and mom talk about their financial stuff, like their 401(k)s, I only ever think that I want to not have to worry about that stuff for as long as possible. I guess soon I'm going to have to start learning about it though. Another part that stood out to me was the part about learning some economics. It stood out to me because I'm kind of already doing that right now. I can see why he thinks it's a good idea to learn some econ so we can better understand the "ordinary business of life." Learning about supply and demand curves is great and all but I have to say my favorite part about our class is when we have conversations about economics in the real world.
Lloyd Videau
6th period
I enjoyed this article becauseI feel that today's high school curriculum fails to equip students fully with what they need. The world of taxes and insurance is foreign to us, and we lack the knowledge necessary to succeed in the world. In my opinion, statistics and finance classes are extremely necessary courses to take in college. Which is why i extremely hope that more people realize this so America can benefit.
Shaban Momin
Period 4
The section "Learn Some Economics" was the most intriguing in my opinion because I thought that it was actually a brilliant idea to teach and educate the young society about economics. I believe that economics is a huge course that should be taken and this can help people better understand what is their economy like, what they are investing in, what to do to be a successful business man, etc.
Period 2
I thought the article was interesting when it said that graduates should take advice from their elders, but not all advice is good advice. I feel that is beneficial, because you cannot create the next best thing without knowing the things that led up to that. The visionary people took time to hone in on their craft by learning the inventions that came before them. I think he was saying that any college bound student with an idea that they are determined to see come to life can become the next Mark Zuckerberg.
I agree with all of his points especially the one about how a lot of people don't know anything about economics. as a senior in high school, I didn't even know what a stock was until I begun learning about it. so that statement is a valid one to me due to the fact that I was in the same position a few months ago. however, everyone should learn about economics in some shape or fashion.
Learning Statistics actually is very important. Trigonometry and geometry really is only good for certain professions, but statistics is more relevant, especially in a modern society. Statistics is using math in a logical way to understand how things work, something geometry and trigonometry do not cover. In this day and age there is so much data to process, especially with the way the economy is now. Without statistics it is hard to survive in a society that is based on data. For a person to thrive he/she must learn statistics to understand how this world works.
Per.2
The section "Learn some Economics" really stood out to me and was the most interesting in my opinion because I completely agree with everything in the article. students our age should be educated in economics because it helps them know what is taking place in our current world and about the economy. students will also learn about the business world and how to make a successful investment. I have learned a lot from this course and I know it will help me make right decisions in the future.
Ashley Verghese
Per.4
The "Ignore Advice As You See Fit" section caught my attention. We want to do the right thing and have the right advice.Especially, when we are going to college and leaving the comforts of our homes. However not all advice can be taken. It is based om who we are as individuals and what we want to do that will shape the economy. The advice we receive should be taken in consideration but our choices should be based on our own instincts in relation to dealing with future choices. One should make opinions and judgments based on past experiences and instincts.
Period 4
The section “Learn some economics” stood out to me because Gregory Mankiv really explains how important economics is in our lives. It is important to know what is taking place in the world and how the economy works. It is also important that students learn about investing and how our economy works to make a world a better place. As Mankiv says “it makes students better citizens ready to evaluate the claims of competing politicians.”
Gabrielle Le
Period 6
I agree with all of the points made in this article. I find it particularly interesting because it addresses subjects that aren't really mentioned in our education. I believe that all of the subject areas described are important and have an impact on our lives, but the section that stood out to me the most was the one titled "Ignore Advice as You See Fit." As we draw closer to college, there have been so many people giving me advice and suggestions for the next four years. But it's reassuring to know that I don't have to listen to them, that I make my own choices. It's also encouraging because we as incoming college students are essentially the future of this world. Overall, I enjoyed this article, and it made some very interesting points.
Aneeka Khan
4th period
I think behavioral economics is very important because I didn't consider economics and psychology to go hand in hand, but it a very important tool used in wall street and other sects of business and economics. Not even that, psychology is used everywhere. People are very unpredictable and so is economics, but if we understand human beings and their decisions, we can better control the economy. Psychology is also important when it comes to morality and ethics, and say if one were to start a business, ethics would be a very important thing to take into regard.
The "Ignore Advice as You See Fit" section hit home for me. Innovation and invention require that the traditional mold be broken. I want to be remembered after I die in the historical record as some sort of pioneer. I feel like a lot of my peers are just going through the motions, doing what has been dictated by their parents or mirroring their friends. In order to be successful. I want to develop my own independent vision.
6th period
The section on learning finance really hit home for me. Learning finance is crucial to life, but school does not really teach us anything about it. I realized that I cannot depend on my parents in financial matters, so it is up to me to do it on my own. Most of the decisions that I will have to make in life depend on financial issues, therefore, it is imperative that I am knowledgeable on these things.
Kendall Truong
Period 2
Throughout the year of my high school career, I have always worked to the level of my ability in hopes of at least reaching the minimum requirement. The section "Learn Some Psychology" had a weird title at first since I wasn't really interested in that field, but as a I read it, I could agree on what Gregory Mankiw had said about it. He explains that "people are assumed to to do the best they can to achieve their goals." Almost every time I tried really hard to study for a test, I end up failing it, and come to an analysis that there is no point of working vigorously if I end up not meeting my expectations. As a result, I don't try as hard as everybody does to study and hope to meet the minimum passing score and assume that it is to "the best of my abilities." Learning some Psychology may not help me towards my dream career, but it could help me understand myself and improve on what qualities I need to become a better person.
I concur with the majority of the focuses made in this article. I discover it especially fascinating in light of the fact that it addresses subjects that aren't generally said in our instruction. I trust that the greater part of the branches of knowledge depicted are imperative and affect our lives, yet the area that emerged to me the most was the one titled "Overlook Advice as You See Fit." As we move nearer to college, there have been such a variety of individuals giving me exhortation and proposals for the following four years. In any case, it's consoling to realize that I don't need to hear them out, that I settle on my own decisions. It's additionally promising in light of the fact that we as approaching understudies are basically the eventual fate of this world. By and large, I delighted in this article, and it made some extremely fascinating focuses.
Jasmine Patience
Period 2
The section that I really connected with was the "Ignore advice as you see fit" section. At this point in our lives it seems that every adult we speak to has their own two cents to input. Everyone will adapt differently to the college lifestyle and not everyone can become successful in the same way. If we were to listen to everyone who offers us a piece of advice, we would surely be lost with absolutely no direction. We are a different, unique in our own way, thus we can't all behave the same. Every individual has their own path and particularly their own journey.
The section that stood out for me was the "Ignore advice as you see fit" section. People always give the same advice to upcoming college freshmen. In reality, everyone is different and, therefore, their college experience will be different. The kid who is always home doing homework might need some time out having fun. Someone who is always out having fun will need to learn how to stay home and prioritize their homework. The same advice cannot be given and taken serious by everyone. Once students go off to college, they need to rely on their insticts and passions in order to be successful.
Vanessa Marcano
Period 2
Anu Thomas
Period 2
I was definitely able to connect with this article because I have also been considering what major to do and what courses to take in college. I am currently planning to major in economics and it is good to be know about the benefits that taking economic courses will have. The section that stood out to me most was the one "learn some finance." It is very true that as a high school senior, I am very inexperienced with managing finaces of any sorts and it does worry me that I do not know enough about managing finances to make the important decisions I need to as an adult. I wish that there had been a course in high school to teach us how to manage our finances and actualyl prepare for the real world. I also agree that it is imperative that I do take at least a few psychology courses in college if not minor in it because regardless of what profession I follow, we all need to interact with others in our day to day work and life environemnt. Therefore, in order to be most sucessful in work and in life, we need to be able to understand the people we are with and how to most effectivly interact with them.
One of the sections that struck a chord with me was when he said to learn some psychology. I agree wholeheartedly as I find psychology to be an extremely enlightening and engaging course. The article itself mentions how psychology reveals flaws in human rationality, which allows us to make more educations because we can realize our own mental and ideological shortcomings. Another section that I found interesting was that about ignoring advice if we felt like it. This is especially important now that we as seniors will be moving on to a new stage of our life relatively soon and people will be offering their own viewpoints and opinions and advice; we should remember to take these all with a grain of salt.
Greg Mankiw's section called "ignore advice as you see fit" is one of the sections that were significant to me. As we are preparing to step foot into our future, the real world, we will be given much unsolicited advice at a constant rate from people who think they know best, the funny thing is everyone thinks they know best. I agree with the point he makes about listening to the advice, because no harm may come from simply listening to it. But what we choose to do with our new found knowledge is ultimately up to us. College is a time to make decisions based on our own judgement, and that might be scary to think about sometimes, but we will be given advice and can choose to accept or ignore it as we see fit :).
Sabrina Tortolero
Period 6
Ben Alcock
Period 4
I agree on that everyone needs to study economics. With a basic knowledge of economics its alot more difficult for people to be taken advantage of financially. it is also harder for politicians to lie or mislead people into siding with them over issues that can be easily disproven by basic economic principles. it is also a tool to succeed in life because if you have knowledge of how the economy works then its easier to make smarter choices with your money.
The part where he mentions to "ignore advice as you see fit" really stands out to me. The reason it stands out is, our entire life so far, we've been given a multitude of advice as we are adolescents. As young adults, every uncle and aunt has some advice to give to us. If we followed every piece of information given to us, we would not only never make our own decisions, but also the advice would all be conflicting because one person is bound to tell us that contradicts what another person might say. Not all advice will lead us the direction where we want to go in life, it is up to us to learn how to differentiate good from bad, and make our own decisions to grow as adults.
Kristina iakounina 2 period Econ.
Anthony Acosta
Period 6
The point that stood out to me was when it talked about the benefits of learning economics. It really does serve you well in your everyday life and teaches a lot of valuable things like finance. It helps you understand more about the economy we live in and also helps us understand more about our surroundings that we don't even take to account before the have taken the course.
The section about Economics stood out to me because although this wasn't my best course and the easiest to understand, I learned that having knowledge about the economy and the markets around us is beneficial for our future and success. We need to be able to understand what's happening and how to expect and predict properly the things that'll happen. It will aid each individual with understanding finance and how unpredictable this world is.
I believe his point about learning statistics is very important because other common math doesn't seem quite as important as logical thinking that could be useful in decision making and prediction in every day life. These reasoning skills are essential to economics in order to predict trends and understand how some tools and laws are economics are used.
per. 4
I can relate to the paragraph that sates the benefits of learning statistics. It is true that most of the math courses in high school are over traditional topics such as algebra, geometry, and calculus. Statistics is a course that can be applied to everyday life. Students who learn and understand statistics will be better at decision making in the future as well as better understanding with the system of economy and the society.
I agree with everything the writer says. The one problem is society is that we usually don't know what we don't know. Before taking Macro Economics, i did not about the many ways money is controlled. I did not know how investment worked. Even though there are many things i still need to know about economics, at least i am now aware of my ignorance.
Anjana Thomas
2nd period
One part of the article that stood out to me was the "Ignore advice as you see fit" section. Afer entering my senior year of high school I've been able to get a glimpse of what its like getting into the real world, before being pushed directly into college. Making my own decisions over college, applying for jobs, and trying to manage the very little money I have. But with all of this comes all the advice given to adults and other people in our lives who generally went through the same thing as us but overally it is a total flip from wht they went through and what we have to go through today so for that reason, I believe that all advice isn't necessarily good advice and that some can/should be ignored if not applicable.
Yash Bindal
6th period
One section in the article that stood out to me was the advice to learn statistics. Unfortunately, most math classes in high school and and college have limited applicability outside of niche professions. One could probably navigate most aspects of life with just basic algebraic functions, geometry and perhaps the basics of calculus. Statistics, on the other hand, are used very widely and often form the backbone of political and economic discussions. Knowledge of how statistics are gathered, refined, and twisted is very important to making informed decisions.
The section that I found the most interesting was the "ignore advise as you see fit" section, mainly because I do this very often in my day to day life. A big reason for this is that not everyone's advise can apply to you. Everyone's experiences, expectations, and desires are different, so what might work for one person may or may not work for another. Therefore, there is quite a bit to be said for the idea of ignore someone's advice
The article had a section on learning finance that really seemed to hit home, because it really made me realize that most people graduating high school are not ready for the outside world. The general idea of the article itself really reflects that too. The article expresses that there are several things that you want to learn before leaving school, because most people do not understand how important they are to being successful in life.
Hannah Enyioma 6th
The section that stood out to me was the section about learning statistics. Today we live in a world where information is at our fingertips. Statistical data has so many years such as knowing where or where not invest. Or how much the average American in a certain tax bracket should save. Our which car is the safest for families. Having this information at all times should not go to waste. Not only should we aware if the statistics avalanche to us, but we should know how to apply it.
2nd period
One section in the article that stood out to me was the advice to learn statistics. Even though most people can get through life without learning statistics, it is important to understand how statistics in the media and the government can be skewed, collected, and manipulated. Learning statistics would make people more informed and aware of their political actions and decisions.
Period 6
For me personally, the section about learning finance stood out to me the most in this article. I really liked this particular section because very few people think to prepare themselves financially before they finish school. Instead of gaining insight on money plans, savings, interest, credits and more, people like to live up their last times as a student that can do whatever they want. But knowing these things ahead of time is very useful because I know many people who have graduated college without knowing anything about finance or how to properly manage money, and they have all told me the same thing - don't make that mistake. It's an eye opener reading this article with so much information that will be very useful to us sooner than we think. By studying fundamentals of financial decision making, we can develop skills such as becoming independent and more responsible, which are important life lessons that will benefit us down the line as we grow up. This section, as well as the entire article, showcase major things to know before we leave our lives as students to prepare us for the drastic changes into the adult life.
Sonia Gupta
Period 2
I agree with all the points made in this article but what really stood out for me was the section “Learn Some Economics”. I think it is a good idea to teach high schoolers about economics. It helps individuals better understand how the economy works and functions, which will benefit them in their future financial endeavors.
Rizna Noorani
2nd period
The section about ignoring advice really stuck out to me because it emphasizes the aspect that not all advice is good advice and that not all advice applies to everyone. It is important to know what applies to your life when it comes to advice. Not everyone is the same and a persons advice is usually based on personal expirence so it might not be as applicable to your life than it is to theirs. Also not advice is good advice. People tend to give bad advice on matters they have less expirence with so it's important to ask the right person the right thing.
The section about learning economics because it describes how there are many forces that may sway those who don't know whats going on in economics and can often be swayed by economists who would try to take advantage of them.
The movement for people to do their own return plans and social security maters also increases the need to learn how to properly manage money. It also helps to learn statistics and other mathematical fields in order to help manage this. It is very important to go to college because these facts help the average college student immensely. The changes to classroom policies will never be enough to match the high school economics class to AP or College economics classes.
Every point of the shirt making process displays comparative advantage. From making the cotton itself to shipping the shirt that the cotton is made of, comparative advantage and opportunity cost can be noted. When making the cotton, the country with land most conducive to growing cotton is used than most other countries by from it. Currently, the USA is the most efficient in making cotton because we have perfected producing and harvesting cotton, so, the USA has a comparative advantage. Then, when making the cotton into yarn and clothing, the country which has the cheapest labor and most amount of workers is used. For instance, Bangladesh is currently the country with the lowest labor cost and most workers, so a lot of businesses such as the planet money company, have shops set up in Bangladesh. Being able to outsource and use other countries workers benefit makes things cheaper, displaying the comparative advantage some countries have.
Zain Chowdhry
I agree with the points laid out in the article. I especially agree with the assertion that the vast majority of students do not know how to be financially self-sustaining nor do they know enough about economics. The only economics that I have learned has been through this course and even then I lack knowledge about how to take out loans and other critical information to live life. The changes in class policies will not be enough however to teach about the economics of life or even university level economics.
I was intrigued by the "Learn Some Finance" topic. The section captured my attention because it describes the life that a lot of students live through. Unfortunately, students are taught unnecessary things in school, none of which transfers to real life. And yes, what they learn is important but to much pressure is put on the students to learn these subjects that they don't necessarily need to know. Learning finance would help students know what to do with their money, how to invest wisely, and how to manage expenses. It's a topic that would actually help students later in life, and help them deal with financial problems.
Zain Bhai
Period 2
I agree with a majority of the points. The one that I personally liked the most was the one about taking advice. It emphasized that not all the advice, even given by economists, is necessarily good advice. Also the section about some of the irrelevant topics in school and the finance difficulties they face was very relevant to me especially since I am a current high school student and am going to college soon.
Tess Matzakos
Period 2
Throughout this article I tended to agree on most thing but one thing that stood out was the part titled, "Ignore advice as you see fit". Through my experiences I have noticed that all advice isn’t necessarily good advice or advice that applies to me. For example my parents often give me advice based on their life and experiences that they have gone through in their lifetime but often this advice can’t be helpful to me. Because of the shift in lifestyle from now and then I have realized that all advice does not necessarily help me or apply to me.
Period 6
The article was very well opinionated and contained many strong points. For example, it talks about economics being a fundamental course necessary for giving students the analytical skills required for many different careers. Although psychology may not seem necessary for economic success in the future, it allows people to see how irrational humans can be. In addition, you should follow your instincts as they can come a long way in an unpredictable future.
Meryl Zachariah pd2
Personally, i would probably be able to relate mostly to the last section about only accepting advice as I see fit. It basically says to keep your own objectives in mind but simultaneously accept the advice given from those who have already been there. It's only reasonable. Generally, i just believe that this is a good state of mind as we all prepare for college.
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