Chicago Booth Review Podcast

Why economics is not about numbers

13 snips
Nov 5, 2025
Ram Shivakumar, a Chicago Booth faculty member, reshapes our understanding of economics beyond numbers, advocating for storytelling in teaching. He emphasizes that everyday decisions—like choosing a pizza—are rooted in economic principles. Ram argues economics is intuitive and accessible, highlighting how value comes from buyers, costs, and prices. He critiques math-heavy approaches, championing clarity for non-experts. In exploring competition and elasticity, he illustrates economics as a narrative, proving that models are stories at heart.
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ADVICE

Teach By Conversation And Stories

  • Cold-call and make class a conversation to teach economics effectively.
  • Ask questions and tell many stories to illustrate ideas rather than rely on math.
INSIGHT

Ideas Over Heavy Math

  • You don't need heavy mathematics to grasp core economic ideas.
  • Simple math plus strong examples makes concepts accessible for non-economists.
INSIGHT

Microeconomics As Art And Craft

  • Microeconomics is art, craft, and science with emphasis on ideas and execution.
  • Teaching should develop creative thinking and practical economic craft for managers.
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