
Chicago Booth Review Podcast Why economics is not about numbers
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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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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.
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.
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.




