Economics

Pat Sewell, an adjunct associate professor at TC3 and member of Ithaca’s Common Council, is teaching the class on economics (dual enrollment offered through TC3 for those who wish to earn college credit). He received his M.A. from the University of North Texas in moral attitudes and sustainable decision making. He also specializes in ethics, economics, and public policy. His work regularly involves the intersection of these subjects, so it is no surprise that Pat teaches students about these interconnecting topics and all the other various topics related to economics.

“I love economics as a discipline because it is a beautiful tool for understanding human behavior, understanding society writ large, and ultimately thinking about why we have organized our lives the way that we have.” – Pat Sewell

To understand the connection between these topics, one must first understand the different levels of economics: economics is often split into macroeconomics and microeconomics. The latter deals with supply & demand, labor & resource allocation, price determinants, and the market. The former deals with what money is, the Federal Reserve, inflation, tariffs, and all the parts that make up the economy.

Previously, the class has looked into microeconomics, and currently, they are tackling macroeconomics. They’ve covered topics such as the law of diminishing marginal utility & returns, labor markets, financial markets, rival and non-rival goods, monopolies, poverty, inflation, and so much more. Currently, they’re trying to answer the question of: “What is money?”

The class is set up to be done mostly through lecture. Each day there is homework and an assigned reading, and every other week there is a quiz. This provides consistency and predictability. This way, students can better understand what is expected of them on the various assignments.

“[Pat’s] knowledge and love of the subject is eminent, and his engaging and conversational teaching style, along with the usually lively participation of the class has made this class an enjoyable, educational, and enriching space.” – Eliza L.

Though this class is mostly a lecture-based class, there are occasions where students can participate in games. The study of economics lends itself to gamification, which can help students better understand its concepts. Recently, students took part of a bartering game where they could see the importance of money in facilitating our modern world. Another game involved the difference in the number of suppliers and consumers. They got to see firsthand what happens when there are more suppliers than consumers, when there are more consumers than suppliers, and when there is an equilibrium of distribution.

In this class, students are learning the basic principles of economics and, moving forward, will be able to apply them to their everyday lives.