The economics team of Settlage and Wollscheid have struck again with recent research accepted in a peer reviewed journal. The duo scored earlier in the summer with a publication in the College Teaching Journal. Here are some of the details for the current publication.
The Invisible Hand in Action-An Interactive Classroom Experience
Authors: Drs. Dan Settlage & Jim Wollscheid
Published in: Journal of Economics Teaching
The economic concepts of market formation, industrial organization, and the behavioral implications of market structure are difficult for students to conceptualize. In this paper, we establish an interactive entrepreneurship game that can be played in a single class period. This game introduces the concepts of entrepreneurship, markets and equilibrium price formation, and firm profit.
In a single class period, students form markets and observe ‘the invisible hand’, form collusive cartels, and see competitive profit driven to zero. In addition, the game can be easily extended to bring new economic topics into the existing framework over the entire course.
Jim and Dan are both Professors of Economics in the College of Business.