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Micro Syllabus

UChicago has had a profound impact on the field of economics, generating powerful insights which have fundamentally shaped the modern world. But, because modern economics puts such a heavy stress on mathematical rigor, the most interesting economic ideas often get pushed to the background. In this course, we will explore these big economic ideas, without the math.

Our goal is to make the beauty and power of economic thinking available to everyone. We will discuss what it means to think like an economist, how you can use economic thinking to make the world a better place (or to take advantage of your friends and enemies, if you prefer), and also how sometimes thinking like an economist can get you into trouble. In addition to our core Economics for Everyone material, you’ll also find supplemental explainer videos for each unit. These videos dive into the mechanics and math of the big economic concepts. However, they are not necessary to understand the core E4E videos.

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Three Principles of Economics

4 Videos / 29 Minutes
Economics is the study of choices and how those choices affect others. There are lots of social sciences that study human behavior, for example, psychology and sociology. So, how are economists different from other social scientists? Economists focus on three core principles: optimization, equilibrium, and empiricism.

These principles build the foundation for thinking like an economist and can be used to answer questions such as: Should I invest time in these videos? How should we split the work for a group project? How should policymakers assess climate change policies? What drives the gender pay gap? This unit explores these three principles and other foundational economic ideas.

Core Videos

Additional Resources

Why Markets Are Great

4 Videos / 26 Minutes
Which of these is the most important invention: penicillin, toasters, the internet, money, or specialization? The answer is up for debate and the list is not exhaustive, but money is an essential invention. In medieval England, income per capita was just $1,000. Now it’s over 26 times as large. When you enter the grocery store, there are more cereal options than you could ask for. How did we get these results? Perhaps markets played a role. Markets are central to the study of economics. In this unit, we explore markets from a variety of perspectives.

Core Videos

Supplemental Explainers

Additional Resources

Supply and Demand

7 Videos / 36 Minutes
Imagine it's 5:00 PM, and you use a rideshare app to get home for $30. Earlier in the day, it only cost $15. What changed? Every day, you participate in markets by exchanging money for goods and services. But how do you react when ride prices double? What about the drivers? These interactions form the supply and demand curves discussed in economics. Economists use supply and demand to analyze market behavior. 

Core Videos

Supplemental Explainers

Additional Resources

The Buyer’s Problem

6 Videos / 28 Minutes
Every time you make the decision to buy something, you are making considerations. Economists have studied and have a special name for the considerations that you, a buyer, make. It is called the buyer’s problem! Thinking about the buyer’s problem can help you make important decisions like where to go to college or smaller decisions like whether to buy a pair of jeans or two sweaters.

Core Videos

Supplemental Explainers

Additional Resources

The Seller’s Problem

5 Videos / 27 Minutes
The primary goal of a seller-producer is to maximize profits. The seller’s problems centers around this, answering the questions: How do I decide what to produce and how to produce it? We'll explore these essential components of the seller's problem through real-world examples and economic principles.

Core Videos

Supplemental Explainers

Market Structure

7 Videos / 37 Minutes
Market structure is a crucial notion in economics. Market structures in economics are categorized based on the competition level and the nature of the market. The four main types are perfect competition, monopolistic competition, oligopoly, and monopoly. Here, we dive into these important frameworks.

Core Videos

Supplemental Explainers

Market Failures

9 Videos / 38 Minutes
Have you ever wondered why the government steps in to regulate certain markets or why some transactions don’t always benefit everyone involved? When you drive your car during rush hour, do you think about the congestion it adds? Or when buying a used car, do you worry if it’s a lemon or a peach? Welcome to the world of market failures, where the invisible hand of the market doesn't always lead to efficient outcomes.

In this unit, we’ll explore externalities and adverse selection. Externalities occur when your actions affect others who are not involved—like how skipping a flu shot can put others at risk. Adverse selection happens when one party has more information than the other, such as a car seller knowing more about the vehicle’s history than the buyer. By understanding these concepts, we can see why markets sometimes fail and how they can be improved.

Core Videos

Supplemental Explainers

Additional Resources

Trade

4 Videos / 13 Minutes
Trade appears just about everywhere in our lives. You may be thinking of international trade, which is, of course, important. But, did you give yourself a haircut? Make your own shoes? Trade is everywhere! What about when you are assigned a partner on a project, how do you decide to allocate your and your partner’s time on the project? Trade is not just relevant for governments and businesses. Trade shows up in your life in ways you may not expect. In this unit, we explain the basics of trade, and how trade can help you.

Core Videos

Supplemental Explainers

Additional Resources

Game Theory

6 Videos / 31 Minutes
What do these things have in common: the strategy between the kicker and goalie during a penalty kick, how Uber and Lyft interact, the interplay between two coffee shops located near each other. Game theory deals with situations where your outcome depends critically on the actions of other participants. In this unit, we dive into the basics of game theory.

Core Videos

Supplemental Explainers

Additional Resources

Economics of Discrimination & Diversity

4 Videos / 26 Minutes
What does economics have to say about discrimination? What about diversity? Can economics teach you about the gender pay gap? Economics has something to say about the gender pay gap, but also about types of discrimination you may not have thought of before.

Why might you and I get different prices from an online retailer for the same product? Both theoretically and empirically, economists have studied diversity and discrimination in many forms. In this unit, you will be introduced to the study of discrimination  and diversity from an economic perspective.

Core Videos

Supplemental Explainers

Additional Resources

Special Topics in Economics

6 Videos / 45 Minutes
Economics can be used to explore all aspects of society. In this unit, we’ll explore the dynamics at play in several key areas of our society through an economic lens. From the considerations of climate change to the economics of altruism, the nuances of educational effectiveness, and scalability of interventions, this unit provides valuable insights and tools to analyze and understand crucial issues.

Core Videos

Additional Resources

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