WIIFM Macro
I find that I use the WIIFM often throughout instructing the Macro Economics course to reinforce the importance of the course and its content to the student’s career aspirations.
With instructing Macro Economics I often discuss some main WIIFM topics that I wish I had considered when I studied Macro.
Understanding the Macro Economic key terms and principles helps us in understanding front-page news that may impact our lives:
Jobs Jobs Jobs – why is the government always talking about jobs? Why do I need to pay attention?
Interest Rates – why does everyone get worked up about the Bank of Canada releasing an update on interest rates? Will I have a student loan, car loan, mortgage or want to start a business after I graduate? How does this impact my everyday life?
Inflation – ugh we hear horror stories from our parents/grandparents about the bad old days of inflation and how stressful it was. Why can’t they let this go and just get on with life? Isn’t there an app for that now? Why does the Bank of Canada seem so concerned?
Government Spending – the ‘government’ as in the Feds are always splashing money around at election time but they also spend our taxes (that’s another story) on things and are always griping about not having enough money. What does this mean for us if it (the Feds) do or do not spend money.
Taxes – Death and taxes are certain. Taxes are always too high and I never get anything for it. What is in it for me? Why does everyone complain about paying taxes and try to avoid taxes but at the same time complain about potholes and wait times in hospitals? How taxes are a part of the mix and what it means to lower taxes or raise taxes for our economy.
This often piques a student’s interest and may even get into the discussion of fiscal policy by different parties in government.
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