“What’s the difference between Economics and Business?” We, the ECO members of the team, look at each other with faces distorted between dismay and amusement.
I have joined the gaggle of spectators as the DEV/ECO team compete in the Tug of War event for the Ziggurat Challenge. We are losing big time.
“Numbers” offers a non-ECO-member of the team. “Economists can do numbers. I hate numbers.”
I think to myself: why is it perfectly fine to “hate numbers”, but inappropriate to “hate reading”? I try not to take it personally. Economists are both LITERATE and numerate; I teach students how to read maths. I decide its best to keep a low profile. Spectators means points. I’m here to help the team.
“£5,000 in predicted salary”, mutters a (well informed) ECO team member.
Speaking of numbers, look at the total weight of our team and compare it to the Campus Security and Estates opposition. We stand no chance (probability)! The NBS team, however, are short of the required grunt. ECO lends a hand, quite literally. I hear they did the same for us in a previous event (fairness and reciprocity). It is only a year since ECO-NBS competed together; we all know which team we are really up against[i] (aligned preferences).
“Don’t ask that in front of our Head of School”, said another ECO member.
As HoS, if I take part in any of the events I accrue more points. Time therefore to be more directly involved. Next event, Track-and-Field Athletics. Perfect. Our male team starts with the 800 metres. The mood takes a (concave) U-turn as Jacob smashes the event. Jacob will be running 13.1 miles on 7th April as he is running the Norwich Half Marathon and collecting money for Tommy’s: a charity that we all in ECO support for a very personal reason to us.
We turn to the ladies’ 800 metres. This is where very small numbers start to matter! The winner runs 3.33. I come in second with 3.34. I carry the HoS points boost! Men 4×100 metres relay? DEV/ECO rule! Ladies 4×100 metres relay? A drum roll photo finish. By a whisker its DEV/ECO again!
“It’s a different skill set,” I contribute a verse, “Economists know how to solve problems and make optimal designs.”
100 metre heats. I hear the leader of a team ranked above us crow “let’s all run together as a team!”. They agree, but I am quizzical. All that matters is that each team member runs as fast as possible. Each one of us competes against someone in a higher ranked team. The adrenalin kicks in. Competition drives higher performance.
I walk back to my office, remembering that moment in my first-year accountancy class when the lecturer writes: Economics is about optimal allocation of scarce resources.[ii] I plant this sentence somewhere in my slides in every module I teach. There is a lot that Economists can do. They just need the drive to explain it with enthusiasm.
[i] Hint check the winners and the runner-ups for 2017/18.
[ii] Then they went on to say that we need the accountancy knowledge to inform the optimal decision.