Marx’s Capital Volume III – Chapter 7 – Supplementary Remarks

~300 words, ~2 min reading time

Summary

This short chapter summarizes some of what came before, and also makes clearer the main purpose: Marx was trying to show that the rate of profit is typically not independent of the size of the capital involved. This view (which Marx attributes to the German socialist Rodbertus) claims that capital and profit levels move in lock-step – so a 20% increase in capital and 20% increase in profit would go together, so that the rate of profit would be unaffected. Marx claims that this is true in only two cases: First, if there’s a change in the value of the monetary commodity. In that case, it’s not really that capital and profit are both increasing by 20%, it’s that gold (or the dollar or whatever) is decreasing in value by 20%. So, here, there is actually no “real” (inflation adjusted) change in either capital or profit – only in its nominal (money) value. Second, if variable and constant capital move in lock-step, so that the ratio between the two does not change. (In modern terms, economists would say that the enterprise is changing by “replication”, a simple repeating of the same process an extra time, half a time or whatever.)

Why It Matters

Marx’s view of distribution and cycles are closely tied with the fact that there is a connection between capital accumulation and the rate of profit, I suspect. So, this is going to play a bigger role when we reach that point.

Where Marx Goes Wrong

Here, Marx’s comments are few enough, and mostly in the form of a recap and application against Rodbertus that I don’t have any specific objections that wouldn’t show up elsewhere.

Fitness Friday – My Current Workout and Why

~700 words, ~4 min reading time

So, it’s been a little while since I described my workout routine, and I’ve made some changes to it. So, let’s get into it.

Trait #1: Full Body Split

So, there are a number of ways to do splits – though the science seems to have come around to 2-3x a week per muscle group being the most effective. So, that basically means you want to do full body 2-3 days a week, upper-lower 4-6 days a week, or push-pull-legs 6 days a week.

I have other things to do, so that means full body 2-3 days a week.

Though the reason I switched back to this from other routines was simple: I can’t guarantee getting time to workout 4+ days a week, so if I miss a day, that pushes things way off schedule if I’m in a U/L or PPL routine. However, with a full-body routine, it can just mean that I take an extra rest day. I likely won’t end up accidentally having 5 days between training a particular body part.

Trait #2: 6 x 12 as my target set/rep scheme

The science seems to suggest that you get maximum hypertrophy (that is, muscle growth) from doing 40-70 reps over 6-10 sets in a workout for a specific body part. You can do this using one or two exercises. To minimize rest time, six sets makes sense. So, that means we should do 7-12 reps in a set. So, I target 12, and if I fall short odds are good that I’ll still get at least 7.

I also use this 40-70 rep scheme to add sets (up to a max of 10) if I do fall short. Basically, if I’m failing to hit my 12 reps per set, I continue doing sets until either I hit 40 reps total OR 10 sets total.

However, the last set is special. More on that further down

EXCEPTION: I do 3×12 as my target for squats and deadlifts. Because I hate them, and find doing more to be excessively fatiguing and terribly demotivating.

Trait #3: A/B workouts

This is the most recent change. For a while, I was just doing the same full body routine 3 days a week (ideally). But, I realized that I kind of wanted to do both rows AND pullups – both back exercises. But, I didn’t really want to do more than 6 exercises in a single workout. So, I alternate between these now:

Workout A: Dumbbell Floor Presses, Dumbbell Squats, Lateral Raises, One-Arm Dumbbell Rows, Standing Tricep Extensions (though I do a dumbbell in each hand to force the two arms to work independently), Dumbbell Bicep Curls

Workout B: Dumbbell Flyes, Stiff-Legged Dumbbell Deadlifts, Dumbbell Shoulder Presses , Pull-ups, Lying Tricep Extensions, Hammer Curl

Trait #4: Autoregulatory Progression

Progression is a key element of an effective routine. I’m of the opinion that a reasonable progression scheme can cover up a number of other errors – in particular about “how much to lift” when you start out. There are lots of ways to do this, but I finally came across something I like: Autoregulatory Progressive Resistance.

I mentioned above that I target 6 x 12. Now, often, I will fall short of this. That’s fine. But, on the weeks that I manage to get 12 reps in each of the first 5 sets, I do as many reps as I can in the 6th set. This determines if I progress the weight. If I get 13 or fewer in that set, I keep the weight the same. If I get 14-17, I increase weight by ~5%, if possible (for curls, for example, I’m lifting so little that I can’t really increase by less than 10%). If I get 18 or more, I increase weight by ~10%.

In the event that I don’t hit 12 reps per set, then I just try to do better the next time, with no strict progression scheme except that I want to improve the first set that fell short of 12 reps by at least one rep next time around.

“The Science”

Based on this article which summarizes research from others, cited there.


Marx’s Capital Volume III – Chapter 6 – Effect of Price Fluctuations

~420 words, ~3 min reading time

Summary

In this chapter, Marx considers the effects of variations in various prices on the rate of profit. First, raw materials. As one might expect, there is an inverse relationship between raw material prices and the rate of profit. Thus, low material prices are important to capitalists maintaining profit levels. Marx explains that this is true, even though changes in the prices of raw materials tend to be reflected in the price of the product. Because of competition, the change in cost is typically not fully reflected in the price of the final good. In the case of wages, higher wages tend to decrease both the rate of surplus value (which decreases the rate of profit), and also tend to decrease the capitalist’s scope of production – further decreasing profit. One of the more interesting observations Marx makes in this chapter is that there is a tendency in capitalism for the growth of the stock of machinery to run ahead of the ability of nature to produce nature-given factors (like agricultural goods, for example), and this creates imbalances that lead to cyclical fluctuations. Marx specifically considers cotton markets, showing how there was a repeated boom and bust in that industry in England through the mid-1800s.

Why It Matters

In this chapter, Marx hints that a good part of the instability of the capitalist system that he will explain later rests on the relationship between the prices of the factors of production and the rate of profit.

Where Marx Goes Wrong

From a modern mainstream or Austrian perspective, Marx’s analysis here isn’t “wrong” in one sense – but is wrong in another. On the one hand, from an individual firm’s perspective, Marx’s analysis of the effect of prices of factors on the rate of profit is fairly sound. But, from the perspective of the economy as a whole, we have the problem that the prices of factors of production are not exogenous. They depend on the (expected) price of the product. Value is then imputed back from the product to the factors that produce it. In mainstream terms, the demand for the factors of production is “derived” from the demand for the product. So, the causal analysis, if we’re trying to analyze the system as a whole, is backwards – UNLESS we’re considering cases where the price is changing because of a change in availability of the goods under consideration, but Marx isn’t very clear about that (though there are certainly places where he considers these cases).

Fitness Friday – Trying The 5/2 Diet

~700 words, ~3 min reading time

So, I’m in the midst of a “cut”, and I’m trying a new technique: the 5/2 diet. Let me compare it with what I’ve done in the past.

Previously, I followed the Kinobody cutting diet. So, five days per week, I’d eat in a calorie deficit, and two days per week, I’d eat at a slight surplus. After some experimenting, I’ve found that 1600 calories on my low-calorie days and 2500 on my high-calorie days was about right to hit my weight loss goals. This approach basically has “diet breaks” built in on those two high-calorie days per week, and diet breaks have been shown to have positive effects on things like maintaining lean body mass and metabolism. Greg O’Gallagher at Kinobody also suggests taking explicit diet breaks whenever weight-loss stalls.

The 5/2 diet, though, reverses things. Rather than five days of deficit and two days of surplus, you eat five days at maintenance and two days at a very sharp deficit. After doing the calculations, that means I’m eating 2300 calories per day five days per week, and 800 calories per day two days per week. Yes, 800 calories is VERY little – but it is fairly easy to hit simply by fasting for most of the day, and just eating a reasonable dinner. (Note: the original Fast Diet – which the 5/2 diet comes from – says to eat “normally” – that is, don’t bother tracking – for 5 days, and to eat 500-600 calories for two days of the week. I’m following the modified version that I linked above.)

In terms of weekly calorie intake, the two diets are very similar. 1600×5 + 2500×2 = 13,000 calories per week. 2300×5 + 800×2 = 13,100.

The big difference is in the eating pattern. For me, the 5/2 diet has been significantly easier, because I don’t feel like I have to track quite as closely. On maintenance days, I keep track of what I eat, try not to go overboard, and then make sure I hit fairly close to my calories by adjusting my evening snacks after the kids are in bed. In contrast, during my 5 low-calorie days per week under my previous diet scheme, I had to pay a lot more attention to what I was eating each meal to make sure that I was (1) not using up too many of my calories, but also (2) hitting protein goals along the way. That was a lot of attention having to be paid to what I was eating. The 5/2 diet reduces that significantly.

Another big benefit that I’ve found for the 5/2 diet is that I can keep doing it – or something close to it – even when I’m traveling. On my previous diet, I would simply abandon the diet if I went on a trip, simply because it’s too hard to control food intake. I figured 7 days wouldn’t do any permanent damage – and this is correct, as far as that goes. But, it does set you back a bit. But, I’m out of town this week for a seminar – and I’m mostly sticking to the 5/2 diet despite that, even though I’m not tracking calories exactly. 5 days, I’m eating “normally” more or less (so, probably near, but slightly above maintenance, I would guess), and two days, I’m just eating dinner and maybe a smaller snack. In any case, not eating until dinner time basically ensures that I won’t be eating maintenance-level calories those days. So, while I may lose some ground from not tracking calories precisely, I don’t expect I’ll lose much ground – and that’s something.

One downside, though: I am definitely hungry on my 800 calories days – where I hadn’t really experienced that as much on the 1600/2500 split. But, it’s not that big a deal. Drinking lots of water helps, and you do get used to it on some level. Plus, it’s just one day – then I know I get a couple days eating normally.

Naturally, there are some people who absolutely should not do this – it’s particularly dangerous for diabetics. Children and pregnant or nursing mothers should also do something else, most likely. But, it seems to be going okay for me so far – sadly, it’s too early to report results.

Marx’s Capital Volume III – Chapter 5 – Economy in Employment of Constant Capital

~700 words, ~ 4 min reading time

Summary

Since workers create surplus value, it makes sense for capitalists to minimize how much they spend, relatively, on non-labor. (That is “constant capital” in Marx’s terminology.) In general, they can do this by increasing working hours. Since the same building can operate for 8 hours or 24 hours, a greater profit margin will be attained if work happens for more hours. In addition, capitalists look for ways to use the “excretions of production” – that is, by-products or “waste”.

Marx goes a bit deeper on a couple of examples. He discusses savings on labor conditions – pointing out that capitalists can decrease their expenses by tolerating unsafe or uncomfortable working conditions, and presents data showing that disease and mortality are more common among workers in industries where conditions are particularly bad. Marx also observes that large-scale production is encouraged, in part, by the way that power works in industrial machinery. It is often more economical to operate one large plant than multiple smaller ones. These economies of scale (to use the modern phrase) allow capitalists to economize on constant capital. Marx goes a bit deeper into the “excretions of production”. Strangely, he criticizes capitalism for not putting human feces on fields to use as manure. Finally, Marx observes that new inventions are often not economical – so that the first to buy a new product end up paying far more than when the product gets more developed.

Why It Matters

Here we’re getting much more to the practical criticism of the capitalist system that Marx provides. The most important part here is the criticism regarding requiring long working hours and the one about unsafe and unhealthy working conditions. These are the two activities that look the most like “exploitation”, and, I would suggest, are often at the heart of criticisms of a market system.

Where Marx Goes Wrong

Here, Marx’s wage theory is what creates the biggest problems. Since Marx buys into the classicals’ iron law of wages – that is that wages will stay at the level of subsistence – Marx misses the actual dynamics of what is happening. For example, people will trade off wages against other features of a job. So, for example, people may be willing to accept worse conditions – but they only do so if they are compensated for it financially. Conversely, it can sometimes be cost-saving for a company to offer more benefits but pay less – in fact, Marx himself points out a case where a business ended up saving money by installing safety equipment. Marx’s argument then, in this section, relies on the existence of two “irrationalities” – one of which Marx is explicit about, the other of which is missing from the explicit argument, as it is ruled out by Marx’s wage theory. The first irrationality: that capitalists habitually seek to avoid certain kinds of costs – specifically for safety devices. Marx reported one case where a group of manufacturers spent more paying lawyers to fight the imposition of safety regulations than it would have cost to simply implement the regulations themselves. A second is that workers care only about wages and pay no attention to the conditions of production. But these are unlikely to be true. There are systematic differences in certain wages which are explained by differences in job characteristics – sometimes explicitly. This makes perfect sense – people would be willing to be paid less for safe, comfortable jobs, other things equal – but doesn’t fit the iron law of wages which suggests that wages will fall to subsistence levels. In addition, employers take this fact into account when making decisions about safety procedures and the like. Do they get things wrong sometimes? Of course. But, it hardly seems accurate to suggest that employers regularly, irrationally avoid measures that are actually cost-saving – in a competitive world, such decisions put you at a disadvantage compared to your competitors. Which brings us back to a central issue with Marx – for Marx, competition between competitors seems to exist sometimes, but is not worked into the logic consistently. So, competition keeps prices of products in check – but doesn’t let wages rise above subsistence. Competition leads to capitalists being cost-minimizers – but they do so very poorly.

Marx’s Capital Volume III – Chapter 4 – The Effect of the Turnover on the Rate of Profit

~300 words, ~2 min reading time

Summary

The previous chapters were considering the rate of profit for a single “turnover” of capital – effectively a single productive period. In this chapter, Marx broadens the analysis to examine the annual rate of profit if there are multiple turnovers of capital in one year. For example, if I advance $100 in wages at the beginning of the year for wages, and workers make a product I can sell for $110 at the end of the week, then I can “turnover” the $100 from my revenue to pay for wages in the next week. As a result, the same $100 can be spent on wages 52 times over the course of the year, resulting in a profit of $520, while I only had to advance $100 – a 520% return. Marx shows that the annual rate of profit is simply the rate of profit for a single turnover multiplied by the number of turnovers in a year.

Why It Matters

If you’ve read his previous volumes, you’ll know that Marx is a bit obsessed with the idea of “turnover” with capital. The reason is simple: it is what makes capital self-replicating in the Marxian system. So, it makes sense that, as Marx is turning to questions of profit, that he would consider how profit is affected by turnover.

Where Marx Goes Wrong

Marx’s devotion to the labor theory of value muddies his analysis because his price theory is a bit goofy. Sensibly, if a particular set of labor and materials allows for twice as high a turnover, and therefore twice the rate of profit, it seems obvious that entrepreneurs would bid up the wages and material prices, which, in turn, lowers the per-turnover rate of profit. Marx’s system doesn’t seem to allow for this, because it is bound by the labor theory of value.

Marx’s Capital Volume III – Chapter 3 – The Relation of the Rate of Profit and the Rate of Surplus Value

~ 800 words, ~ 4 min reading time

Summary

If we define the rate of profit as the profit divided by the expenditure (not too far from profit margin by standard accounting, though also not quite the same), and the rate of surplus value as the amount of surplus value (that is, profit) divided by the wage bill (that is, the amount of variable capital), then we’ll find this relationship:

Rate of profit = rate of surplus value x (variable capital/total capital)

“Capital” here being the term that Marx uses for “costs” – including wages (that is variable capital), depreciation, materials, etc.

This chapter mostly focuses on different ways in which the rate of profit can change/differ. He considers a number of cases, but comes to this conclusion in the end:

(1) The rate of profit moves in the same proportion as the rate of surplus value if the share of variable capital stays constant.

(2) The rate of profit moves more than the rate of surplus value, but in the same direction, if the share of variable capital moves in the same direction as everything else.

(3) The rate of profit moves less than the rate of surplus value, but in the same direction, if the share of variable capital moves in the opposite direction, but less than, the rate of surplus value.

(4) The rate of profit moves opposite the rate of surplus value if the share of variable capital moves in the opposite direction and more than the rate of surplus value.

(5) The rate of profit stays constant if changes in the rate of surplus value are offset exactly by changes in the variable capital share.

Marx feels a need to explain #5. So, let’s look at Marx’s example (but I’ll use $ instead of pounds). Let’s say that, originally, the capital is divided as: $80 constant capital + $20 variable capital + $20 surplus value. In this case, the rate of profit is 20% ($20/$100), while the rate of surplus value is 100% ($20/$20). Then, let’s say that wages fall, so that you can produce the same stuff with just $16 paid in wages. Then, we’d have $80 constant + $16 variable + $24 surplus value. The problem is that this would mean that the rate of profit has increased 25%. For that not to happen, the constant capital has to have increased, for example, like so: $104 constant + $16 variable + $24 surplus value. Now, the rate of profit is $24/$120 = 20%. The change from $80 to $104 constant capital means that either labor productivity has dropped – that is, that workers need more materials to produce the same quantity of product, or that the cost of materials has increased.

Why It Matters

Marx’s big point from this chapter was to establish that it is possible for two capitalists to have the same rate of profit, but different rates of surplus value. The above examples shows how that can happen. Similarly, it is trivial now to show that two capitalists can have the same rate of surplus value, but different rates of profit. I’m still not 100% sure where Marx is going with this – but I suspect part of the point is to show that, since there is a tendency toward rates of profit to equalize, we’ll have capital-intensive firms (for whom the wage share is low) with relatively higher rates of surplus value. That is: an increase in capital intensity across the economy leads to greater labor exploitation. But, I’m just speculating about that at this point.

Where Marx Goes Wrong

This chapter was mostly mathematical identities. But, I do want to point out two oddities in Marx in this regard:

(1) Marx’s use of the rate of surplus value is really strange. Why “profit divided by wage bill” is meaningful at all is unclear to me. Even if we accept that constant capital should basically be discounted, and only consider a “value added basis”, it seems that the rate of surplus value should be “profit divided by value added by labor (that is profit + wage bill)”. No idea why Marx does what he does on this.

(2) Marx’s use of “labor productivity” is also a bit non-standard to the modern reader. Where we typically think of labor productivity as the ability of labor to make a product in a period of time, Marx is thinking in terms of relative value added (compared to the value already “embodied” in the means of production) – so a lack of productivity is seen more as a worker needing more tools/materials to produce the same thing, as opposed to the modern notion where a lack of productivity is seen more as a worker needing more TIME to produce the same thing.

As is always the case, a definition can’t be “wrong” per se. It’s just more or less useful. These are similar – but could cause confusion because of the difference between modern usage and Marxian usage.

Marx’s Capital Volume III – Chapter 2 – “The Rate of Profit”

~300 words, ~2 min reading time

Chapter summary

In this chapter, Marx distinguishes between the rate of profit and the rate of surplus value. In money terms, surplus value and profit are the same. But, they are different as rates. The rate of profit in Marx is the profit divided by the capital expended (including both constant and variable capital, that is non-wage expenses and wages). The rate of surplus value is the profit divided by the variable capital (the wage bill). Marx says that capitalists really only care about the rate of profit, as they don’t care what their expenditures are, exactly – they just care about the total expended. As a result, changes in the degree of exploitation (the rate of surplus value) are difficult to discern.

Why It Matters

I’m not quite sure where Marx is going with this at this point, but a point he emphasizes is that the same rate of profit may obscure significant differences in the rate of surplus value. So, for example, a firm that is capital-intensive may the same rate of profit as a labor-intensive firm. However, the rate of surplus value is higher for the capital intensive firm since it generated the same profit with a lower wage bill – so, more “surplus labor”.

Where Marx Goes Wrong

This chapter lacked theoretical substance, for the most part, so there wasn’t much wrong with it. The key problem of the labor theory of value runs through Marx, and that is no different here. If we start from the assumption of derived demand/value imputation, however, then everything turns on its head. What Marx calls “profit” is what Bohm-Bawerk identifies as “interest”. “Profit” then, is the result of capitalists delaying consumption for the money that they’ve tied up in the capitalist production process. It has nothing to do with the exploitation of labor.

Marx’s Capital, Volume III – Chapter 1 “Cost-Price and Profit”

~600 words, ~3 min reading time

Summary

In this chapter, Marx lays out the idea of the “cost-price” of a good. Suppose, for example, that a firm pays $400 for means of production (including some wear and tear on capital), $100 in wages, and sells the good for $600. By Marx’s terms, there were $400 in “constant” capital, $100 in “variable” capital (that is, labor), and $100 in “surplus value”.

Marx also considers how changes in the components above change the value (and therefore sales price) of the good. A change in the cost of the means of production would change the value – and therefore sale price – of the good. However, a change in the wage simply changes the division in how much of labor creates “surplus value”. This follows from two of Marx’s premises: (1) the price of a good reflects the value. (2) the value reflects the total labor content embedded in the good. So, if the cost of the means of production increases, then that is a sign that the value of the means of production increases – this value is then passed through to the final product. However, if wages change, that, in itself, doesn’t change the quantity of labor in a good. So, it doesn’t change the value of the good.

This chapter focuses on distinguishing cost-price from other ways of accounting. For example: we wouldn’t use the entirety of durable goods in calculating the cost – on the wear-and-tear portion transfers value to the finished goods. Also, Marx emphasizes that the sale price – NOT the cost-price indicates the real “value” of the good. Eliminating profit then would not eliminate the exploitation of labor. Rather than the surplus value accumulating to the capitalist, it would accumulate to the consumer.

Why It Matters

One of the most significant points that Marx makes in this chapter is that changes in wages do not change the value of the good (as stated above). So, for example, if wages get cut in half, then the value of the good will still be $600 (as above), but the money will be divided $400 for constant capital, $50 for variable capital (that is, wages), and $150 for surplus labor.

This has profound implications for things like minimum wages and labor union negotiations. Because, in the Marxian framework, wages do not affect prices, wages and surplus value are effectively just dividing up a fixed pie. So, imposing a minimum wage, or having powerful unions, would simply result in workers getting more money.

Where Marx Goes Wrong

The fundamental problem: this chapter is infused with the labor theory of value. This is the opposite of the more correct view – which is reflected both in Austrian economics and in mainstream microeconomics, though using slightly different language. Austrians discuss the idea of “imputation” – that is, that value starts in the mind of the consumer, and then is imputed to consumer goods and up the chain of production to the various producer goods and labor. In mainstream lingo, the demand for labor is a “derived demand” – specifically, it is derived from the demand for the goods being produced. Both of these show value coming from the final good to the goods being used to produce that. This is the exact opposite of Marx – where value starts in the labor that goes into the good – whether raw labor or labor embodied in the means of production.

To outsiders, this might feel like a very philosophical disagreement – but it has profound scientific implications. If Marx is right about the labor theory of value, then it DOES follow that the only effect of minimum wages would be a decrease in profit. If modern economics is correct, then minimum wages can create negative employment effects and price effects as well.

Redesigning Microeconomics – Reflections

~600 words, ~3 min reading time

This semester I redesigned my Principles of Microeconomics course. I want to give a brief run-down of what happened and thoughts for going forward.

(1) Engagement/Mastery division – I still like this idea, though since I’m switching to specs grading (more detail in a later blog post), the “weighting” of each will go away. But, I think it is helpful to be clear with yourself what the point of an assessment is. Is it simply to get students to engage with the material, or is it to test students’ mastery of the material? It is helpful to separate the two.

(2) Short Paper process – This semester, I required rough draft, peer reviews, and final copy (including a response to peer reviews). I’m scrapping the process in the future. Or, rather, I’m making it optional. The justification for the process was twofold: (1) students write better for each other than for professors, and (2) students understand comments from other students better than from professors. Students that I talked to were mixed about the value of the peer review process’s value for them. And, from the reviews I read, a lot of them were pretty useless. As such, they were mostly busywork rather than meaningful.

(3) Engagement activity options – Students were a little confused by the fact that they had choices, but this went okay. One tweak: I’m going to scatter due dates through the semester rather than have everything due at the end, just for the sake of grading sanity.

(4) Grade proposal – Scrapping this. Most of them were written by students who had earned an A anyway. A few were by students who did worse – but they were rarely very convincing. Also, they didn’t prevent grade-grubbing. On the whole, I think was pretty useless.

(5) Comprehensive Final & Midterm Diagnostics (not for a grade) – I liked this. Building in a buffer worked, and scores turned out okay – no worse than when I used non-comprehensive tests.

(6) Class attendance – not going to be part of the grade going forward. Including it in the grade led to some students coming who were WAY disengaged in their time in the classroom, and others grubbing their attendance. Strong correlation between attendance and other grade elements suggest this is not necessary.

(7) Class preparation questions – went pretty well, though I need to refine them. Multiple choice need to be sure to reflect the final exam to some degree, and short answer should be more closely linked to Bloom’s taxonomy levels. I also asked students for “curiosity questions” that could be used to inform the class if time permitted. Scrapping these. Students often used these not for curiosity/discussion questions, but for “here’s a topic I don’t understand” questions.

(8) Flipping the classroom – worked pretty well. Class time was more focused on covering what students didn’t understand – so less wasted time. Classroom response system (“Plickers”) worked well, though I need to assign them at the beginning of the semester rather than have students pick them up and turn them in each time. I still need to work some on becoming a less-awful discussion facilitator.

Going Forward

Apart from changes listed above, I think that switching to Specs grading will be good. I’ve also debated switching to a more problem-based learning format, but don’t currently feel confident in making that switch for Principles of Micro. However, it might make sense to design my Environmental Economics course around this format…