Tuesday, October 27, 2015

Storytelling in Economics

Foreword:
Economists are well known for having very opposing opinions on similar subjects. It takes a very talented and knowledgeable economist to translate the vocabulary of economists into simple English. Not all of them are capable of this kind of presentation, even though it is a necessary skill if they ever want to publish their work. Economists collect data, analyze it, and present it to a business, agency, or political leader. As they present, the way they relay the analyzed data may make or break the situation. Using stories that can relate to the audience will benefit the economist greatly as they strive to persuade their audience.

Example Story:
Setup: This is a summary of a economic story in the Washington Post.
Story:
"Breakfast sandwiches started as a working class meal, popularized because it was cheap and could be eaten while standing up. Today, such foods are being absorbed into luxury culture. What can this tell us about the society we live in?"Washington Post

Analysis:
This is an interesting way of applying comparison into writing. This is a very valuable tool for economists because you see the difference between what has been and what is now, and what is to come. I find it fascinating that they use the word absorbed when talking about luxury culture. It makes it sound like it is apart of everyone's lives. And the question at the end makes it sound like this is a very negative thing that is happening to our society, which I personally would agree with, even if other economists wouldn't.

Retelling the Story:
Refutation can be a powerful marketing tool, especially if an accredited economist is the one refuting which I will do with this story.

Just because you see the CEO of Goldman Sachs eating a breakfast sandwich does not make it an appropriate breakfast meal. You know that breakfast sandwiches used to be a meal for the poor working class. Why the change? We need to keep making healthy meals to feed our children, or they will never know what a real breakfast meal is.

I decided to use a lot more forceful language like "just because", "healthy meals", and "poor working class". These are more extreme versions of the first story that have the intent of refuting the behavior of eating out for breakfast.

2 comments:

  1. The power of opposites and refutation can be extremely compelling, especially when it comes to controversial "hot button" items like our nation's health and class structure. In both these examples, I think it's important to point out that the language is simple yet concise, conveying a crucial message. Economists can definitely bring their field's complex vernacular to any layman's understanding.

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  2. The retelling was definitely more engaging. It's surprising how much of a difference each progymnasmata exercise makes in telling a story. Although, I do feel like a little more background is needed in the story.

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