Introduction: Managerial Economics Managerial Economics – Introduction & Course Logistics

Instructor Background & Career Trajectory

• Dr. W. Michael Cox – Professor for Managerial Economics.

  • Holding IDs shown from $1984$ (Federal Reserve Bank of Dallas) and $1985$ (Southern Methodist University) to illustrate longevity in the field.

  • Earned Ph.D. in Economics, Tulane University, $1976$.

• Academic Phase ($1976\text{–}1984$)

  • Taught and published academic papers for $8$ years.

  • Grew dissatisfied with the conventional “publish‐or‐perish” environment.

• Federal Reserve Phase (start $1984$)

  • Joined Research Department, Federal Reserve Bank of Dallas.

  • Rose to Senior Vice President and became the only Chief Economist in Fed history.

  • Authored a book that received a Pulitzer Prize nomination.

• Dual-Role Phase ($1985\text{–}2009$)

  • Missed student interaction → began night-teaching in SMU’s Econ Department (first SMU ID in $1985$).

  • Balanced two simultaneous full-time commitments for $25$ years (Fed by day, SMU by night).

• Institute Leadership Phase (2009 →)

  • Founded the O’Neill Center for Global Markets & Freedom at Cox School of Business (precursor to today’s Bridwell Institute for Economic Freedom).

  • Will integrate Bridwell material into course where relevant.

Required / Recommended Text

• Microeconomics by Goolsbee, Levitt, & Syverson.

  • Any edition acceptable; core concepts “transcend editions.”

  • $4^{th}$ edition ≈ $2^{nd}$ & $3^{rd}$ in content but not in price → instructor will frequently reference edition #1 in class slides/examples.

Why Microeconomics Matters

• Instructor’s “conversion moment” occurred in his own first microeconomics class.

  • Provided a logical, worldly, scientific, and optimistic framework for decision-making.

• Life = continuous choice-making. Good choices depend on sound analytical tools provided by MICRO.

• Authors’ cover art likens microeconomic tools to a Swiss-Army knife: multi-functional & adaptable.

Evolution of Course Delivery

• Old Model (pre-COVID):

  • Evening class after full workday, sometimes ending at 09 : 50 PM.

  • Commutes + late night fatigue created a substantial “artificial constraint.”

• Technology & Pandemic Shift:

  • COVID-19 accelerated adoption of online pedagogy “fast-forwarding” education to about $2030$ levels.

  • Positive by-product: flexibility, improved access, superior learning tracking.

• New Model Components:

  1. Asynchronous recorded sessions (like this video).

  • Watch before scheduled class; ideal window = at least 1–2 days prior (e.g.
    weekend review).

  • Ability to re-watch for clarity; pause & reflect.

  1. Synchronous Zoom meetings (live).

  • Instructor will cover highlights, not full repetition (avoids redundancy).

  • All sessions recorded; Zoom analytics track viewing & slide access.

  1. PowerPoint slides available separately.

  • Speaker notes within slides ≈ spoken lecture content; can be read as a study substitute.

• Assessment Cycle:

  • After each class n, a quiz appears the day before class n + 1 (e.g.
    quiz #1 after Class 1, quiz #2 after Class 2, etc.).

  • Syllabus & course homepage provide schedule details.

Practical & Philosophical Takeaways

• Flexibility = enhanced learning for PMBA students balancing work, family, and education.

• COVID’s “bad times” produced good outcomes for education: sustainable innovation in course structure.

• Instructor aims to keep “everything good about the old method” while leveraging new tech advantages.

Seven-Week Roadmap & Expectations

• Course spans $7$ weeks.

• Students should anticipate a fun, exciting, educational, and edifying journey into Managerial Economics.

• Active participation = completing asynchronous prep, engaging synchronously, and taking quizzes punctually.