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.