A few weeks ago I posted about the Student Price Index developed by the Economics Club. Dr. C. Patrick Scott and three students from the Club – Renee Sanders, Connor Klein, and Kohl Juranas – were recently interviewed about the SPI by the Missouri State Journal produced by KSMU.
Student Pricing Index increased 1.27 percent, compared to national Consumer Pricing Index increase of 1.7 percent.
Six students were selected for the 2014 Citizen Scholar Award based on their dedication to the Public Affairs Mission of Missouri State University through coursework, activities, and service-learning opportunities. One of this year’s winners is Jordan McGee, an Economics and Organizational Communication major, who was nominated by Professor Mitra. Congratulations Jordan!
The Economics Club of Missouri State University recently released its first annual summary of the newly created Student Pricing Index for Missouri State students. The purpose of this project is to estimate the change in prices for a group of goods that a typical MSU student would buy, much like headline CPI does for a typical consumer nationally. The Economics Club gathered prices in October of 2013 and 2014 and prices were compared annually. Key consumption categories include: grocery and food items, tuition, off-campus housing, entertainment, and gasoline costs. The total consumption bundle increased in price 1.27% annually. The price changes by consumption categories are as follows:
This is the first release of price change data for the Economics Club at MSU. Price indexes need more than one set of observations to be meaningful. Last year’s club decided consumption bundles and collected prices, while this year’s club collected prices and calculated the percentage changes. Headline CPI on a national scale is 1.7% over the same time period, calculated from a different consumption bundle.
The Economics Club anticipates new releases to this index every Fall. For information about the club please contact Mr. Per Norander in the Economics Department at MSU. For information on the Student Pricing Index, please contact Dr. C. Patrick Scott in the Economics Department at MSU.
Dr. Tom Wyrick, emeriti professor of economics, discusses this year’s shopping outlook.
Congratulations to Professor Terrel Gallaway, Professor David Mitchell, and Professor Reed Olsen for being recognized in this month’s MSU Mind’s Eye for their research into the value of the night sky! See the article and video here:
Economics Professors Look for Value in the Night Sky
Are you smarter than a 5th grader? Professor David Mitchell, Director of the Center for Economic Education at MSU, recently spent time with the 5th graders at Greenwood Elementary teaching them a bit about the functions of money through a few interactive exercises.
In one activity, students were given a bag of treats that had different quantities of different things inside. For example, some might have Hello Kitty pencils, Spiderman pens, a slinky, a small flashlight, and assorted candies. Students were asked if they liked everything in their bag and then were given a few minutes to trade with their classmates if they wanted something else. At the conclusion of trading, students were asked how easy or difficult it was to trade and find people who had the items that they wanted and were willing to trade. In short, students were introduced to the problem of the double coincidence of wants. Students were then told how money, as a medium of exchange, solves the problem of the double coincidence of wants.
Students also learned about the need to include anti-counterfeiting measures in money, were shown different currencies from around the world, and were shown a picture of the stone money of Yap, a currency that can weigh up to 3 tons!
October 17-18, 2014
Join Missouri State University alumni, students, faculty, staff, and friends in letting the good times roar and celebrating all things maroon and white at Homecoming 2014!
- Oct. 17 at 6 p.m. – Distinguished Bears Dinner and Awards Ceremony
- Oct. 18 at 7 a.m. – Bear Tracks 5K
- Oct. 18 at 9 a.m. – Band of Bears Homecoming Parade
- Oct. 18 at 10 a.m. – BearFest Village and Tailgating
- Oct. 18 at 2 p.m. – Missouri State Bears vs. South Dakota State Jackrabbits
- Oct. 18 at 6 p.m. – Bears on the Square
For more information, please visit the Homecoming website.
The Missouri Office of Administration is currently accepting applications to fill a position for an Economist. Alumni and May/August 2014 grads are encouraged to apply.
This is a great opportunity to work in the state budget office. Primary duties include:
- Evaluating and reviewing a wide variety of economic data for use in forecasting, planning and analysis.
- Preparing forecasts and analyses of state revenues.
- Serving as liaison with state agencies in collecting and evaluating economic and fiscal information.
- Developing, monitoring and analyzing legislative proposals in the areas of state revenue, taxation, local taxation, economic development, tax credits and related state fiscal issues.
- Preparing complex fiscal note responses, bill reviews and related analyses.
- Evaluating federal legislation, economic policy and fiscal policy that affect the state and/or state tax policy.
- Developing and using state econometric and other analytic resources.
- Providing data, reports and technical assistance to other state agencies and staff.
- Preparing in-depth research on topics on an ad-hoc basis.
Complete details can be found here.
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Dr. C. Patrick Scott, assistant professor of economics, traveled to Kansas City in October for an award ceremony with the Missouri Valley Economic Association. He received the Distinguished Student Paper Award based on his paper titled, “Are Central Bank Preferences Asymmetric When Policy Targets Vary Over Time?”
Dr. Scott earned his doctorate at Kansas State University and his research interests include Econometrics, Monetary Economics, and Macroeconomics.