Regions of the Production Function,Returns, and Economies of Scale: A Reply

The author discusses a pedagogical strategy based on data visualization and analysis in the teaching of intermediate macroeconomics and financial economics. In these short projects, students collect and manipulate economic data from the online Federal Reserve Economic Database (FRED) in order to illustrate theoretical relationships discussed in class. All the data collection and manipulation tasks are conducted through the FRED Web site. The author argues that as students locate and effectively use the quantitative information that they need to evaluate abstract concepts, they are in effect developing the connection between theories and empirical evidence that underpins the discipline of economics.