Overview
The activity is designed for students to internalise the main characteristics of the different schools of economic thought.
Aims
- to stimulate thinking about the theoretical concepts explained
- to explore the main differences between the different economic systems
- to provide some basic facts about the Classic, Marginalist, Neoclassic, Marxist and Keynesian models
Materials and time
The bingo is designed as a Table as shown below, that could be printed in advance or be drawn manually by the instructor and the students. Time can be adjusted from 30 minutes to an hour.
Group size
10 minimum
Instructions for trainers
- Break up the class into small groups.
- The teacher draws/distributes the following empty table, explaining that the team that completes 3 X in a vertical column first should shout BINGO!
Classics (without Marx) | Marginalist | Neoclassic | Marxist | Keynesian | |
The first school that placed economics as a science | |||||
For this school the state should not intervene | |||||
Founder of the Welfare State | |||||
Strongest critic of capital concentration | |||||
Invented the concept of the invisible hand | |||||
Defined the concept of abstract labour and surplus | |||||
Based in value theories | |||||
Invented the labour market model | |||||
Invented the Utility theory | |||||
For this theory full employment is not guaranteed by market laws |
Table with results (for the instructor)
Theories/Schools | Classics (without Marx) | Marginalist | Neoclassics | Marxist | Keynesian |
The first school that placed economics as a science | X | ||||
For this school the state should not intervene | X | X | X | ||
Founder of the Welfare State | X | ||||
Strongest critic of capital concentration | X | ||||
Invented the concept of the invisible hand | X | ||||
Defined the concept of abstract labour and surplus | X | ||||
Based in value theories | X | X | X | ||
Invented the labour market model | X | ||||
Invented the Utility theory | X | ||||
For this theory full employment is not guaranteed by market laws | X |
- After the first team shouts Bingo! The instructor must check that the answers are correct and facilitate a dialogue with the students in case of any questions.
- If the first team answered all points correctly, the exercise would end there. Otherwise, the instructor will continue reading out the topics that remain on the table.
