The Science of Learning
No one teaches us how to learn; we are expected to know how. If we want to help our students succeed, we must do better.
During my first class, I talk to my students about the science of learning and provide them with tips for success. As a professor of economics, I’ve long observed that the principles we study in our field apply not just to markets and policy decisions but also to our personal growth and education. Today, I want to discuss the science of learning and how it intersects with economic concepts to help you become more effective learners. Educators, this one is for you, too. Please share it with your students.
The Economics of Attention
In economics, we often discuss the concept of scarcity. When it comes to learning, our most scarce resource is attention. Just as a firm must allocate its limited resources efficiently, you must allocate your attention strategically to maximize your learning outcomes.
Research in cognitive psychology shows that multitasking is often counterproductive. When you switch between tasks, you incur a "switching cost" – a concept familiar in economics. This cost manifests as reduced efficiency and increased errors. To optimize your learning, focus on one task at a time, much like how specialized labor increases economic productivity.
Watch this video:
The Marginal Returns of Study Time
The law of diminishing marginal returns is a fundamental economic principle that applies equally well to studying. As you increase your study time, each additional hour typically yields less additional knowledge or skill improvement than the previous hour.
To counter this, use techniques like the Pomodoro method (25 minutes of focused study followed by a 5-minute break) to maintain high productivity. This approach is akin to optimizing production cycles in manufacturing to maximize output.
The Power of Compound Learning
Just as compound interest can lead to exponential growth in investments, compound learning can lead to exponential growth in knowledge and skills. This concept, known as the "Matthew Effect" in education, suggests that initial advantages in learning tend to accumulate over time.
To harness this power:
Build a strong foundation in core concepts
Regularly review and reinforce your learning
Seek connections between new and existing knowledge
This approach creates a "virtuous cycle" of learning, similar to how reinvested profits can accelerate business growth.
The Network Effects of Collaborative Learning
In economics, we study how network effects can increase the value of a product or service as more people use it. Similarly, collaborative learning can create positive externalities for all participants.
Engage in study groups, participate in class discussions, and share your knowledge with others. This reinforces your understanding and exposes you to diverse perspectives, much like how diverse economies tend to be more resilient and innovative.
The Rule of Thirds: Diversifying Your Learning Portfolio
I advocate for what I call "The Rule of Thirds." This rule emphasizes diversifying your learning methods to engage different cognitive processes and enhance comprehension and retention.
The Rule of Thirds Plus consists of three key components, with a bonus fourth element:
Listening (Auditory Learning): This involves attending lectures, participating in discussions, or using audio materials. It's like gathering market information from various sources.
Seeing (Visual Learning): This includes reading textbooks, examining graphs and charts, or watching educational videos. Think of this as analyzing visual economic data and trends.
Teaching Others (Communication-Based Learning): This involves explaining concepts to classmates, participating in study groups, or creating content to share your understanding. It's akin to presenting economic analyses or pitching ideas in a professional setting.
Bonus: Doing (Experiential Learning): This crucial component involves actively applying what you've learned through practical exercises, real-world projects, or simulations. This could mean conducting your market analysis, creating economic models, or participating in trading simulations.
The "Doing" component is precious in economics. It bridges the gap between theory and practice, allowing you to experience firsthand how economic principles play out in real or simulated environments. This experiential learning can lead to deeper understanding and better retention of complex economic concepts.
By actively engaging with the material in this way, you're not just learning about economics – you're thinking and acting like an economist.
The Takeaway
Investing time in developing effective learning strategies may seem costly in the short term, but it offers significant long-term returns. Techniques such as active recall, spaced repetition, and elaborative rehearsal have been shown to improve long-term retention and understanding dramatically.
Understanding and applying the science of learning is not just about academic success; it's about developing a skill set that will serve you well throughout your personal and professional life. Just as we strive to optimize economic systems, we can optimize our learning processes for better outcomes.
Remember, the goal is not just to pass exams but to build a robust framework of knowledge that you can apply in various contexts. This adaptability is crucial in our rapidly changing economy.
Keep learning, keep growing, and remember – you are your most important investment.
Good luck this semester,
Dr. A