Teaching, Research, and Pedagogical Notes in High School Economics

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Teaching, research, and pedagogical notes in high school economics
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Teaching, research, and pedagogical notes LCAbueg, econ@uplb
in high school economics
Teaching, research,
and pedagogical
notes in
high school
economics
Luisito Cagandahan Abueg

Assistant Professor
Department of Economics
College of Economics and Management
University of the Philippines Los Baños
I believe myself to be writing a

book on economic theory
which will largely revolutionize—
not, I suppose at once but in
the course of the next ten
years, the way the world thinks
about economic problems.
John Maynard Keynes (1883-1946)
2021 1
DISCLAIMER
The images and other digital materials used in this presentation are for
discussion purposes only, and the presenter do not claim ownership of
such media. References to texts are placed as necessary.
Some of the figures are taken verbatim from previous work. Data may
need to be updated, as new data and developments are reported nd
recorded.
Teaching
economics as
a discipline
Part one
2021 2
P.I. = PHILIPPINE ISLANDS
The 7,107 island count was done in 1939.

It was updated by the National Mapping
Resource Information Authority
(NAMRIA) in 2015, which is now at 7,641.
2021 3
SOME NOTES ON CONTENT

 There are a lot of errors that continue to persist in high school
economics textbooks, despite attempts to correct or rectify them
 Problem: problem confounded by unverified online references, and
unchecked print and related materials (e.g., books)
 We list some of the most common errors found in textbooks, plus
some persisting misconceptions on economic principles, concepts, and
applications of theory
 Aside: while elementary algebra is sufficient for high school economics,
college-level courses require methods of statistics and calculus—a
common “surprise” to students in tertiary and postgraduate levels
1. SCARCITY
 Scarcity is the raison d’etre of economics, i.e., the fundamental reason
for its existence (aside: scarce [adjective] v. scarcity [noun])
 Problems in economics revolve around scarcity:
 Allocation and distribution
 Resource use, and the concept of opportunity costs
 Understanding that there is a big difference between efficiency (what
the market sees as beneficial) and equity (what the government sees
as beneficial)
2021 4
1. SCARCITY
 Example 1: the fundamental questions of scarcity
 What to produce?
 How to produce?
 For whom to produce?
 Problem: is time an element when we address scarcity? Scarcity imply
that there is some degree of immediacy.
 Hence, this excludes the question of “when” (well, if you really want to
include it, then the only answer is NOW)
 Samuelson (1948), cited by Backhouse and Medema (2009), in Abueg
and Calub (2020)
1. SCARCITY
 Example 2: the
“hierarchy of needs” by
Abraham Harold Maslow
(1943, 1970)
 First version (1943) in
Abueg and Calub (2020),
also in Abueg (2020a)
2021 5
1. SCARCITY
 Problems:
 economics does not answer issues on needs that are not economic
in nature (i.e., not market-driven), which is everything above the
second layer (note that such needs are more psychological in
nature)
 Although consistent with Mankiw (2017) in his first principle of
economics (out of the ten), psychological and self-actualization of
needs require time, resources, and methods not generally covered
by standard economic theory
 Economic needs are benchmarked on the problem of scarcity and
its fundamentality; also related to human survival
2021 6
1. SCARCITY
 Economic literature says:
 As early as the nineteenth century, the economist Carl Menger
(1871) recognized a possible ordering of how people consume goods
 Then, UP School of Economics dean Jose Encarnacion Jr (1964)
proposed the idea of “lexicographic preferences”: there is an
inherent ordering in the consumption of goods due to conditions of
the environment and nature of consumption itself (e.g., how do
poor households rank goods to consume, or select goods that must
not be consumed)
1. SCARCITY
 Scarcity and income:
 Engel’s law [Ernst Engel (1857)] (not to be confused with Friedrich
Engels): the 70-20-10 sharing of income on food, shelter and
clothing, and luxuries and other goods, respectively
 As income increases, share to food declines (but actual expenditure
on food does not change drastically), and increases in income
benefit the other components of consumption
 Case in point: recessions and crises (political, fiscal, financial, health)
2021 7
1. SCARCITY
 Always a confusion in textbooks: scarcity (kakapusan) vis-à-vis
shortage (kakulangan)
 The former is due to inherent resource utilization and optimization
(towards maximal benefit), while the latter is due to excess demand
(i.e., market demand for a good is greater than market supply)
Ang pera naten, hindi basta basta nauubos. Pero ang paensya ko, konting konti na lang!
---Angelica Panganiban (as Jacqueline), One More Try (2012)
2021 8
2. MATHEMATICS
 Example: the computation of arc elasticity of demand (own-price)
 Formula:
q2 − q1 (q2 + q1)/ 2
ε= ÷
p2 − p1 (p2 + p1)/ 2
Slope of the Average distance
demand of the two selected
curve (line), points, i.e., the
negative by midpoint formula
the law of (reason for the
demand formula is called the
midpoint method)
2. MATHEMATICS
 Versions of formulas adopting Samuelson and Nordhaus (2010):
(q − q1)/ q1 (q2 − q1)/ q2

ε1 = 2 ε2 =
(p2 − p1)/ p1 (p2 − p1)/ p2
Note: good for small changes (close to results using calculus)
 In either of the cases above, the reference point matters. Verify by

using the [inverse] demand curve q = 100 – 25p and the points (p,q),
say (1,75) and (3,25)
 Examples in Figures 1 and 2, respectively, with the midpoint method in
Figure 3 (next slides)
2021 9
p
(q2 − q1)/ q1
ε1 = Reference point for
p1 (p2 − p1)/ p1 elasticity: (q1, p1)
Note: from inelastic

to relatively elastic
Estimated slope
of the curve,
from point 1 to
Actual slope point 2 (note
(tangent line) at the direction)
reference point
p2
D
the limit as q2 approaches
q1 from the right
q1 q2 q
Note: from elastic to

p relatively inelastic
p1 Estimated slope of the

curve, from point 2 to point
1 (note again the direction)
Reference point for

elasticity: (q2, p2)
(q2 − q1)/ q2
Actual slope
ε2 =
(tangent line) at (p2 − p1)/ p2
reference point
p2
D
the limit as q1 approaches
q2 from the left
q1 q2 q
2021 10
p q2 − q1 (q2 + q1)/ 2
ε= ÷
p2 − p1 (p2 + p1)/ 2
p1
Resulting point from
the midpoint formula,
at the estimated slope
given points 1 and 2
Note: in calculus, this is

an example of the
Point on the curve mean value theorem
with equal elasticity
p2 as in the point from
midpoint method D
q1 q2 q
3. DEMAND
 Standard economic theory says that demand is affected mainly by the
price of the good in question, and other factors, including (but not limited
to) the
 Price of related goods (substitutes or complements [NOT
compliments])
 Income of consumer
 Tastes and preferences
 Number of consumers
 Graphical rendition: demand curve depicts possible combinations of
various levels of qD given p, while other factors “work at the background”
2021 11
10
4
1
2 p = 10 − q
15
0 30 60 90 120 150 q
Figure 4. An example of a demand schedule. Note: while this is a line,

generally demand schedules are nonlinear (i.e., curves).
3. DEMAND
 Issue: inherent confusion among authors on the notion between
change in quantity demanded vis-à-vis change in demand
 Any change in p leads to a movement along the demand curve, i.e.,
change in quantity demanded
 Any change in a non-price factor of demand leads to a shift of the
curve, i.e., a change in demand (or may be regarded as
displacement)
 Caution: analysis proceeds by changing one variable at a time (ceteris
paribus)
2021 12
3. DEMAND
 Hypothetical cause: translation issues in Filipino (both change in
quantity demanded and change in demand are translated as
“pagbabago ng demand”)
 Postscript: the same analysis proceeds with the case of the supply
curve, putting distinction between the own price of the good in
question, and other factors affecting the supply curve
FROM MICRO TO MACRO, ECON ISSUES

 Often reported in newspapers, television, online sources, and
discussed even textbooks
 Issues arise in the following:
 Use of correct definition of economic concepts for analysis and
discourse
 Methods of presentation of macroeconomic indicators
 Inconsistent, and often confusing follow-up sound bites of
interviews, whether from the well-studied economists or from the
ordinary layman (e.g., interviews done on streets)
2021 13
4. ECONOMIC GROWTH
 Problem: the glaring difference between the concepts of economic
growth and economic development
 Economic growth pertains to the expansion of production of goods
and services, measured by the national product (e.g., GDP)
 Economic development is the improvement of overall economic
affairs which is influenced by (but not only due to) economic growth
 Rooted on the principle of aggregation, i.e., e pluribus unum (“out of
the many, one”)
 Caution: interpreting recovery growth data might have indications of
the “base effect” (e.g., postwar and post-recession growth rates)
Figure 5. Real GDP growth rates, 1947-2020. Data from Philippine

Statistics Authority.
2021 14
50000 Red line

denotes
45000 pandemic
2014q4 at quarters
40000 PHP 38,102.05
35000 2020q3 at
PHP 38,043.00
30000
25000
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
q3 q3 q3 q3 q3 q3 q3 q3 q3 q3 q3
Figure 6. Real GDP per capita, 2010q3-2020q3 (41 quarters). Data

from Philippine Statistics Authority.
Figure 7. Real GDP growth rates and headline inflation, 1982-2020.

Data from Philippine Statistics Authority.
2021 15
Figure 8. Real GDP growth rates for ASEAN-6 (Philippines, Indonesia,

Malaysia, Thailand, Singapore, Viet Nam), 2019q1-2020q4. Data
from Philippine Statistics Authority and Trading Economics.
5. INFLATION
 As defined, inflation given time t (πt) is the rate at which general price
levels rise within a period (t = 1,2 [year subscript])
 Based from the consumer price index (CPIt), and other price indexes
 Development of regional inflation rates, as well as computation of
quarterly and monthly inflation (see PSA)
 Formula (for annual changes):
CPI2 − CPI1
π2 = ⋅ 100
CPI1
2021 16
5. INFLATION
 Usual misconceptions: a low inflation rate means prices are declining, and
a low inflation rate is good for the economy (note: if general price levels
decline—decrease in CPI—it is called deflation)
 JCB Punongbayan (2019):
 Lower inflation doesn’t mean prices in general have similarly dropped;
certain food items, such as rice, have deflated (food as major
component of the CPI)
 Plummeting of rice prices could spell doom to our rice farmers, poor as
they already are
 Possibly a manifestation of slower economic activity (e.g., sell-outs,
clearance sales)
6. (UN)EMPLOYMENT
 Problems shared with inflation: misconceptions, and false definitions,
such as people who are seen loitering on the streets and mauling on retail
stores (“tambay”) are unemployed, and a person is employed if s/he has
as job
 Differences in the following categories:
 Employed versus unemployed
 Underemployed as a subset of employed (see de Dios and Dinglasan
[2015])
 Unemployed versus those “not in labor force [NLF]”
 Working age population [WAP] (PSA definition: 15 to 64 years old)
2021 17
Labor and
April July 2020 October January April
employment
2020 (f) (f) 2020 (f) 2021 (p) 2021 (p)
indicators
Philippine
population of aged
15 years old and 73,722 74,061 74,307 74,733 74,971
above (in
thousands)
Labor force
55.7 61.9 58.7 60.5 63.2
participation rate
Employment rate 82.4 90.0 91.3 91.3 91.3
Underemployment
18.9 17.3 14.4 16.0 17.2
rate
Unemployment rate 17.6 10.0 8.7 8.7 8.7
Table 1. Labor Force Survey Reports covering the pandemic quarters,

to date. Legend: p = preliminary, f = final. Data from Philippine Statistics
Authority (2021).
7. MONEY
 Current issue: replacement of PHP 20
bill with coin, beginning December
2019
 BSP to release coins for purposes
of extending lifespan of currency
despite higher costs of production
(BSP [2019a]; BSP [2019b])
 Issue: speculations of declining
purchasing power of the peso, PHP 20 New
attributed to recent trends in Generation
Currency Series
inflation post-2016
(beginning 2010)
2021 18
5000-peso
banknote,
obverse (Lapu-
Lapu) and
reverse (Mt Apo
and PH eagle)
(released March
2021)
7. MONEY
 Why bother about large denominations?
 Largely-denominated banknotes are signs of declining purchasing
power, and indications of persistent high inflation rates (possibly
hyperinflation, e.g., Venezuela since 2013)
 Examples: Indonesian Rupiah (100,000), Viet Nam Dong (500,000),
Korean Won (50,000), Zimbabwean Dollars (1,000,000,000,000)
 Large denominations (and having a lot of zeroes is one of the reasons
why currencies are color-coded)
2021 19
8. ECONOMIC HISTORY
 Macroeconomics is knit with the lessons of experiences of history: a
point always often discussed (but neglected) by a lot of policymakers,
and even in classroom experience (e.g., Blaug [2001]; Kishtainy [2019];
Corpuz [1997])
 As in any state of affairs, no political administration can solely claim
the benefits reaped in the current state of the economy (but most
often than not, these rival political parties blame each other for the
“building up” of problems)
 Started as an econometric
inquiry for an exam in PH
economic history
 Later developed as a seminar
paper in preparation for a
visiting professor of DLSU in 2016
(Jeffrey Williamson, Harvard
University); and consequently
with Benito J Legarda Jr
(founding president of Philippine
Economic Society)
2021 20
Figure 9. Exports and imports in thousand pesos, and in current prices,

1810-1896. Included years are those with both exports and imports
data, from Corpuz [1997].
9. DEFICITS AND DEBT

 Things to look at public debt:
 Public (or sovereign) debt, versus private (commercial, or
household debt)
 Debt composition (current debt is more domestic, as part of
restructuring post-Marcos era)
 Maturity (long term versus short term), as also mentioned in the
case of 2003 fiscal crisis (see UPSE DP 2004-09)
 Debt-to-GDP ratio (an estimate of the economy’s capacity to repay),
similar to the household case
2021 21
Figure 10. Debt-to-GDP ratios, 1986-2020. Data from the Bureau of

Treasury, with 2020 data (Jan value) from authors’ calculations using
data from the Bureau of Treasury and Philippine Statistics Authority.
Amount (in
Source of funding
million USD)
Loans (as of Dec 15, 2020) 13,338.60
Budgetary support financing, for Covid-19 12,723.6
Project loans financing, for Covid-19 615.00
Other loans not related to pandemic 1,554.55
response
Loans (reported Mar 12, 2021) 900.00
World Bank 500.00
Asian Development Bank 400.00
Total loans 14,238.60
Grants (as of Dec 15, 2020) 26.36
Total financing (loans and grants) 14,264.96
Table 2. Loans and grants secured by the national government during

the pandemic months. Data as of December 2020 from the
Department of Finance (2020), March data from Asian Development
Bank and World Bank.
2021 22
Total
Average
Year of public Change in Absolute
Interval annual
change in debt total public change
in growth
administrati (year-end) debt in in
years in
on in million million PHP percent
percent
PHP
1986 528,347
1992 6 976,387 448,040 84.80 10.78
1998 6 1,800,413 824,026 84.40 10.74
2001 3 2,880,695 1,080,282 60.00 16.96
2010 9 5,267,979 2,387,284 82.87 6.94
2016 6 6,603,935 1,335,956 25.36 3.84
2020
4 10,253,354 3,649,419 55.26 11.63
(current)
Table 3. Total public debt per end of fiscal year, in million current PHP.
Absolute changes and annual average growth rates are authors’
calculations. Data from the Bureau of Treasury. Note that total debt in
1986 is not purely of Marcosian origin (however, more than 90% of
accumulated debt comes from the regime).

 On averages as measures of debt severity:
 Albeit sensitive to outliers (a lesson in elementary statistics), much
of econ measures are replete of averages
 “Better to have something faulty than having none”, but continuous
process of improvement (example: GDP metrics)
 Per capita debt as an indicator of severity of debt activity (moral
hazard—behavior in any borrowing activity, even in private sector)
 Morals of debt growth (Marcos era): current accountability, and
future repayment (related to moral hazard)—debt to be fully paid
by 2025—and pre-pandemic debt up until 2049 (estimates)
2021 23

 At the end of the day, we do not downplay a metric or measure just
because we feel it does not capture reality
 Economic analysis is data- and model-driven, under careful
assumptions about reality
 As much as we want to approximate reality, we do not make our
attempt cumbersome
 Even our everyday cliché says: “one problem at a time” (i.e., ceteris
paribus)
 Question: how about the pandemic-incurred debt?
2021 24
It will be my most cherished

ambition, my highest endeavor,…
to increase the numbers of those,
whom Cambridge, the great
mother of strong men, sends out
into the world with cool heads
but warm hearts, willing to give at
least some of their best powers to
grappling with the social suffering
around them.
Alfred Marshall, in “The Present
Position of Economics” (1885)
Research in
economics and
the social sciences
Part two
2021 25
RESEARCH IN ECON AND SOC SCI

 While much of research is done in higher education (i.e., tertiary level),
curiosity and persistence pushes for economic research even at the
secondary level (to some extent, more emphasized in senior high
school)
 As always, research should be supplemented with adequate and
correct information, proper methodology, and appropriate mentoring
THINK, THINK, AND THINK!

 No thought is useless, as no questions are invalid inside the classroom
 Humans are naturally curious and inquisitive
 Research fuels the academic and social improvements of the human
world in general, and academics and researchers in particular
 There is no easy way to the top (i.e., elevator is not working): we use
the stairs all the time
2021 26
CURIOSITY AND INQUIRY

 Grade3 science: observation-inference-hypothesis-analysis-conclusion
 Curiosity feeds further inquiry, and discipline leads to the systematic
improvement of one’s research portfolio
 No method is a one-size-fits-all: some develop ideas quickly, others
brew ideas longer, but do not take it against them
 Example: in mathematics, the simplest truths are the hardest to justify
(e.g., why 1 > 0?)
 Working only on news clips,

coffee table magazines, and
inspired by an MGB episode (Noli
de Castro); with three undergrad
textbooks—Leithold, Varian, and
Gujarati
 From undergrad thesis to first
journal article
 Later became reference to
numerous work, and passport to
television (GMA in 2014, ANC in
2018)
2021 27
Posted in the SERP-P

Facebook page
for the period covering
Nov 2011 - Dec 2017
03 January 2018
THE SOCIAL SCIENCES

 Predominantly qualitative, but new developments require quantitative
data, methods and analysis
 Multimethodology, or the “mixed-methods approach”
 Not competitive, i.e., the differences support and complement each
other
 Inherent difficulty of the subject—human beings—as attested by
studies in biology and the life sciences
 Examples: non-constant behavior of humans, difficulty of modelling
human-environment interaction
2021 28
SPECIALIZATION V. INTERESTS
 Research specialization: your areas that you would want to align your
research and academic engagements (some would usually see this only
for research)
 Research interests: specific topics within the research specialization,
but may have overlaps with other disciplines
 Note: reading a textbook and offering it as a special course does not
make that topic your specialization
SPECIALIZATION V. INTERESTS
 Know the difference: a lot of academics remain confused about the
difference, particularly in the social sciences
 We are not “jack of all trades, master of none”: we may be able to
impress non-researchers in indicating that you know almost all areas in
the spectrum, but surely will pose doubts among academics and peers
in terms of mastery of the subject matter
 As DepEd would say: mastery of the subject matter, and not mastery
of the textbook
2021 29
SOME SUGGESTIONS
 Work on with what interests you, and not what others would want you
to do
 Research outcomes also indicate your intensity of engagement in the
subject matter: you are claiming the area of specialization to which you
declare
 Example: economists do not call themselves such, it is the audience
who gives such accord
 Social media lesson of love: “it is the fisherman that says that the fish
is a good catch, but not the fish”
CAUTION ON “GRANDEUR”
 Some researchers would want that their seminal works of first papers
be published in high-rated journals, or would have some degree of
“popularity” (readership), and significance
 Strike a balance between (1) what is feasible, and (2) what will boost
your academic portfolio and career
 The “glamour” or “grandeur” may sometimes work against the
researcher, even if with best of intentions
 Often referred to by scholars as the “analysis-paralysis conundrum”
2021 30
1. Thought or idea
idea idea
2. Seminar or group 1 2
discussion
3. Conference or large-scale
engagement
4. Peer-reviewed output
(journal article, volume, 4
chapter) 3
The research cycle
(my own version of such process)
WHAT THE CYCLE GENERATES

 Every step of the development of a research idea is always worth
celebrating
 Initial ideas lead to a discussion paper
 Presentations lead to improvements, and later conference proceedings
 Further improvement of proceedings with peer-review leads to a
journal article, book chapter, and later, a volume
2021 31
FROM AN IDEA OR THOUGHT

 Ideas and thoughts are always worthwhile starting points of research
 Do not worry (much) on data, future possible rejections, replicability
issues, and so on
 Always do substantive review of related and relevant literature (there is
an inherent difference of the two, as the latter is the subset of the
former)
 Consult competent and expert people in the area or field, and never be
complacent
OBSERVATIONS AND INFERENCES

 Simple and ordinary observations of everyday life may lead to some
worthwhile and novel research ideas
 Some topics may be unpopular, but worth pursuing; but always take
precaution on the research topic if realistic to implement
 Credibility of initial feedback matters: where discussions of various
scale come into picture
2021 32
CITATIONS NOW, READERSHIP LATER

 Prior to 2000s, citation was the main driver of publication and research
reach; however, inadequate data of number of citations and where are
the work cited (also used in UP System FMP applications)
 Technology aided-algorithms provided such metric—plus an addition of
readership and interaction between readers and scholars—which gave
birth to various “social media-like” platforms: GoogleScholar,
ResearchGate, Social Science Research Network
 University repositories as another avenue of readership
“TAKE THINGS WITH A GRAIN OF SALT”

 From: Pliny the Elder’s Naturalis Historiæ, 77 A.D
 “To take a statement with 'a grain of salt' (or 'a pinch of salt') means to
accept it while maintaining a degree of skepticism about its truth”
 As social science research is inherently difficult (a research of non-
constants), so are the governing rules on whether output or results of
social science research suggest generality
2021 33
NOT PERSONAL, PLEASE

 Rule: do not take criticisms personally, no matter how rude or bad the
reviewers are
 There is no universal protocol on who to say that one research is good
or bad: all us learn nonstop (we are students of this world)—the
lifelong learning aspect of education
 Like beauty pageants, judgment of the work is as good as the source of
the criticism (or the favorite aphorism: “beauty is in the eye of the
beholder”)
BE ON THE SIDE OF UNDERSTANDING

 Reviewers are not pre-compensated in financial terms (otherwise, a
usual red flag for predatory journals)
 Reviewers are working on the basis of a “double-blind” review: only
the managing or associate editor (of a journal) is the gatekeeper of
identities
 As in the usual advice in taking Philippine roads: “drive defensively”
 In rejections, always be thankful: acknowledge the rejection letter
without being bitter or hurtful
2021 34
ON COLLABORATIONS
 Engagement with various authors, as well as in following protocols of
journal outfits where the paper is submitted for peer review and
possible publication
 Identify “personal constraints” if any, to avoid conduct unbecoming
among coauthors and reviewers
 If someone decline your research offer, do not take it personally, but
rather use it as an informational gain
To everyone with a
dream, know that your
dreams are valid; and on
your path you are never
denied and only
redirected.
Catriona Gray
Miss Universe 2018
2021 35
71
A “BLESSING IN DISGUISE”
 Not to be insensitive, but would serve as an opportunity for
researchers (with enabling environment and conditions) to focus more
on research
 Covid-19 pandemic opened a lot of exploratory research for virtually all
disciplines, particularly in the social sciences
 Less quantitative, but more experiential (experience-based), since we
ourselves are the key informants
 Technology induced a real-time pandemic monitoring, aiding policy
and program implementation
2021 36
DATA RESTRICTIONS
 Data analysis more of secondary in nature, unless data gathering is
enabled by technology (to proceed given pandemic situation)
 Technology is both enabling (in terms of reach), and limiting (in terms
of those with access)
 Quality of data influenced by health restrictions (on mobility and
interaction): important issue in verification and validation
 Bottomline: always be honest with how data was gathered, the
limitations of the methods used, and be open to suggestions on how
data credibility may be raised to support research
74
2021 37
 An exploratory attempt to a
related but uncharted domain
of applied research (relative to
previous work and experience)
 A developing work on
macroeconomics and the
economics of the built
environment (or real estate
economics), with a follow-
through paper (a more
statistical approach utilizing
advanced econometric
methodology and modelling)
2021 38
 Note: Forthcoming paper, 2021

 An exploratory qualitative
research paper on the surge of
digital media on “boys love”
during the pandemic
 Spans the framework of gender
economics, queer theory, and
media theory
 Uses the broad strokes of
content analysis, and elements
of autoethnography
Some pedagogical
notes in economics
and social studies
Part three
2021 39
Apart from the standard four-part

curriculum (one part per quarter), the
book has an additional chapter (Unit
5)—supplementary and not required for
a standard four-quarter year in high
school economics—covering
a. Short discussion on Philippine
economic history
b. Philippine economic institutions:
public and private
c. Economic instruction and national
language
Link to site:
https://staugustinepublications.com
ON PH ECONOMIC HISTORY
 Appreciation of Philippine historical events that shaped the economic
development experience of the country, as early as the Spanish era
 Emphasis on the need for history as a tool for understanding
economics and the development trajectory of the country in the last
five hundred years, more or less
 History supplemented by recorded data that aid in economic analysis
of historical and later, contemporary events
2021 40
ON PH ECONOMIC INSTITUTIONS
 Definition of institutions from social science disciplines: set of norms
and roles, written and unwritten, oral and codified, that forms the
bases of social behavior of people
 Economic institutions—shaped by history, development of economics
as a discipline, macroeconomics and development, among others
 Later: economic societies, academic institutions of higher learning,
nongovernment organizations, civil society
FILIPINO LANGUAGE AND ECONOMICS

 General rule: Filipino as the medium of instruction in Economics
(Grade 9) in public high schools; may be changed to English in some
private high schools
 Problem: translation discrepancies and setting of equivalences, which
may distort the economic concepts in the delivery of the content and
in the manner of instruction
 Aside: encouraging courses to be taught in the vernacular based on
regional dialect (non-Tagalog based instruction)
2021 41
I think that the United States and the

Philippines have always had a good
relationship with each other. We
were colonized by the Americans
and we have their culture in our
traditions even up to this day and I
think that we're very welcoming
with the Americans and I don't see
any problem with that at all.
Pia Wurtzbach
Miss Universe 2015
JUAN THE INDIO

The great essayist Carmen Guerrero Nakpil once said that Filipinos spent
more than 300 years in a Spanish convent and less than 50 years in
Hollywood. So why, I asked, after more than three centuries of Iberian
colonization, we still cannot form a single sentence in grammatically
correct Spanish? Why is South America, Spanish-speaking? The
Philippines is almost completely ignorant of the language except in patois
or contact languages like Chabacano, a dialect which a Spanish native-
speaker can barely understand.
Saul Hofileña, “Under the stacks” [2011], introduction
2021 42
Language can be learned but the will and

determination to contribute to the organization
cannot. It has to come from the heart. It has to
be natural. I believe that kindness is a universal
language that if you treat people with tolerance,
patience and love, you will understand each
other.
The Hispanic culture is not about language only.

It’s about love for God, love for country, love for
history and culture and love for family. As a
Filipina with a unique heritage, I have instilled
that. I am ready to promote the Hispanic culture
not just in Asia but in the whole world. It is time to
celebrate the Hispanic culture. It is meant to be
celebrated.
Teresita Ssen Marquez

Reina Hispanoamericana 2017
 An exploratory inquiry using the

“broad strokes of content analysis”:
survey of high school econ
textbooks
 Triggered by the decades-old
problem of erroneous textbooks in
math, PH history, and English
 Resulted to two textbooks after
more than a decade, where
“Ekonomiks” book is the inaugural
project emanating from this work
(supplemented by experience)
2021 43
 Alongside with the contents of

textbooks are the following
discussions:
i. UNESCO’s evaluation on PH
basic ed curriculum affecting
social studies
ii. Evolution of PH curriculum in
basic ed and later the basic
education competencies (BECs)
iii. Translation of economics to
Filipino
iv. Errors in textbooks, largely on
economics content
 Presented in the following venues:

i. UP School of Economics Friday
Seminar Series (2005-0902)
ii. Philippine Economic Society
Annual Meeting in AIM (2005-
1123)
iii. Third National Conference in HS
Teaching Econ in NCR, by CECON
in SSC Manila (2006-1010)
iv. National Conference on
Economic Education, First
Economics Teachers’
Conference, UPLB (2010-0221)—
even after publication in 2007
2021 44
[The economist] must be

mathematician, historian, statesman,
philosopher—in some degree. He must
understand symbols and speak in
words. He must contemplate the
particular in terms of the general, and
touch abstract and concrete in the
same flight of thought. He must study
the present in the light of the past for
the purposes of the future. No part of
man's nature or his institutions must lie
A. Marshall
entirely outside his regard.
Keynes, JM [1924] “Alfred Marshall, 1842- J.M. Keynes

1924.” Economic Journal 34(135): 311-372.
The history of economic activity in the

Philippines is the result of economic data
and institutions recorded in the documents
and contemporary sources. It is meant as
an aid to the understanding of the
Philippine economy through description
and analysis of its early foundations and
sectors and their basic features as they
evolved over time. Being a historical
approach to economic analysis, it covers
both change and continuity. …
2021 45
… [I]f the economist is to advise the

political leadership, the advice must be
sharpened by a historical sense. The sense
of history has not been a strong suit in the
education of Filipinos, and economic
history has been little more than an
afterthought in the education of our
economists. This is because our histories
are arid sources of information and insight
on the economy.
Onofre D Corpuz, “An economic history

of the Philippines” [1997], introduction
ECONOMIC HISTORY COMPLEX?

 The study of economics is dynamic in itself: a conglomerate of
influences of events, environment, institutions, and time
 An interplay between positive and normative economics
 A tool for long term economic planning and macroeconomic policy:
issue of development economics—non-universality of a sound
economic policy—under the dimensions of time and space
2021 46
HISTORICAL “REVISIONISM”
 Historical revisionism: revisiting [and later correcting] history, as seen
in literature, and oral tradition (e.g., Ifugao Rice Terraces, Lapu-lapu
narrative, PH independence, Marcos era)
 Misuse in PH context, suggested to replace with “historical distortions”
 May even culminate to historical negationism (in particular, to events
of the twentieth and twenty first centuries: world wars, political
crimes, crimes against humanity, among others)
Figure 11. Net satisfaction ratings of Philippine presidents, 1986-2019.

Data from Social Weather Stations (2020).
2021 47
95
SOME POSTSCRIPTS ON DATA

 Correlation: data with statistical significance on correlations do not
automatically translate to such argued relationship—case of spurious
correlations
 Causation: correlation does not mean causation; moreover, problem is
worse if correlation is spurious
2021 48
REMINDERS ON SURVEYS
 Always fact-check. Take time to double check sources, statements, and
claims.
 Majority is not always correct nor true. Testimonials do not even
count as evidence (especially in science).
 Scrutinize surveys. Are they statistically credible?
 Exercise our right to vote. The right to suffrage is protected by the
Constitution.
 Finally, surveys do not predict election results (or results where such
survey is intended to)
It is no crime to be ignorant of
economics, which is, after all, a
specialized discipline and one
that most people consider to be
a “dismal science”. But it is totally
irresponsible to have a loud and
vociferous opinion on economic
subjects while remaining in this
state of ignorance.
Murray Rothbard (1926-1995)
2021 49
www.zerrabueg.com
/zerrabueg.4031
/zerrabueg
Luisito C Abueg
Thank you!
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2021 52
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2021 54
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Teaching, research, and pedagogical notes in high school economics

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Luisito Cagandahan Abueg

I believe myself to be writing a

John Maynard Keynes (1883-1946)

P.I. = PHILIPPINE ISLANDS

The 7,107 island count was done in 1939.

SOME NOTES ON CONTENT

(q − q1)/ q1 (q2 − q1)/ q2

 In either of the cases above, the reference point matters. Verify by

Note: from inelastic

Note: from elastic to

p1 Estimated slope of the

Reference point for

Note: in calculus, this is

Figure 4. An example of a demand schedule. Note: while this is a line,

FROM MICRO TO MACRO, ECON ISSUES

Figure 5. Real GDP growth rates, 1947-2020. Data from Philippine

50000 Red line

Figure 6. Real GDP per capita, 2010q3-2020q3 (41 quarters). Data

Figure 7. Real GDP growth rates and headline inflation, 1982-2020.

Figure 8. Real GDP growth rates for ASEAN-6 (Philippines, Indonesia,

Table 1. Labor Force Survey Reports covering the pandemic quarters,

Figure 9. Exports and imports in thousand pesos, and in current prices,

9. DEFICITS AND DEBT

Figure 10. Debt-to-GDP ratios, 1986-2020. Data from the Bureau of

Table 2. Loans and grants secured by the national government during

9. DEFICITS AND DEBT

9. DEFICITS AND DEBT

It will be my most cherished

RESEARCH IN ECON AND SOC SCI

THINK, THINK, AND THINK!

CURIOSITY AND INQUIRY

 Working only on news clips,

Posted in the SERP-P

THE SOCIAL SCIENCES

WHAT THE CYCLE GENERATES

FROM AN IDEA OR THOUGHT

OBSERVATIONS AND INFERENCES

CITATIONS NOW, READERSHIP LATER

“TAKE THINGS WITH A GRAIN OF SALT”

NOT PERSONAL, PLEASE

BE ON THE SIDE OF UNDERSTANDING

 Note: Forthcoming paper, 2021

Apart from the standard four-part

FILIPINO LANGUAGE AND ECONOMICS

I think that the United States and the

JUAN THE INDIO

Saul Hofileña, “Under the stacks” [2011], introduction

Language can be learned but the will and

The Hispanic culture is not about language only.

Teresita Ssen Marquez

 An exploratory inquiry using the

 Alongside with the contents of

 Presented in the following venues:

[The economist] must be

Keynes, JM [1924] “Alfred Marshall, 1842- J.M. Keynes

The history of economic activity in the

… [I]f the economist is to advise the

Onofre D Corpuz, “An economic history