Book contents
- Frontmatter
- Dedication
- Contents
- Preface
- Software Requirements and Opening a Macro-Enhanced Workbook
- Introduction:Why Simulation and Excel?
- 1 Charting in Excel
- 1.1 Introduction
- 1.2 Simple Scatterplot and Double Y Charts: HowToChart.xls
- 1.3 The Shaded (Recession) Chart: RecessionChart.xls and EconChart.xla
- 1.4 Summary
- 2 Economic Growth Literacy
- 3 The Solow Model
- 4 Macro Data with FRED in Excel
- 5 The Keynesian Model
1.1 - Introduction
from 1 - Charting in Excel
Published online by Cambridge University Press: 05 May 2016
- Frontmatter
- Dedication
- Contents
- Preface
- Software Requirements and Opening a Macro-Enhanced Workbook
- Introduction:Why Simulation and Excel?
- 1 Charting in Excel
- 1.1 Introduction
- 1.2 Simple Scatterplot and Double Y Charts: HowToChart.xls
- 1.3 The Shaded (Recession) Chart: RecessionChart.xls and EconChart.xla
- 1.4 Summary
- 2 Economic Growth Literacy
- 3 The Solow Model
- 4 Macro Data with FRED in Excel
- 5 The Keynesian Model
Summary
[With a chart,] as much information may be obtained in five minutes as would require whole days to imprint on the memory in a lasting manner by a table of figures.
– William PlayfairThe contents of this book are meant to be modular – chapters can be used in any order, and individual Excel workbooks can be smoothly paired with any textbook. It could be argued, however, that this chapter on creating charts is a prerequisite to the study of economic models and data and, therefore, merits its leadoff status. A chart, also known as a graph, plot, or diagram, is so fundamental to the way economists visualize models and display data that it is often overlooked. Books present charts as if they were words, with no prior explanation, implicitly assuming that everyone knows how to read a chart. Using Excel to teach economics, with an emphasis on actively doing something rather than passively observing, forces explicit consideration of best practice methods for making a chart. Beginning with charting is an excellent way to introduce students to Excel and offers an opportunity to cover an ignored area of the undergraduate curriculum. The skills learned are sure to be used extensively in future courses and outside the classroom.
Students think that charting is trivial, but it is actually a complicated, serious matter, and there is, of course, a substantial literature on visualization and presentation of data. However, this is not a book about displaying data, so the optimal stopping point is reached quickly. A reasonable teaching goal is for a student to be able to produce a clear, basic graph in Excel. Be sure to emphasize that a guiding principle is to minimize chartjunk: irrelevant text, colors, or other visual elements that distract from and obscure the information being displayed. There is no doubt about it – a minimalist, simple approach is best.
Unfortunately, Excel is not helpful when it comes to creating a chart. It presents a bewildering array of chart types and options. Most students know that, in Excel, charts are created by selecting data, then clicking on a chart type button (or using the Chart Wizard button in older versions of Excel). Students need instruction, however, on exactly which chart type to use and how to best convey information.
- Type
- Chapter
- Information
- Teaching Macroeconomics with Microsoft Excel® , pp. 11 - 12Publisher: Cambridge University PressPrint publication year: 2016