You might think this (time management and opportunity cost) to be a weird topic for a second class in a course called “Principles of Economics”. You would certainly think it to be unconventional. Not the latter half of the topic – opportunity costs – but the first one. What does time management have to do with economics? Well, think of it this way – if you are an Indian student who has learnt economics, you have almost certainly come across Lionel Robbins’ definition, and have most likely memorized it back then.
Here it is: the science which studies human behaviour as a relationship between ends and scarce means which have alternative uses.
What is more scarce than time? We all have a limited amount of time, and we all have ends to achieve. The ends we would like to achieve in our lives are much more than the time that is afforded to us, and so we must choose which of these ends to pursue, and which to sacrifice. That’s a pretty good, and if you ask me, useful way to understand opportunity costs. The weirdness, or the unconventional choice (to some) of the topic, is a direct consequence of my request to ChatGPT from yesterday’s post:
I am seeking to learn economics not to write an examination at the end of the semester in a college or university with this course. I am seeking, instead, to learn economics in order to apply it to various aspects of my life. Of course, as a student enrolled in a university, you may seek to optimize your learning geared towards doing well in a examination at the end of the semester, and that’s fine. Just let ChatGPT know accordingly, that’s all:
I won’t show you the whole output, but simply how the second lecture’s outline has changed:
Here’s a revised outline for the thirty lectures, with the original lectures designed for applicability to various aspects of life (Lecture A) and the modified lectures tailored to help you succeed in an Indian undergraduate economics course (Lecture B):ChatGPT-4’s Output (in part)
Lecture A: Time Management and Opportunity Cost
Lecture B: Opportunity Cost: Definition, Types, and Examples
I know which one I prefer, and why. The good news, as a student, is that you can do both! Learn in order to score well in an examination, and also learn in order to figure out how to apply economics better in the case of your own life. Why should the two be different? Ah, some questions you should reflect upon, rather than ask ChatGPT.
Anyway, back to our lecture du jour. I asked ChatGPT to explain why it chose time management, and I do not think I would have asked that question as an eighteen year old. The older you get, the more aware you are of how limited your time is. And at least in my own case, the converse is also true. I count this as a mark in my favor – that while a good prompt may get a student going, said student will still need help and advice on an ongoing basis.
So far, at any rate.
Further proof of that fact that I’m not out of a job, just yet, is below. The context is that I read the answer, and felt it to be incomplete. So I prodded it a bit, and then just a little bit more:
To be clear, it isn’t so much about the phrase TINSTAAFL, as it was about the fact that I felt its explanation to be incomplete. This prompted me (no pun intended) to ask it to be more thorough:
This is an important lesson in and of itself. Feel free to tell ChatGPT to give more (or less) detail, or ask it to modify how it gives you the answer (more examples | simpler language | write like person X | show your output as a debate between person X and person Y). Get your “teacher” to be the kind of teacher that you like to learn from!
I count this as a pretty important miss on ChatGPT’s part. My personal opinion is that you haven’t fully explained opportunity costs without talking about the importance of how your evaluation of opportunity costs changes given different time horizons. Time matters! ChatGPT actually agrees with me (see below), but only after prodding. And this after making explicit the fact that I was interested in learning about time horizons! And so I asked it again:
I’m two days in, where I’m the “student” and ChatGPT my teacher. Today’s class wasn’t great. I don’t think ChatGPT’s output was good enough to stand on its own, and it needed additional prompts to deliver what I would consider to be a good introduction to the concept of opportunity costs, its many nuances and its many applications. It wasn’t bad, but it was far from being good, in my opinion.
Should I take this as a sign that I need to get better at writing prompts, or should I take this as a sign that AI isn’t good enough to replace me yet? How should I change my mental model about whether the average student in a typical college can learn better from AI?
If you are a regular reader of EFE, you know what’s coming next: the truth always lies somewhere in the middle.I need to get better at writing prompts, yes, but also AI isn’t good enough to replace me yet. Both of these things will change over time, of course, but for the moment, less than ten percent into the course, I am inclined to think that I am not out of a job, just yet.
And even better, the complements over substitutes argument just got stronger – I’ll be a much better teacher of a course such as this the next time I get to teach it. Tomorrow we tackle “Supply and Demand: Basics and Market Equilibrium”.
I’ll see you in class tomorrow!