SOURCE University of Maryland's Robert H. Smith School of Business
COLLEGE PARK, Md., Aug. 13, 2019 /PRNewswire/ -- Explaining a complex issue can be effective by making it come alive in a comic book, as in the New York Federal Reserve's Educational Comic Book series. Reacting to the Fed's latest, "The Story of Monetary Policy," faculty experts at the University of Maryland's Robert H. Smith School of Business gave examples of other important complex business or money-related issues that would be helpful to see in simplified, narrative, comic book fashion.
Here's what they said:
Lean startup methodology
"This is a cool way of thinking about a new audience. How about looking at entrepreneurship and the lean startup methodology, which uses hypothesis testing and customer discovery? It could feature the proverbial lemonade stand or some other business and talk about how experimentation and hypothesis testing leads to learning and pivoting." –Joseph P. Bailey, associate professor of decision, operations and information technologies, and executive director of the QUEST Honors Program
Trade barrier impacts
"For me, the ideal topic would be global trade and the actual impact of trade barriers. Global trade has had a massive positive impact on the lives of people around the world, in both advanced and developing economies. Protectionism and other trade barriers carry with them a range of intended and unintended consequences – most of them negative." –Gary Cohen, clinical professor of supply chain management and director of the Supply Chain Management Center
Decision-making bias and error
"I love this idea. I would love to have a comic book that deals with bias and error in decision making. It's so, so easy to fall prey to the errors we can make in decisions, and so easy to think that we're immune! It would be great to have the comic book walk through a few large mistakes in organizations, such as the decision-making errors behind major ethical issues such as the Volkswagen scandal, and then perhaps walk them through a scenario that shows them how easy it is for them to make errors in decision making. A comic book would make it fun and accessible. Now, who is going to make these comic books?" –Nicole M. Coomber, associate clinical professor of management and organization
'Fast fashion' environmental impacts
"Awhile back, I read a book called 'Overdressed: The Shockingly High Cost of Fast Fashion.' It tries to explain what happens to all of the cheap clothes we purchase and the negative effects fast-fashion companies such as H&M and Zara have on our environment. I teach operations at Smith, and I believe young adults do not understand the costs of 'disposable fashion,' the supply chains and business processes that go into creating and disposing of garments, and the net effect on the environment. Most importantly, I don't believe young adults understand what they can do to help change this." –Wedad J. Elmaghraby, professor of management science and operations management
"I think we have all seen where teaching the topic of physics has shown up in comic book form. Since Albert Einstein said that the most difficult topic to understand is the income tax, we might apply this logic. If you need a comic book format to teach physics, all the more so to teach income tax. So that's my vote: the income tax." –Samuel Handwerger, lecturer in the accounting and information and assurance department
"Following on 'The Story of Monetary Policy,' I would suggest a comic book explaining 'The Story of Fiscal Policy,' explaining the workings of the federal government with taxes being collected and money being spent on various programs. Budget deficits are covered by borrowing and paying interest." –David Kass, clinical professor of finance
"Using our book as the foundation, I think the idea of a tech bubble fueled by multiple entrepreneurial narratives could lend itself to an animated, comic book-style output. We could pick almost any recent or current bubble (autonomous vehicles, scooters, blockchain, boba tea, et cetera) and show how a bright, shiny idea that isn't clothed in any real-world constraints encourages lots of entrepreneurs to generate their own particular visions of how that idea will be commercialized. Each idea then becomes its own venture, with unpredictable outcomes that usually lead to failure and, sometimes, the bursting of the bubble." –David A. Kirsch, associate professor of management and entrepreneurship, and Brent Goldfarb, associate professor of management and entrepreneurship
"The FDIC has a video that explains FDIC insurance. When I worked at the RTC (Resolution Trust Corporation), I found that many bank customers did not understand deposit insurance. Some thought that insurance covered all deposits (deposits are insured up to $250,000 per depositor – not per account), and others thought that if a bank failed or a similar bank failed, they would need to withdraw their money before the 'next guy took out his' – hence the long lines for people trying to pull out their deposits from IndyMac when it failed in 2008 and from Washington Mutual Savings Bank (who would not have failed if depositors had not withdrawn funds)." –Elinda F. Kiss, associate clinical professor of finance
"One of the most serious and maybe least understood issues of the day is cybersecurity, from ransomware to election hacking. A comic book about practicing 'safe computing' might be a contribution to our understanding and awareness of the issue in all of its forms." –Henry Lucas, the Robert H. Smith Chair of Information Systems
Scenario planning and forecasting
"Having spent most of my life before Maryland Smith (and then some) as a futurist, I could imagine a comic book that explores the concept of scenario planning and forecasting the future. Its characters could also explore trend watching, spotting early warning signs, creative problem solving, and strategic planning for people who don't think strategically. It would be a meaningful narrative for kids; exploring the notion that while the future may be uncertain, there are always ways to get more certainty." –Oliver Schlake, clinical professor of management and organization
Visit Smith Brain Trust for related content at http://www.rhsmith.umd.edu/faculty-research/smithbraintrust and follow on Twitter @SmithBrainTrust.
About the University of Maryland's Robert H. Smith School of Business
The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and part-time MBA, executive MBA, online MBA, specialty masters, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.
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