Using Squid Game to Teach Economics

Teaching with Squid Game

First-year business and economics students throughout the globe might in the future be using Netflix’s international hit series “Squid Game” to learn intricate economic concepts.

A new article by the Monash Business School has shown how incorporating the hit dystopian series “Squid Game” techniques can reinvent how students learn Game Theory, one of the most difficult concepts of introductory economics.

Scientists from the Monash Business School have created a series of ingenious and interactive educating tools based on information from Squid Game to offer professors and students a new approach to teaching and learning, one of the most requiring subjects at introductory level economics.

From the first term, students studying first-year microeconomics at the Monash Business School will be using the Squid Game ideas.

Associate Professor Wayne Geerling from the Monash Business School and co-author of the paper “Using ‘Squid Game’ to Teach Game Theory” stated that “Game theory is an essential since it aids in comprehending decision making in strategic scenarios.

Professor Wayne continues by adding that the players in ‘Squid Game’ are a metaphor for business. The team has analyzed the calculated interactions of ‘Squid Game’ compared to a real-world organization. Exactly how do players, ie business, engage. Game theory has many real-world applications, studying how activities affect others and the strategic ramifications of such.

Game theory, made a bit easier

Associate Professor Geerling has detected a variety of scenes from the top-rated television series that can be employed to teach the concepts of game theory. He has created a series of training guides that any professor can use or adjust anywhere globally.

The economics line of work has been well-known for its ongoing dependence on ‘chalk and talk’ to provide lectures. However, a considerable quantity of research spearheaded by Associate Professor Geerling and his coworkers has concentrated on ingenious ways to teach economic concepts.

Professor Geerling states that numerous students battle to think strategically when a material is instructed with conventional techniques alone. Pop culture, such as “Squid Game,” can be used as a reliable tool to break down obstacles to learning. It takes advantage of everyday life and enables students to see connections between abstract concepts and real-life applications.

“Squid Game” focuses on 456 players, all of whom are greatly indebted, risking their lives to play a series of six children’s games (with a lethal spin) versus each other. The reward for the victor is a massive bounty. For everyone else, the consolation prize is death.

In “Squid Game,” the players make decisions in real-time without complete details, to endure, they need to work out their ideal techniques optimizing their odds of winning, much like the real world of business.

Associate Professor Wayne Geerling stated that the Netflix series focuses on six games. The team selected three to exemplify the best practical uses of game theory for students.

Utilizing “Squid Game” to teach game theory mirrors Associate Professor Geerling’s enthusiasm for transforming how we teach economics and encouraging active learning methods in class using pop culture.

Professor Geerling stated that regardless of the growth in teaching tools and the ability for professors to incorporate creative teaching techniques into their courses more easily, the substantial majority of professors continue to educate using a classic lecture.

Read the original article on PHYS.

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