Possibilities of Algorithmic Thinking Development for Students of Economics
Martin Vejačka, Dana Paľová, Ján Štofa · 2024
Algorithmic thinking is a vital skill for economics students, enabling them to analyze complex data, model economic systems or processes and devise effective solutions. In today’s data-driven world, understanding algorithms enhances their capacity to interpret trends, forecast outcomes, plan projects and make informed decisions. Algorithmic thinking fosters the ability to break down intricate problems into manageable components. It cultivates logical reasoning, enabling students to construct algorithms that simulate economic scenarios, facilitating better comprehension and prediction of market behaviours. By developing algorithms, students can devise models that improve efficiency in distribution, pricing strategies, and resource utilization, contributing to effective policy-making and business strategies. It also encourages students to explore unconventional solutions and adapt algorithms from other disciplines, fostering creativity in problem-solving. Our students often achieved poor results in tasks that were applied to data or creating their own algorithms. Therefore, we try to develop or support their algorithmic thinking. Learning of programming language R for basic data analysis and algorithm implementation was introduced. Furthermore, elements of gamification were introduced into the educational process. Also, collaborative learning in peer-to-peer groups where students can discuss and work together on algorithmic challenges is supported, promoting diverse perspectives and innovative problem-solving approaches.