Faculty Profile: Kevin Murphy
Popular Economics Professor Speaks Out on Courses, Research, Super Bowl
Brian Fitzgerald
Issue date: 1/7/02 Section: GSB Business
Thus, after graduating from UCLA in 1981, Murphy moved to Illinois and the University of Chicago where he has been ever since. He began teaching at the GSB in 1984, and accepted a full-time job here in 1986. Although he entertained job opportunities elsewhere upon finishing his doctorate, Murphy selected Chicago because it was a "good fit." Though an employee of the GSB, Murphy teaches in "The Department" of Economics as well.
Teaching…Advanced Micro
This year Professor Murphy is teaching three courses at the GSB. In the autumn, he taught Advanced Microeconomics; he will co-teach the new Economic Analysis of Major Policy Issues during winter quarter, and then Advanced Price Theory in the spring.
Murphy is probably best known to MBAs for his "Turbo" version of microeconomics offered in the autumn. Murphy is regarded by his students as a talented and entertaining lecturer. His style might be described as frenetic but cogent, if that's possible. He has a ready answer for any question you may have, and provides ample opportunity for the asking. Murphy thinks mathematically, thus he makes heavy use of the Greek alphabet and equations; however, he's as adept as any economist in the graph-drawing department (that is, he possesses that uncanny ability to draw nested curves just tangent to straight lines). But great lectures have their price, which, in this case, comes in the form of a formidable work load out of class. Murphy is unapologetic, saying that the course "is intended to be difficult…particularly the problems, some of which less than 5 percent of the people get right, some of which no one gets right. It's not about solving the problems at the end of the chapter in the book."
When asked to highlight the key differences between the regular microeconomics course and his advanced course, Murphy points to three things. First, the work load, in his estimation, is about three times that of the regular course. Second, the material is covered at a more rapid pace, a point he emphasizes: "Students are expected to be able to take what we learn in class and apply it to a considerable amount of outside class work with little additional help." Third, the course is focused on developing complex problem-solving ability. Those things aside, the course covers roughly the same topics as presented in the regular course. Murphy adds that, "It's not critical to have an undergraduate background in economics," noting that some of his most successful students have no background in economics prior to taking his course.
Teaching…Advanced Micro
This year Professor Murphy is teaching three courses at the GSB. In the autumn, he taught Advanced Microeconomics; he will co-teach the new Economic Analysis of Major Policy Issues during winter quarter, and then Advanced Price Theory in the spring.
Murphy is probably best known to MBAs for his "Turbo" version of microeconomics offered in the autumn. Murphy is regarded by his students as a talented and entertaining lecturer. His style might be described as frenetic but cogent, if that's possible. He has a ready answer for any question you may have, and provides ample opportunity for the asking. Murphy thinks mathematically, thus he makes heavy use of the Greek alphabet and equations; however, he's as adept as any economist in the graph-drawing department (that is, he possesses that uncanny ability to draw nested curves just tangent to straight lines). But great lectures have their price, which, in this case, comes in the form of a formidable work load out of class. Murphy is unapologetic, saying that the course "is intended to be difficult…particularly the problems, some of which less than 5 percent of the people get right, some of which no one gets right. It's not about solving the problems at the end of the chapter in the book."
When asked to highlight the key differences between the regular microeconomics course and his advanced course, Murphy points to three things. First, the work load, in his estimation, is about three times that of the regular course. Second, the material is covered at a more rapid pace, a point he emphasizes: "Students are expected to be able to take what we learn in class and apply it to a considerable amount of outside class work with little additional help." Third, the course is focused on developing complex problem-solving ability. Those things aside, the course covers roughly the same topics as presented in the regular course. Murphy adds that, "It's not critical to have an undergraduate background in economics," noting that some of his most successful students have no background in economics prior to taking his course.