The Reason of Rules: Uncertainty is the Growth Killer

The Importance of Setting Expectations Through Course Policies

As a college professor, one of the first things I do at the beginning of each semester is to provide my students with a detailed syllabus that outlines the course requirements, policies, and expectations. While some may view a syllabus as just a document outlining the schedule and topics to be covered, I see it as a binding contract between myself and my students.

My syllabus is structured like a contract, with sections detailing various aspects of the class such as location, topics, and assignments, but also highlighting important policies like late submissions, exam make-up, and grading criteria. This document, spanning seven pages, may seem extensive, especially considering that much of the policy information is also available on our online course management system.

However, the reason behind this detailed approach is simple: setting expectations. By clearly outlining what is required to pass the class, when assignments are due, and how grades will be calculated, students are equipped to make informed decisions about how to manage their time effectively throughout the semester.

Moreover, this contract-like syllabus not only informs students of their responsibilities but also binds my own hands as an instructor. Recognizing the power dynamics inherent in the student-teacher relationship, I am aware of the influence I hold over my students’ academic success. By adhering to the policies outlined in the syllabus, I ensure fairness and consistency in my interactions with students.

While my natural inclination may be to grant exceptions or waivers to certain rules to help individual students, I understand that such arbitrary behavior can undermine the integrity of the learning process. By following the established rules and guidelines, I uphold my duty to provide a level playing field for all students and maintain the credibility of the grading process.

Translating this concept to the realm of economics, we can see the detrimental effects of arbitrary decision-making illustrated by the fluctuating tariff policies of the Trump administration. The lack of consistency and predictability in these policies has created uncertainty in the market, leading to investor hesitation and economic instability.

Just as in the classroom, rules and regulations in the economic sphere serve to provide structure and predictability, enabling individuals and businesses to make informed decisions and plan for the future. When rules are constantly changing or disregarded, the result is chaos and inefficiency.

While flexibility and adaptability are essential in both academia and economics, it is equally important to have a clear process for revising and updating rules to reflect changing circumstances. Understanding the rationale behind rules and policies is crucial for implementing meaningful reforms that benefit all stakeholders.