Curating Knowledge: Portfolio-Based Assessment in International Economics

Introduction

This case study presents a novel portfolio-based assessment introduced in a first-year International Economics module. Unlike conventional essay-based assessments, this method encourages students to curate a portfolio centred on a research question of their choice. This approach promotes deeper engagement with the course content and supports independent research, and critical analysis.

In this assessment, students first select a question that aligns with module themes. They then gather three types of sources: (a) a news video, (b) a newspaper article, and (c) an academic or policy paper. Each source offers a different type of evidence. The news video serves as a case study, providing qualitative insights. The newspaper article adds context and descriptive information. Finally, the academic journal or policy paper presents economic theory and systematic quantitative evidence. By incorporating these different types of evidence, students demonstrate a multi-dimensional understanding of their chosen economic question. They then synthesise these sources to provide a well-rounded answer to their question. In the final step, students reflect on how assembling and synthesising these sources complemented and deepened their understanding of course material.

This portfolio-based assessment represents a pedagogical shift from rigid, formulaic essay structures towards a more flexible and exploratory model of learning. By allowing students the autonomy to select both their question and sources, this approach emphasises personal agency and creativity in learning. Notably, the portfolio format encourages students to engage with a wide range of economic evidence, sharpening their ability to synthesise knowledge from diverse sources. Through this method, students deepen their understanding of international economics while refining their independent research, critical thinking, synthesis skills, and metacognition. This paper will explore the conceptual foundations of this assessment and the pedagogical benefits it offers.

1. What is a portfolio?

Before examining the specifics of this assessment method, it is useful to provide some context regarding the module in which it has been introduced. Designed to offer a comprehensive foundation, the first-year international economics module (the World Economy) introduces students to fundamental concepts in global trade and finance. With an enrolment of approximately 400 students, the course covers core topics such as absolute and comparative advantage and New Trade Theory, as well as essential principles in international finance, such as floating and fixed exchange rates, the impossible trinity, capital movements, and the causes and consequences of financial crises. The module’s assessment structure is divided evenly, with 50% allocated to an online quiz and the remaining 50% assessed through the individual portfolio assignment, which is the subject of this paper.

The portfolio assignment is composed of three parts:

1. The question and motivation
2. Three types of evidence
3. Synthesis and reflection

One of the central pedagogical strengths of the portfolio-based assessment is the autonomy it grants students in selecting their research question.

Part a: The question and motivation

Students begin by formulating a research question pertinent to the themes discussed in the module. This process allows students to delve into areas that intrigue them, promoting a personalised learning experience. The chosen question should not only align with the course content but also reflect current global economic issues, ensuring relevance and applicability.

Once a question is selected, students are asked to explain why it is relevant and worth exploring. Here, the goal is to consider why the chosen question should matter to a broader audience, beyond the academic sphere. For instance, the question can be linked to a policy issue that impacts people’s lives directly or to a current topic that is frequently covered in the news.

In addition to motivating the question’s relevance, students must clearly articulate how it connects to the themes and theories covered in the course. This involves linking the research question to concepts discussed in lectures. Through this process, students demonstrate their understanding of how theoretical knowledge from the course can be applied to analyse real-world issues.

To illustrate this part of the portfolio more concretely, I will reference a sample question and motivation from an actual student portfolio submission:

Part b: Three types of evidence

In the second part of the portfolio, students are tasked with selecting and presenting three distinct sources of evidence that relate to their research question. The first source is a news video, functioning as a qualitative case study. This element aims to humanise the research question by providing a tangible, real-world example. By focusing on a specific household, firm, or region, this source offers an in-depth and intimate perspective on the issue. Students are then required to explain how this news video connects to their chosen question. To clarify, let us look at an example:

The second type of source is a newspaper article related to the research question. Students need to present the article and explain its connection to their chosen question. The full article should be included in the appendix, with relevant sections highlighted to show how it supports their analysis. Suitable sources include publications like The Financial Times, The Economist, The Wall Street Journal or VoxEU.

The third source in the portfolio is an academic journal paper or a policy document, providing rigorous, scholarly evidence to support the research question. This source offers a comprehensive analysis grounded in empirical data and theoretical frameworks, contributing depth and credibility to the student's investigation.

Incorporating an academic journal paper allows students to engage with peer-reviewed research, exposing them to advanced methodologies and critical discussions within the field. Alternatively, a policy document offers insights into governmental or institutional perspectives, highlighting practical applications and implications of economic theories.

Students are required to articulate how this source relates to their chosen question, demonstrating an understanding of its relevance and the specific contributions it makes to their analysis. To facilitate this, students must include the full paper or report in the appendix of their portfolio and also highlight the theoretical or empirical sections most pertinent to their research question. This exercise enhances students' abilities to integrate scholarly work effectively into their own research.

Part c: Synthesis and reflection

The final component of the portfolio involves synthesising the three selected sources—the news item or video, the newspaper article, and the academic journal paper or policy document—to construct a comprehensive response to the research question. This synthesis requires students to integrate qualitative case studies, descriptive evidence, and rigorous scholarly analysis, demonstrating a holistic understanding of the issue.

In addition to synthesising the sources, students are required to reflect on how the portfolio complements and enhances the lecture material. This reflective component encourages students to critically assess the connections between their independent research and the concepts discussed in class and become more self-aware of their learning journey.

2. Pedagogical Benefits

The portfolio-based assessment model offers several pedagogical advantages, aligning with contemporary educational goals of fostering autonomy, critical thinking, and self-reflection among students. By moving away from traditional exam-based assessments, this approach empowers students to take ownership of their learning, engage with diverse forms of evidence, synthesise information effectively, and reflect on their intellectual journey.

1. Student Autonomy in Topic Selection

One of the central pedagogical strengths of the portfolio-based assessment is the autonomy it grants students in selecting their research question. Rather than confining students to predetermined prompts, this approach encourages them to pursue topics that resonate with their personal interests, are timely, and address real-world economic issues. By selecting questions that hold relevance for them, students are more likely to engage deeply with the material and see connections between their academic studies and current global issues. This sense of ownership promotes intrinsic motivation, as students feel empowered to explore issues they genuinely care about.

2. Exposure to and Appreciation of Varied Forms of Evidence

This assessment also requires students to engage with different forms of empirical evidence—each with unique strengths and limitations. Through the news video or news article, students gain an understanding of qualitative and contextual evidence, humanising economic issues through case studies that offer personal, community, or regional perspectives. On the other hand, the academic journal paper or policy document provides rigorous, statistical, and econometric evidence, grounding their analysis in peer-reviewed research and rigorous methodologies. This exposure allows students to appreciate the varied strengths of qualitative versus quantitative evidence and understand how each type contributes to a fuller understanding of economic issues.

3. Developing Synthesis Skills

In the synthesis component of the portfolio, students are tasked with integrating these diverse types of evidence into a coherent narrative. This exercise pushes them to see the bigger picture and craft a well-rounded response to their research question, bringing together qualitative insights, descriptive data, and statistical analysis. Through this synthesis, students develop the ability to reconcile different types of evidence and identify overarching themes.

4. Encouraging Metacognitive Reflection

The reflective component of the portfolio fosters metacognition by encouraging students to assess how their research complements and extends lecture material. By connecting independent research to classroom concepts, students gain a deeper understanding of theoretical frameworks and their real-world applications. This exercise prompts them to evaluate each source's contribution to their learning, identify knowledge gaps, and consider the broader implications of their findings. Ultimately, this reflection enhances subject knowledge and cultivates lifelong learning skills, increasing students' awareness of their cognitive processes and academic growth.

Conclusion

In conclusion, the portfolio-based assessment advances economics education by promoting autonomy, critical thinking, and reflective learning. By choosing their own research questions and engaging with diverse types of evidence, students take ownership of their learning and broaden their understanding of empirical methods. The synthesis component helps them integrate different perspectives, building a balanced view of complex issues. Finally, the reflective element encourages students to connect their independent research with the module content and, in doing so, become more aware of their learning journey.