Why shouldn't student help make rules. They are more likely to follow the rules if they make them. Plus it can show the students responsibility and it can teach them so many more life lessons including team work and decision making. I think its a great idea to let the students help.
Students must be involved making the rules but of course with the guidance of the teacher. What I mean is they must discuss how should rules be done and if it would help effective learning to happen. You know, students are ones concerned with these rules that's why their ideas are very well welcome.
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Students would be far better off mentally if they were allowed to help in the process of creating classroom rules. If the experiment were taken even further, the students could use the rules that only they created and learn how their own rules do not meet the requirements necessary to maintain a healthy learning environment. Ideally, students, teachers, and administrator's would help to create a complete list of rules.
Giving students the ability to help make a classroom rule is a great way for them to understand what is and is not acceptable. They may feel more involved and inclined to follow rules that they themselves have laid out without it feeling like they are being forced into behaving well.
The reasoning is students will eventually come up with the very rules you want. So... You have to manipulate the students in that direction. This is unfair to the students. But oh, they will think they came up with the rules and will thus obey, so the ends justify the means. Nope. You have just given your students the precedent to change their minds on the rules and the notion the teacher will do whatever they want. If they can decide the rules once, they are welcome to change the rules whenever it suits them. If you balk then, you are the mean teacher whi also happens to be the teacher who caves to whims. Your best bet is to create your own rules, accept no idea or buts, and enforce them. That is what is fair to the students.