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Schmidt, Stephen – Journal of Economic Education, 2017
Introductory textbooks teach a simple normative story about the importance of maximizing economic surplus that supports common policy claims. There is little defense of the claim that maximizing surplus is normatively important, which is not obvious to non-economists. Difficulties with the claim that society should maximize surplus are generally…
Descriptors: Introductory Courses, Moral Values, Economics Education, Educational Policy
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O'Donnell, Rod – Journal of Economic Education, 2016
Rod O'Donnell writes here that there is a wide and deep confusion in contemporary economics about the concept and role of opportunity cost (OC). O'Donnell states that his main grounds for making this claim are the muddled, variable, and sometimes conflicting treatments of OC in modern textbooks; the disturbing empirical results in surveys of both…
Descriptors: Costs, Economics, Textbooks, Economics Education
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Fike, Rosemarie; Gwartney, James – Journal of Economic Education, 2015
Public choice uses the tools of economics to analyze how the political process allocates resources and impacts economic activity. In this study, the authors examine twenty-three principles texts regarding coverage of public choice, market failure, and government failure. Approximately half the texts provide coverage of public choice and recognize…
Descriptors: Textbooks, Economics Education, Failure, Government (Administrative Body)
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Buttet, Sebastien; Roy, Udayan – Journal of Economic Education, 2014
Several leading undergraduate intermediate macroeconomics textbooks now include a simple reduced-form New Keynesian model of short-run dynamics (alongside the IS-LM model). Unfortunately, there is no accompanying description of how the zero lower bound on nominal interest rates affects the model. In this article, the authors show how the…
Descriptors: Economics Education, Macroeconomics, Financial Policy, Models
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Tinkler, Sarah; Woods, James – Journal of Economic Education, 2013
The authors evaluated principles of macroeconomics textbooks for readability using Coh-Metrix, a computational linguistics tool. Additionally, they conducted an experiment on Amazon's Mechanical Turk Web site in which participants ranked the readability of text samples. There was a wide range of scores on readability indexes both among…
Descriptors: Macroeconomics, Textbooks, Readability, Computational Linguistics
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de Araujo, Pedro; O'Sullivan, Roisin; Simpson, Nicole B. – Journal of Economic Education, 2013
A lack of consensus remains on what should form the theoretical core of the undergraduate intermediate macroeconomic course. In determining how to deal with the Keynesian/classical divide, instructors must decide whether to follow the modern approach of building macroeconomic relationships from micro foundations, or to use the traditional approach…
Descriptors: Macroeconomics, Economics Education, Course Content, Teaching Methods
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Phipps, Barbara J.; Strom, Robert J.; Baumol, William J. – Journal of Economic Education, 2012
In most introductory textbooks on principles of economics, discussion of the theory or practice of entrepreneurship is almost entirely absent. This omission is striking, given the important role in economic growth that economists assign to the entrepreneur. While there are plausible explanations for this omission, new research suggests the…
Descriptors: Economic Progress, Textbooks, Economics Education, Foreign Countries
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Tremblay, Carol Horton; Tremblay, Victor J. – Journal of Economic Education, 2010
Monotone methods enable comparative static analysis without the restrictive assumptions of the implicit-function theorem. Ease of use and flexibility in solving comparative static and game-theory problems have made monotone methods popular in the economics literature and in graduate courses, but they are still absent from undergraduate…
Descriptors: Game Theory, Textbooks, Economics Education, Policy Analysis
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Goldsmith, Arthur H. – Journal of Economic Education, 2008
Standard introductory textbook authors assert that an increase in government spending expands aggregate demand in the short run but also raises the interest rate and, thus, crowds out private investment in the long run. Because the decrease in investment results in a smaller capital stock, potential output or production capacity decreases. The…
Descriptors: Macroeconomics, Economic Progress, Investment, Financial Support
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Watts, Michael; Becker, William E. – Journal of Economic Education, 2008
In 1995, 2000, and 2005, the authors surveyed U.S. academic economists to investigate how economics is taught in four different types of undergraduate courses at postsecondary institutions. They especially looked for any changes in teaching methods that occurred over this decade, when there were several prominent calls for economists and…
Descriptors: Economics Education, Undergraduate Study, Teaching Methods, National Surveys
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Hill, Roderick; Myatt, Anthony – Journal of Economic Education, 2007
Microeconomic principles courses focus on perfectly competitive markets far more than other market structures. The authors examine five possible reasons for this but find none of them sufficiently compelling. They conclude that textbook authors should place more emphasis on how economists select appropriate models and test models' predictions…
Descriptors: Textbooks, Microeconomics, Competition, Economics Education
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Pashigian, B. Peter; Self, James K. – Journal of Economic Education, 2007
Authors of intermediate microeconomics textbooks devote relatively more space to imperfectly competitive markets than can be justified by their relative occurrence in actual markets. This gap has persisted for at least 40 years, even with an almost complete turnover of authors between the decades of the 1960s and the 2000s. This portrayal gives…
Descriptors: Microeconomics, Textbooks, Textbook Content, Economics Education
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Jones, Clifton T.; Thompson, Mark A. – Journal of Economic Education, 2007
There is some confusion about the nature of the short-run expansion path (SREP) for the firm as presented in many intermediate microeconomics textbooks. The traditional view is that the SREP is a horizontal line because the firm is stuck with a fixed amount of capital. However, this view does not usually acknowledge that the firm could choose to…
Descriptors: Textbooks, Microeconomics, Economics Education, Theories
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Pecorino, Paul – Journal of Economic Education, 2007
The author argues that the college textbook market provides a clear example of monopoly seeking as described by Tullock (1967, 1980). This behavior is also known as rent seeking. Because this market is important to students, this example of rent seeking will be of particular interest to them. (Contains 24 notes.)
Descriptors: Textbooks, Microeconomics, Competition, Economics Education
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Truett, Dale B.; Truett, Lila J. – Journal of Economic Education, 2007
Authors of principles and price theory textbooks generally illustrate short-run production using a total product curve that displays first increasing and then diminishing marginal returns to employment of the variable input(s). Although it seems reasonable that a temporary range of increasing returns to variable inputs will likely occur as…
Descriptors: Microeconomics, Productivity, Graphs, Mathematical Logic
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