Pedagogical approaches to theories of endogenous versus exogenous money
AbstractPedagogical pluralism is difficult to implement in practice. This paper contrasts two approaches to the modelling of money in macroeconomics: the stock-flow consistent macroeconomic model of Godley and Lavoie and the mainstream neoclassical dynamic general equilibrium model of Barro. Students can contrast and compare approaches effectively when thematic overlaps are significantly large to make comparisons obvious. Only then should a pluralist approach be considered desirable.
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Bibliographic InfoArticle provided by Inderscience Enterprises Ltd in its journal Int. J. of Pluralism and Economics Education.
Volume (Year): 1 (2010)
Issue (Month): 3 ()
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Web page: http://www.inderscience.com/browse/index.php?journalID==319
pedagogical pluralism; pedagogy; stock flow consistent modelling; macroeconomics; dynamic general equilibrium modelling; Godley; Lavoie; Barro; economics education.;
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- Robert Garnett & John Reardon, 2011. "Big Think: A Model for Critical Inquiry in Economics Courses," Working Papers 201102, Texas Christian University, Department of Economics.
- Robert Garnett & Andrew Mearman, 2011. "Contending Perspectives, Twenty Years On: What Have Our Students Learned?," Working Papers 201104, Texas Christian University, Department of Economics.
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