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Economics without Entrepreneurship or Institutions: A Vocabulary Analysis of Graduate Textbooks

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Author Info
Johansson, Dan () (The Ratio Institute)

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Abstract

A teacher’s words reflect the theory and methods he uses. Words reveal theoretical structures, the problems identified as relevant, and how those problems should be analyzed. I investigate whether entrepreneurship-rich and institutions-rich theories are represented in Ph.D. programs in economics. I analyze textbooks for the presence of terms that fall naturally into two sets. One set deals with the knowledge and discovery: entrepreneur, innovation, invention, tacit knowledge, and bounded rationality. The other deals with social rules: institutions, property rights, and economic freedom. When the words appear I examine the meaning. I examine the textbooks used in required courses in microeconomics, macroeconomics and industrial organization in all Ph.D. programs in economics in Sweden. The investigation is not specific to Sweden, however, because Ph.D. programs in Sweden are virtually identical to programs in the United States. The same textbooks are used, and nearly all of the textbooks examined are written by economists in the United States. I find that (i) all programs are in the tradition of “mainstream” economics; (ii) by and large, the eight expressions scarcely appear in the textbooks; and (iii) when they do appear, their meaning is diluted or distorted, compared to their meaning in theories where the idea is more central. In my judgment, the results constitute powerful evidence that today’s doctoral programs do not train young economists to identify and analyze important economic issues in a relevant way.

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Publisher Info
Paper provided by The Ratio Institute in its series Ratio Working Papers with number 58.

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Length: 24 pages
Date of creation: 18 Nov 2004
Date of revision:
Publication status: Published in Econ Journal Watch, 2004, pages 515-538.
Handle: RePEc:hhs:ratioi:0058

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Postal: The Ratio Institute, P.O. Box 5095, SE-102 42 Stockholm, Sweden
Phone: 08-587 054 00
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Web page: http://www.ratio.se/
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Related research
Keywords: Bounded rationality; Economic freedom; Entrepreneur; Innovation; Institution; Invention; Property rights; Tacit knowledge; Textbooks; Ph.D. programs; Education;

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Find related papers by JEL classification:
A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Israel M. Kirzner, 1997. "Entrepreneurial Discovery and the Competitive Market Process: An Austrian Approach," Journal of Economic Literature, American Economic Association, vol. 35(1), pages 60-85, March. [Downloadable!] (restricted)
  2. Robert E. Hall & Charles I. Jones, 1999. "Why Do Some Countries Produce So Much More Output per Worker than Others?," NBER Working Papers 6564, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  3. Henrekson, Magnus & Rosenberg, Nathan, 2001. " Designing Efficient Institutions for Science-Based Entrepreneurship: Lessons from the US and Sweden," The Journal of Technology Transfer, Springer, vol. 26(3), pages 207-31, June. [Downloadable!] (restricted)
    Other versions:
  4. Daron Acemoglu & Simon Johnson & James A. Robinson, 2001. "The Colonial Origins of Comparative Development: An Empirical Investigation," American Economic Review, American Economic Association, vol. 91(5), pages 1369-1401, December. [Downloadable!] (restricted)
    Other versions:
  5. Acemoglu, Daron & Johnson, Simon & Robinson, James A, 2004. "Institutions as the Fundamental Cause of Long-Run Growth," CEPR Discussion Papers 4458, C.E.P.R. Discussion Papers. [Downloadable!] (restricted)
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  6. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October. [Downloadable!] (restricted)
  7. Robert J. Barro & Paul Romer, 1993. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr93-1, September.
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    • Robert J. Barro & Paul M. Romer, 1991. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr91-1, September.
  8. Anne D Boschini & Matthew J Lindquist & Jan Petterson & Jesper Roine, 2004. "Learning to Lose a Leg: Casualties of PhD Economics Training in Stockholm," Econ Journal Watch, Atlas Economic Research Foundation, vol. 1(2), pages 369-379, August. [Downloadable!]
  9. Murphy, Kevin M & Shleifer, Andrei & Vishny, Robert W, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, MIT Press, vol. 106(2), pages 503-30, May. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Bianchi, Milo & Henrekson, Magnus, 2005. "Is Neoclassical Economics still Entrepreneurless?," Working Paper Series in Economics and Finance 584, Stockholm School of Economics, revised 02 Feb 2005. [Downloadable!]
    Other versions:
  2. PAER Post Autistic Economic Review, . "Post-Autistic Economics Review : No. 41, March 2007," Journals, esocialsciences.com. [Downloadable!]
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