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Economics 101: An Improved Approach

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Author Info

  • Thomas Hegland

    () (St. Olaf College)

  • Andrew Lithio

    () (Iowa State University)

  • Spencer Maynes

    () (University of Nebraska)

  • Anthony D. Becker

    () (Department of Economics, St. Olaf College)

Registered author(s):

    Abstract

    Modern principles of economics textbooks do an admirable job of teaching students to think like economists, but have unfortunately lagged behind the modern discipline in their inclusion of statistical, data-driven analysis. Many traditional presentations of ideas in principles textbooks would benefit from being revised to include more empirical evidence for their theories, so as to more accurately reflect both the nuances of the theories themselves and the methods used by economists to test those ideas. In particular, textbooks’ treatment of the Phillips Curve, Okun’s Law, Lucas Critique, assumptions of rationality, and both the velocity of money and money creation could benefit from a more data-based approach.

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    File URL: http://www.stolaf.edu/depts/economics/RePEc/olf/wpaper/wp201202.pdf
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    Bibliographic Info

    Paper provided by St. Olaf College, Department of Economics in its series Working Papers with number 201202.

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    Length: 19
    Date of creation: 09 Feb 2012
    Date of revision:
    Handle: RePEc:olf:wpaper:201202

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    Web page: http://www.stolaf.edu/depts/economics/
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    Related research

    Keywords: introductory economics; principles of economics; Phillips curve; Okun’s Law; rational expectations; Lucas critique;

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