Economics 101: An Improved Approach
AbstractModern 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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Bibliographic InfoPaper provided by St. Olaf College, Department of Economics in its series Working Papers with number 201202.
Date of creation: 09 Feb 2012
Date of revision:
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Postal: 1520 Saint Olaf Avenue, Northfield, Minnesota 55057
Web page: http://www.stolaf.edu/depts/economics/
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introductory economics; principles of economics; Phillips curve; Okun’s Law; rational expectations; Lucas critique;
Find related papers by JEL classification:
- A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
- A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General
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