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

  • Dan Johansson

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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Article provided by Econ Journal Watch in its journal Econ Journal Watch.

Volume (Year): 1 (2004)
Issue (Month): 3 (December)
Pages: 515-538

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Handle: RePEc:ejw:journl:v:1:y:2004:i:3:p:515-538
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  1. Robert J. Barro & Paul M. Romer, 1991. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr91-1, May.
    • Robert J. Barro & Paul Romer, 1993. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr93-1, May.
  2. Anne D. Boschini & Matthew J. Lindquist & Jan Pettersson & Jesper Roine, 2004. "Learning to Lose a Leg: Casualties of PhD Economics Training in Stockholm," Econ Journal Watch, Econ Journal Watch, vol. 1(2), pages 369-379, August.
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  16. repec:cup:cbooks:9780521314275 is not listed on IDEAS
  17. Baumol, William J, 1990. "Entrepreneurship: Productive, Unproductive, and Destructive," Journal of Political Economy, University of Chicago Press, vol. 98(5), pages 893-921, October.
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