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

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Listed author(s):
  • Dan Johansson

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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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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Keywords: bounded rationality; economic freedom; entrepreneur; innovation; institution; invention; property rights; tacit knowledge; textbooks; PhD 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
  • B2 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925

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  1. Christopher A. Pissarides, 2000. "Equilibrium Unemployment Theory, 2nd Edition," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262161877, December.
  2. Robert E. Hall & Charles I. Jones, 1999. "Why do Some Countries Produce So Much More Output Per Worker than Others?," The Quarterly Journal of Economics, Oxford University Press, vol. 114(1), pages 83-116.
  3. Robert J. Barro, 2013. "Inflation and Economic Growth," Annals of Economics and Finance, Society for AEF, vol. 14(1), pages 121-144, May.
  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.
  5. Baumol, William J., 1996. "Entrepreneurship: Productive, unproductive, and destructive," Journal of Business Venturing, Elsevier, vol. 11(1), pages 3-22, January.
  6. Bhagwati, Jagdish N, 1982. "Directly Unproductive, Profit-seeking (DUP) Activities," Journal of Political Economy, University of Chicago Press, vol. 90(5), pages 988-1002, October.
  7. Maurice Obstfeld & Kenneth S. Rogoff, 1996. "Foundations of International Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262150476, December.
  8. 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 207-231, June.
  9. 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.
  10. Robert J. Barro & Paul Romer, 1993. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr93-1, 01.
    • Robert J. Barro & Paul M. Romer, 1991. "Economic Growth," NBER Books, National Bureau of Economic Research, Inc, number barr91-1, October.
  11. Daron Acemoglu & Simon Johnson & James Robinson, 2004. "Institutions as the Fundamental Cause of Long-Run Growth," NBER Working Papers 10481, National Bureau of Economic Research, Inc.
  12. Kevin M. Murphy & Andrei Shleifer & Robert W. Vishny, 1991. "The Allocation of Talent: Implications for Growth," The Quarterly Journal of Economics, Oxford University Press, vol. 106(2), pages 503-530.
  13. Tollison, Robert D, 1982. "Rent Seeking: A Survey," Kyklos, Wiley Blackwell, vol. 35(4), pages 575-602.
  14. Mas-Colell, Andreu & Whinston, Michael D. & Green, Jerry R., 1995. "Microeconomic Theory," OUP Catalogue, Oxford University Press, number 9780195102680.
  15. Olivier Jean Blanchard & Stanley Fischer, 1989. "Lectures on Macroeconomics," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262022834, December.
  16. Pavel Pelikan, 1993. "Ownership of firms and efficiency: The competence argument," Constitutional Political Economy, Springer, vol. 4(3), pages 349-392, September.
  17. 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.
  18. Chambers,Robert G., 1988. "Applied Production Analysis," Cambridge Books, Cambridge University Press, number 9780521314275, August.
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Cited by:

  1. Tawni H. Ferrarini & James D. Gwartney & John S. Morton, 2011. "Advanced Placement Economics: The Good, the Bad, and the Ugly," Econ Journal Watch, Econ Journal Watch, vol. 8(1), pages 57-75, January.
  2. Arthur M. Diamond, Jr., 2007. "Thriving at Amazon: How Schumpeter Lives in Books Today," Econ Journal Watch, Econ Journal Watch, vol. 4(3), pages 338-344, September.
  3. Milo Bianchi & Magnus Henrekson, 2005. "Is Neoclassical Economics still Entrepreneurless?," Kyklos, Wiley Blackwell, vol. 58(3), pages 353-377, 07.
  4. William Stull, 2014. "Taking the Plunge: Teaching the Microeconomics of Entrepreneurship," International Advances in Economic Research, Springer;International Atlantic Economic Society, vol. 20(2), pages 139-150, May.
  5. repec:kap:iaecre:v:20:y:2014:i:2:p:139-150 is not listed on IDEAS
  6. Daniel B. Klein, 2005. "The Ph.D. Circle in Academic Economics," Econ Journal Watch, Econ Journal Watch, vol. 2(1), pages 133-148, April.
  7. Robert Lepenies, 2014. "Economists as political philosophers : a critique of normative trade theory," RSCAS Working Papers 2014/11, European University Institute.
  8. Schneck, Stefan & May-Strobl, Eva, 2014. "The economic contribution of start-up firms in Germany," Working Papers 02/14, Institut für Mittelstandsforschung (IfM) Bonn.
  9. Arild Sæther & Ib E. Eriksen, 2014. "Ragnar Frisch and the Postwar Norwegian Economy," Econ Journal Watch, Econ Journal Watch, vol. 11(1), pages 46-80, January.
  10. Charles B. Blankart & Gerrit B. Koester, 2007. "The Economic Analysis of Constitutions: Fatalism Versus Vitalism," Econ Journal Watch, Econ Journal Watch, vol. 4(2), pages 169-183, May.

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