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Situational Economics

Author

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  • R. A. Parsons

Abstract

This paper argues that the various theories of economics have the potential to add value when they are applied to the appropriate situation, yet educational institutions each seem overly committed to only a single theory. The resulting intense debates between economists are destructive and should be replaced with attempts to combine multiple theories in situations where they are most appropriate. An econometric example demonstrates that combining the valuable information and relationships in different theories can improve overall understanding. Consequently, economics education should teach a broad range of theories, identifying the specific situations in which the assumptions of each theory, or combination, best apply.

Suggested Citation

  • R. A. Parsons, 2012. "Situational Economics," Journal for Economic Educators, Middle Tennessee State University, Business and Economic Research Center, vol. 12(1), pages 53-59, Fall.
    • Handle: RePEc:mts:jrnlee:v:12:y:2012:i:1:p:53-59
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    File URL: http://frank.mtsu.edu/~jee/2012/7_MS1111_pp53to59.pdf
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    More about this item

    Keywords

    macroeconomic debates; schools of thought; economic assumptions;
    All these keywords.

    JEL classification:

    • B41 - Schools of Economic Thought and Methodology - - Economic Methodology - - - Economic Methodology
    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate

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