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Curriculum for the Twenty-First Century: Recent Advances in Economic Theory and Undergraduate Economics

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  • William D. Ferguson

Abstract

Undergraduate economics lags behind cutting-edge economic theory. The author briefly reviews six related advances that profoundly extend and deepen economic analysis: game-theoretic modeling, collective-action problems, information economics and contracting, social preference theory, conceptualizing rationality, and institutional theory. He offers suggestions for incorporating these into the undergraduate classes at various levels. He argues that game-theoretic representation of collective-action problems offers a unifying framework, on par with supply and demand, for political economy. Blending in the other developments deepens our micro-level understanding of internal and external contract enforcement, with implications on nonclearing markets, power, and distribution. At the macro level, these concepts illuminate the role of institutions in economic development and long-term growth. Undergraduate curricula should incorporate these new approaches.

Suggested Citation

  • William D. Ferguson, 2011. "Curriculum for the Twenty-First Century: Recent Advances in Economic Theory and Undergraduate Economics," The Journal of Economic Education, Taylor & Francis Journals, vol. 42(1), pages 31-50, January.
    • Handle: RePEc:taf:jeduce:v:42:y:2011:i:1:p:31-50
    DOI: 10.1080/00220485.2011.536488
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    References listed on IDEAS

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    1. Scott E. Page, 2007. "Prologue to The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies," Introductory Chapters, in: The Difference: How the Power of Diversity Creates Better Groups, Firms, Schools, and Societies, Princeton University Press.
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    Cited by:

    1. Turner, Grant, 2018. "Establishing a comprehensive census of undergraduate economics curricula:Foundational and special requirements for major programs in the U.S," MPRA Paper 103235, University Library of Munich, Germany.
    2. William D. Ferguson, 2020. "Complexity and the Art of Public Policy: Solving Society’s Problems from the Bottom Up. By David Colander and Roland Kupers. Princeton University Press, Princeton, NJ and Oxford, UK, 2014. 310pp., $29," Eastern Economic Journal, Palgrave Macmillan;Eastern Economic Association, vol. 46(3), pages 521-524, June.
    3. John Chung-En Liu & Yoram Bauman & Yating Chuang, 2019. "Climate Change and Economics 101: Teaching the Greatest Market Failure," Sustainability, MDPI, vol. 11(5), pages 1-12, March.
    4. Vujica Lazovic & Biljana Rondovic & Danijela Lazovic & Tamara Djurickovic, 2021. "Is Economic Theory, Presented in Basic Academic Textbooks, Applicable to the Digital Economy?," Sustainability, MDPI, vol. 13(22), pages 1-23, November.

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