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The Double Paradox of Elementary Economics Education

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Abstract

Elementary economics textbooks have become less attractive to students requiring only an introduction to economics, given that their content is pervaded by mathematical diagrams and simple equations. Also they are of relatively little value to those interested in, for example, attempting to gain an understanding of the New Economy, for they rarely emphasise business innovation and its crucial dynamic role. These factors engender something of a double paradox. First (paradox of the tools and the audience), newcomers are frequently 'turned off' by existing economics textbooks due to the pervasive use of mathematics. Second (paradox of the content and relevance), those newcomers who are not initially turned off tend to be disenchanted with economics because they perceive that economics is of little use in understanding the New Economy in which they work, or will come to work. We suggest an integrated solution to both paradoxes. The implementation entails a minor reorientation of the traditional pedagogical strategy for teaching introductory economics.

Suggested Citation

  • Pol, Eduardo & Carroll, Peter, 2005. "The Double Paradox of Elementary Economics Education," Economics Working Papers wp05-16, School of Economics, University of Wollongong, NSW, Australia.
    • Handle: RePEc:uow:depec1:wp05-16
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    1. MartinNeil Baily & Robert Z. Lawrence, 2001. "Do We Have a New E-conomy?," American Economic Review, American Economic Association, vol. 91(2), pages 308-312, May.
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    3. Robert J. Gordon, 2000. "Does the "New Economy" Measure Up to the Great Inventions of the Past?," Journal of Economic Perspectives, American Economic Association, vol. 14(4), pages 49-74, Fall.
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