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Teaching Macro Principles after the Financial Crisis

Author

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  • Alan Blinder

Abstract

Recent events should force everyone who teaches macroeconomics (or finance, for that matter) to reconsider their curriculums. In this short article, the author shares his thoughts about what should and should not be changed in the way economists teach macro principles to beginning students. Two tradeoffs are paramount and must be faced by every instructor: (1) how much additional complexity must be and can be introduced in a principles course in which the students are relatively unsophisticated; and (2) although it is easy to think of new topics that recent events “demand” instructors add, it is much harder to think of topics to delete . Yet economists should understand the necessity of choice forced by (time) budget constraints.

Suggested Citation

  • Alan Blinder, 2010. "Teaching Macro Principles after the Financial Crisis," The Journal of Economic Education, Taylor & Francis Journals, vol. 41(4), pages 385-390, September.
    • Handle: RePEc:taf:jeduce:v:41:y:2010:i:4:p:385-390
    DOI: 10.1080/00220485.2010.510394
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    Citations

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    Cited by:

    1. Tadeusz Kowalski & Yochanan Shachmurove, 2011. "An Historical Walk Through Recent Financial Crises," PIER Working Paper Archive 11-019, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    2. Beachy, Ben, 2012. "A Financial Crisis Manual Causes, Consequences, and Lessons of the Financial Crisis," Working Papers 179105, Tufts University, Global Development and Environment Institute.
    3. Brian W. Bresnahan & Nadeem Naqvi & Carolin Schürg, 2012. "Efficiency-wage Hypothesis and the Operational Production Pattern," International Journal of Finance, Insurance and Risk Management, International Journal of Finance, Insurance and Risk Management, vol. 2(3), pages 244-244.
    4. Gärtner, Manfred & Griesbach, Björn & Jung, Florian, 2011. "Teaching Macroeconomics after the Crisis: A Survey among Undergraduate Instructors in Europe and the U.S," Economics Working Paper Series 1120, University of St. Gallen, School of Economics and Political Science.
    5. Henrik Egbert & Nadeem Naqvi, 2011. "Market-dependent Production Set," MAGKS Papers on Economics 201145, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    6. Kowalski, Tadeusz & Shachmurove, Yochanan, 2011. "The financial crisis: What is there to learn?," Global Finance Journal, Elsevier, vol. 22(3), pages 238-247.
    7. Namrata Chindarkar & Dodo J. Thampapillai, 2018. "Rethinking Teaching of Basic Principles of Economics from a Sustainability Perspective," Sustainability, MDPI, vol. 10(5), pages 1-8, May.
    8. Carolin V. Schürg & Nadeem Naqvi, 2011. "Efficiency-wage Hypothesis and the Operational Production Pattern," MAGKS Papers on Economics 201146, Philipps-Universität Marburg, Faculty of Business Administration and Economics, Department of Economics (Volkswirtschaftliche Abteilung).
    9. Ben Beachy, 2012. "A Financial Crisis Manual Causes, Consequences, and Lessons of the Financial Crisis," GDAE Working Papers 12-06, GDAE, Tufts University.
    10. Tervala, Juha, 2014. "Teaching business cycles with the IS-TR model," MPRA Paper 58992, University Library of Munich, Germany.
    11. Martin Kniepert, 2014. "Die (Neue) Institutionenökonomik als Ansatz für einen erweiterten, offeneren Zugang zur Volkswirtschaftslehre," Working Papers 552014, University of Natural Resources and Life Sciences, Vienna, Department of Economics and Social Sciences, Institute for Sustainable Economic Development.
    12. Tadeusz Kowalski & Yochanan Shachmurove, 2011. "John Maynard Keynes: Is That you Knocking on the Door?," Working Papers 56, Department of Applied Econometrics, Warsaw School of Economics.
    13. Manfred G�rtner & Bj�rn Griesbach & Florian Jung, 2014. "Is there a transatlantic divide in undergraduate macroeconomics teaching?," Applied Economics Letters, Taylor & Francis Journals, vol. 21(5), pages 297-303, March.
    14. Hanying Qi, 2019. "A New Literature Review on Financialization," Journal of Accounting, Business and Finance Research, Scientific Publishing Institute, vol. 7(2), pages 40-50.
    15. repec:zbw:inwedp:552014 is not listed on IDEAS
    16. Juniper, James & Nadolny, Andrew & Pantelopoulos, George & Watts, Martin, 2021. "Orthodox macroeconomic textbooks: A critical evaluation using institutional practice as a benchmark," International Review of Economics Education, Elsevier, vol. 37(C).

    More about this item

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • A23 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Graduate
    • E20 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - General (includes Measurement and Data)
    • D40 - Microeconomics - - Market Structure, Pricing, and Design - - - General
    • G01 - Financial Economics - - General - - - Financial Crises

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