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The Financial Crisis and Principles of Economics Textbooks

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  • Poul Thøis Madsen

Abstract

How have authors of widely used U.S. introductory economics textbooks responded to the traumatizing financial crisis? The answer interests textbook authors as well as the users. An encompassing quantitative and qualitative text analysis that applies new methods demonstrates that in general, the financial crisis is described in a few sporadically added lines or is dealt with in boxes, separate sections, or specific isolated chapters. This is no great surprise, as it would be a monumental task to change textbooks significantly in the short run. Yet the analysis also indicates small, innovative changes already being made that could inspire future editions. Against this background, the author discusses how any introductory textbook could integrate the financial crisis more adequately into the general presentation, thereby enhancing students’ interest.

Suggested Citation

  • Poul Thøis Madsen, 2013. "The Financial Crisis and Principles of Economics Textbooks," The Journal of Economic Education, Taylor & Francis Journals, vol. 44(3), pages 197-216, September.
    • Handle: RePEc:taf:jeduce:v:44:y:2013:i:3:p:197-216
    DOI: 10.1080/00220485.2013.795450
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    References listed on IDEAS

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    1. D. Colander & H. Follmer & A. Haas & M. Goldberg & K. Juselius & A. Kirman & T. Lux & B. Sloth, 2010. "The Financial Crisis and the Systemic Failure of Academic Economics," Voprosy Ekonomiki, NP Voprosy Ekonomiki, issue 6.
    2. Carmen M. Reinhart & Kenneth S. Rogoff, 2014. "This Time is Different: A Panoramic View of Eight Centuries of Financial Crises," Annals of Economics and Finance, Society for AEF, vol. 15(2), pages 215-268, November.
    3. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Preface," MPRA Paper 17451, University Library of Munich, Germany.
    4. Carmen M. Reinhart & Kenneth S. Rogoff, 2009. "Varieties of Crises and Their Dates," Introductory Chapters, in: This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press.
    5. Reinhart, Carmen & Rogoff, Kenneth, 2009. "This Time It’s Different: Eight Centuries of Financial Folly-Chapter 1," MPRA Paper 17452, University Library of Munich, Germany.
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    Cited by:

    1. Pühringer, Stephan, 2016. "Still the queens of social sciences? (Post-)Crisis power balances of "public economists" in Germany," Working Paper Serie des Instituts für Ökonomie Ök-22, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    2. Jane E. Ihrig & Scott A. Wolla, 2020. "Let's Close the Gap: Revising Teaching Materials to Reflect How the Federal Reserve Implements Monetary Policy," Finance and Economics Discussion Series 2020-092, Board of Governors of the Federal Reserve System (U.S.).
    3. Gunessee, Saileshsingh & Lane, Tom, 2023. "Changing perceptions about experimentation in economics: 50 years of evidence from principles textbooks," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 107(C).
    4. Christian Grimm & Jakob Kapeller & Stephan Puehringer, 2017. "Zum Profil der deutschsprachigen Volkswirtschaftslehre: Paradigmatische Ausrichtung und politische Orientierung deutschsprachiger Oekonom_innen (On the current state of German-speaking Economics: Para," ICAE Working Papers 70, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    5. Karl M. Beyer & Christian Grimm & Jakob Kapeller & Stephan Puehringer, 2017. "Der 'deutsche Sonderweg' im Fokus: Eine vergleichende Analyse der paradigmatischen Struktur und der politischen Orientierung der deutschen und US-amerikanischen Oekonomie (The 'German special path': A," ICAE Working Papers 71, Johannes Kepler University, Institute for Comprehensive Analysis of the Economy.
    6. 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.
    7. Saileshsingh Gunessee & Tom Lane, 2020. "Is Economics An Experimental Science? A Textbook Perspective," Discussion Papers 2020-16, The Centre for Decision Research and Experimental Economics, School of Economics, University of Nottingham.
    8. 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.
    9. Urban, Janina & Rommel, Florian, 2020. "German economics: Its current form and content," Working Paper Serie des Instituts für Ökonomie 56, Hochschule für Gesellschaftsgestaltung (HfGG), Institut für Ökonomie.
    10. 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).

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