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Economics 101: An Improved Approach

Author

Listed:
  • Thomas Hegland

    (St. Olaf College)

  • Andrew Lithio

    (Iowa State University)

  • Spencer Maynes

    (University of Nebraska)

  • Anthony D. Becker

    (Department of Economics, St. Olaf College)

Abstract

Modern principles of economics textbooks do an admirable job of teaching students to think like economists, but have unfortunately lagged behind the modern discipline in their inclusion of statistical, data-driven analysis. Many traditional presentations of ideas in principles textbooks would benefit from being revised to include more empirical evidence for their theories, so as to more accurately reflect both the nuances of the theories themselves and the methods used by economists to test those ideas. In particular, textbooks’ treatment of the Phillips Curve, Okun’s Law, Lucas Critique, assumptions of rationality, and both the velocity of money and money creation could benefit from a more data-based approach.

Suggested Citation

  • Thomas Hegland & Andrew Lithio & Spencer Maynes & Anthony D. Becker, 2012. "Economics 101: An Improved Approach," Working Papers 201202, St. Olaf College, Department of Economics.
    • Handle: RePEc:olf:wpaper:201202
    as

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    File URL: http://www.stolaf.edu/depts/economics/RePEc/olf/wpaper/wp201202.pdf
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    References listed on IDEAS

    as
    1. Alan B. Krueger, 2001. "Teaching the Minimum Wage in Econ 101 in Light of the New Economics of the Minimum Wage," The Journal of Economic Education, Taylor & Francis Journals, vol. 32(3), pages 243-258, January.
    2. Lucas, Robert Jr, 1976. "Econometric policy evaluation: A critique," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 1(1), pages 19-46, January.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    introductory economics; principles of economics; Phillips curve; Okun’s Law; rational expectations; Lucas critique;
    All these keywords.

    JEL classification:

    • A22 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - Undergraduate
    • A20 - General Economics and Teaching - - Economic Education and Teaching of Economics - - - General

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