Situational Economics

R. A. Parsons

Journal for Economic Educators, 2012, vol. 12, issue 1, 53-59

Abstract: This paper argues that the various theories of economics have the potential to add value when they are applied to the appropriate situation, yet educational institutions each seem overly committed to only a single theory. The resulting intense debates between economists are destructive and should be replaced with attempts to combine multiple theories in situations where they are most appropriate. An econometric example demonstrates that combining the valuable information and relationships in different theories can improve overall understanding. Consequently, economics education should teach a broad range of theories, identifying the specific situations in which the assumptions of each theory, or combination, best apply.

Keywords: macroeconomic debates; schools of thought; economic assumptions (search for similar items in EconPapers)
JEL-codes: A22 B41 (search for similar items in EconPapers)
Date: 2012
References: View complete reference list from CitEc
Citations:

Downloads: (external link)
http://frank.mtsu.edu/~jee/2012/7_MS1111_pp53to59.pdf (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:mts:jrnlee:v:12:y:2012:i:1:p:53-59

Access Statistics for this article

More articles in Journal for Economic Educators from Middle Tennessee State University, Business and Economic Research Center Contact information at EDIRC.
Bibliographic data for series maintained by Michael Roach ().