Economics 101: An Improved Approach

Thomas Hegland (), Andrew Lithio (), Spencer Maynes () and Anthony Becker ()
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Thomas Hegland: St. Olaf College
Andrew Lithio: Iowa State University
Spencer Maynes: University of Nebraska
Anthony Becker: Department of Economics, St. Olaf College

No 201202, Working Papers from St. Olaf College, Department of Economics

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.

Keywords: introductory economics; principles of economics; Phillips curve; Okun’s Law; rational expectations; Lucas critique (search for similar items in EconPapers)
JEL-codes: A20 A22 (search for similar items in EconPapers)
Pages: 19
Date: 2012-02-09
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