What is the effect of small-group learning on student learning outcomes in economic instruction? In spring 2002 and fall 2004, the author applied cooperative learning to one section of intermediate macroeconomics and taught another section using a traditional lecture format. He identified and then tracked measures of student learning outcomes. Using multivariate regression analysis, he found that students taught by cooperative learning achieved greater academic performance in the form of higher exam scores. (Contains 5 tables and 8 notes.)