In a review of the purpose and structure of the undergraduate economics major, J. Siegfried et al. (1991) suggested that every student should be required to "do economics" and specifically recommended the development of skills through writing requirements and research-oriented courses, as in a capstone experience. The author describes results of a…

Since January 2000, the authors have experimented with an integrated community-based research-education-service model that combined (1) funded research into the local economic effects of the University of Vermont; (2) a sequence of four semester-long courses to conduct the research and to implement and evaluate key findings; and (3) a…

The author proposes an alternative to the traditional definition of the gains from international trade and, hence, an alternative defense of free trade. Rather than showing that free trade allows a country to consume more of all final goods, the author's approach shows that free trade allows a country to consume the same basket of final goods that…

The authors describe the Business Conditions and Economic Analysis (BCEA) program developed at the University of Richmond. The BCEA program is an experiential learning format for economics students built on the success of student-managed investment funds (SMIF) in finance. In its initial implementation, the BCEA group conducts domestic and global…

Getting a "wrong" sign in empirical work is a common phenomenon. Remarkably, econometrics textbooks provide very little information to practitioners on how this problem can arise. The author exposits a long list of ways in which a wrong sign can occur and how it might be corrected.

There is a difference between the private and social cost of preserving the past. Although it may be privately rational to forget the past, the social cost is significant: We fail to see that classical political economy is analytically egalitarian. The past is a rich source of surprises and debates, and resources on the Web are uniquely suited to…

Fifty years ago what was taught in the principles of economics course reflected reasonably well what economists did in their research. That, however, is no longer the case; today what economists teach has a more nuanced relation to what they do. The reason is that the economics profession and the textbooks have evolved differently. The author…

The authors measured the pedagogical value of sharing with students what economists do and how they do it. Ostensibly, thinking and researching like economists will transform students into better and more engaged learners as well as provide instructors with effective assessment tools. One way to bring students closer to what economists do is to…

The authors present an example of the effect a change in the excise tax can have on retail gasoline prices. The findings provide support for standard economic theory, as well as provide a vehicle for illustrating some of the subtleties of the analysis, including the implicit assumptions regarding the implications for the buying and selling prices…

Academic departmentalization has limited the dimensionality and thus the richness of analysis in the social sciences. The author examines the case of a modern economics as an example. He reviews the ideas of Williamson (2000), who cites the limits of scope in the New Institutional Economics; Buchanan, who lays bare the ethical foundations of…

The author describes two learning activities for teaching economics at the advanced undergraduate level: a May American Economic Review (AER) papers seminar and an analytic project. Both activities help students learn to "do economics." The May AER papers seminar promotes in-depth synthesis and interpretation on the basis of printed session papers…

Each Thursday, the New York Times publishes a column called "Economic Scene" on page C2 of the Business Section. The authorship of the column rotates among four individuals: Alan Krueger, Virginia Postrel, Jeff Madrick, and the author. This essay is about how he came to be a columnist and how he goes about writing the columns.

Over the past two decades, the rising number of outlets for communication through cable networks and electronic broadcasting (not to mention self-promoting Web "blogs") has stimulated the demand for economic commentary. Only the academic economist, as "public intellectual," can provide this commentary in a coherent and rigorous way via the three…

In the information age, an exchange with the media is part of the duties the economics profession has to deliver to educate the public. A key issue is the education of policymakers through the media. It is the silver bullet of policy advice in comparison to commissioned research and face-to-face advice provided to the politician. It also pleases…

Describes an online, securities market, research tool, called Borsa, to engage students in the exploration of asset pricing in microeconomics courses. Defines Borsa as related database files served on the Internet using a dedicated IP address. Discusses practical considerations in running the market. Offers questions that arise from using the…