The critical roles of entrepreneurs in creating, operating, and destroying markets, as well as their importance in driving long-term economic growth are still generally either absent from principles of economics texts or relegated to later chapters. The primary difficulties in explaining entrepreneurship at the principles level are the lack of a…

The author of this article expands the background theory of voting to incorporate the undergraduate majors of members of Congress. Examining nine votes on trade across the 109th and 110th Congresses reveals that economics majors are the only category of college major to vote in favor of free trade in a predictable way. Controls for a variety of…

Global imbalances and the sustainability of large U.S. current account deficits have dominated international macroeconomics of late. Pedagogically, a clear disconnect exists between graduate-level open-economy macroeconomics that emphasizes intertemporal current account models and net foreign asset adjustment featuring valuation effects, and,…

The authors provide a brief review of how economists have dealt with art in their research and more popular writings, and then consider the case that has been made for using art and other visual materials in general education and--in very few cases--to teach economics. A new Web site on Art and Economics is introduced that makes it easier for…

Underrepresentation of women in economics is documented in many studies. Investigation of its sources at the undergraduate level is examined through students' decisions to persist in economics, either beyond an introductory course or in their major choices. The authors add to the literature by analyzing students' decisions to take their first…

Consider an auction in which one potential buyer wishes to participate, but the other potential buyer would rather the bidding not start. However, once bidding starts, the reluctant firm participates (submits "bluff bids") simply to make the eventual winner pay more. This incentive exists when the marginal effect of the winning bid is to increase…

The economic and institutional analysis of capitalism can be illustrated through John Ford's Westerns. This article focuses on six classics by Ford that show the move toward modern order, the creation of a new society, and the rule of law. Economic features are pervading, from property rights and contracts to markets, money, and trade. Ford has…

Economics departments are faced with growing demands to document what their graduates have learned on completion of the undergraduate major. The results of a national survey of economics department chairs in the United States reveal that nearly two-thirds of the departments have a formal assessment plan. There is substantial agreement on the most…

This article compares the effectiveness of online and paper-based assignments and tutorials using summative assessment results. All of the students in a large managerial economics course at National University of Ireland, Galway were asked to do six assignments online using Aplia and to do two on paper. The authors examined whether a student's…

The authors list economic concepts and issues covered in the children's books published by Theodor Geisel and discuss his treatment of concepts that appear most often and that are treated in greater depth. Some concepts are sophisticated and taught as formal concepts only in college-level economics courses. Others are basic and used in economics…

What is the best way to allocate students to small teams in those economics courses that rely on small group work to enhance individual student learning? While experts in collaborative learning provide many suggestions, little empirical work has been done. This article begins to fill the gap. It examines whether a variety of characteristics of the…

The recent widespread adoption of online competitions in economic education provides a unique opportunity to make frequent assessments of economic literacy in U.S. classrooms. In this survey, student responses to test items from the Test of Economic Literacy (TEL) are used to create economic concept and content area achievement benchmarks. These…

The typical method of instruction in economics is chalk and talk. Economics courses often require writing equations and drawing graphs and charts, which are all best done in freehand. Unlike static PowerPoint presentations, tablet computers create dynamic nonlinear presentations. Wireless technology allows professors to write on their tablets and…

The authors provide the first estimates of the impact of peers on achievement in high school economics. The estimates are obtained by analyzing three years of data on all high school students who take Georgia's required economics course and its accompanying high-stakes End of Course Test (Georgia Department of Education). They use an instrumental…

Undergraduate economics lags behind cutting-edge economic theory. The author briefly reviews six related advances that profoundly extend and deepen economic analysis: game-theoretic modeling, collective-action problems, information economics and contracting, social preference theory, conceptualizing rationality, and institutional theory. He offers…