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ERIC Number: EJ845954
Record Type: Journal
Publication Date: 2009
Pages: 18
Abstractor: As Provided
Reference Count: 16
ISBN: N/A
ISSN: ISSN-0022-0485
General Equilibrium Models: Improving the Microeconomics Classroom
Nicholson, Walter; Westhoff, Frank
Journal of Economic Education, v40 n3 p297-314 Sum 2009
General equilibrium models now play important roles in many fields of economics including tax policy, environmental regulation, international trade, and economic development. The intermediate microeconomics classroom has not kept pace with these trends, however. Microeconomics textbooks primarily focus on the insights that can be drawn from the Edgeworth box diagram for exchange. This treatment leaves students unprepared for understanding much of the policy-related literature they encounter. The lack of attention can be explained: The technical analytics required to mathematically analyze general equilibrium models overwhelm all but a handful of undergraduates. We offer an alternative approach that overcomes this obstacle by providing Web-based general equilibrium simulations. The simulation approach circumvents the complex mathematics so that undergraduates can master the most important lessons of general equilibrium models. (Contains 7 tables and 5 notes.)
Heldref Publications. 1319 Eighteenth Street NW, Washington, DC 20036-1802. Tel: 800-365-9753; Tel: 202-296-6267; Fax: 202-293-6130; e-mail: subscribe@heldref.org; Web site: http://www.heldref.org
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A