A Student Learning Inventory for Economics Based on the Students' Experience of Learning: A Preliminary Study

The authors present the initial development of a student learning inventory (SLI) that is specific to economics. This approach, which is based on the student experience of learning (SEL) literature, emphasizes aspects of prior knowledge in the learning history of entering first-year students. Preliminary insights from a first SLI suggest that on entry to university, students show considerable variation in their perceptions of what economics is and what economists do. From the SEL perspective, such variation affects student learning. It is argued that continued development of an economic-specific SLI may result in a better understanding of students' learning engagement with economics and ultimately assist instructors in better understanding student learning difficulties and increase student success in first-year economics.     

Online Discussion and Learning Outcomes

This paper describes how we used Facebook as a discussion tool in the instruction of a principles level economics course and reports empirical estimates of the affect of that use on learning outcomes. Social media as a tool for promoting classroom discussion has advantages and disadvantages. For example, its omnipresence and flat learning curve can promote academic discourse. However social media can promote nonacademic “chatting”, and its omnipresence means the user needs more than a passing knowledge of the privacy settings to have control of their “digital identity”. For a Principles of Microeconomics taught in 2011 we collected data, with permission from our institution’s Institutional Review Board, on student use of Facebook, academic and demographic characteristics, learning style preferences and learning outcomes. Our research hypothesis is that an empirical analysis will find a positive correlation between student in-class use of Facebook and learning outcomes. Among our findings are that students should receive more coaching on the use of privacy settings, and qualified evidence that there is a positive net effect on learning outcomes of using Facebook as a discussion tool.     

A Preliminary Report on the Efficiency of Introductory Economics Courses

This article is the first report of a project in which the efficiency of the introductory economics course at Queen's University in Canada is being examined. Finding that the TUCE “relies too heavily on a knowledge of U.S. institutions,” Crowley and Wilton assembled a set of questions from several sources (including TUCE items adapted to the Canadian situation). Taking into account the student's initial understanding of economics, sex, major field, student year, the instructor's ability to arouse and maintain interest, and the amount of time spent on the course, the authors employ a regression model with student score on the posttest as the dependent variable. Their findings, although preliminary, add to the growing body of research on the introductory course and suggest some interesting possibilities. Among these possibilities is the fact that some “natural” learning may occur among students not exposed to a formal economics course.     

Foucault on the Marginal Revolution in Economics: Language and the Cartesian Legacy

Scholars have long debated the ‘revolutionary’ character of the ‘Marginal Revolution’ in economics, focusing on theoretical foundations, methodological devices, social context and political aspects. This article offers a new perspective by investigating ontological and epistemological conditions of that intellectual movement. This requires, in turn, a characterization of those conditions, for which purpose we will draw on Foucault's configurations of thought into ‘epistemes’ in The Order of Things. Although not mentioning those conditions, there have been few references in economics to Foucault's approach. They have mainly claimed that he neglected its importance because he did not see it as a ‘revolution’ in The Order of Things. It is argued here that he actually considered it a ‘revolution’ in The Archaeology of Knowledge. A revision of Foucault's account provides some ideas regarding deep philosophical conditions of the emergence of neoclassical theory and defies some usual interpretations of the circumstances that led to the mathematization of economics. The main conclusion is that its revolutionary character did not stem from a change of ontological beliefs, but—just as many historians of economics have defended—it was a methodological revolution. This study suggests a reinterpretation of that event, claiming that it resulted from a new conception of language and a crisis of Descartes's project of a mathematical unifying science. Going beyond that debate, these reflections proffer ideas that deserve an appraisal in economics.     

The Relative Effectiveness of Three Methods of Teaching Principles of Economics

Research on the impact of learning style preferences is very rare in economic education. This article reports the results of a project in which the student's preferred learning style and the instructor's teaching style were included as variables in a regression model. Those favoring independent styles achieved significantly more than students favoring dependent styles. Changes in student attitudes towards economics were also taken into account. The researchers assert that the addition of these variables also “greatly increases the power of the model to explain variation in student achievement and attitudes concerning economics.”     

The Lasting Effects of an Introductory Economics Course: An Exploratory Study

The author advocates the application of experiential learning in economics courses at the tertiary level. The author evaluates a range of learning methods, both passive and active, in a student survey that provides data on under-graduate attitudes to various class activities. The results indicate a clear student preference for learning activities in economics that can be described as experiential. Analysis of reported student preferences also detects differences according to gender and day or evening class attendance.     

Leveraging the power of experiential learning to achieve higher-order proficiencies

Although experiential learning approaches, such as service-learning, have been shown to increase student motivation and academic achievement, faculty concerns about the costs of developing and implementing such courses have limited their adoption within economics. One cost that can be eliminated is the opportunity cost typically associated with “required” reflection exercises that are often perceived as taking time away from economic instruction. This article contributes to the existing literature by introducing a reflection mechanism based on programmatically appropriate project-management reports. This approach not only links experience and course content, essential elements of service-learning best-practice, but also facilitates the successful management of a complex project, thereby contributing to the development of higher-order proficiencies.     

‘Economics with Training Wheels’: Using Blogs in Teaching and Assessing Introductory Economics

Blogs provide a dynamic interactive medium for online discussion, consistent with communal constructivist pedagogy. The author of this article describes and evaluates a blog assignment used in the teaching and assessment of a small (40–60 students) introductory economics course. Using qualitative and quantitative data collected across four semesters, students’ participation in the blog assignment is found to be associated with student ability, gender, and student perceptions of the blog. Importantly, students with past economics experience do not appear to crowd out novice economics students. Student performance is positively associated with the quality of their blog participation after controlling for student ability, suggesting that a focus on quality of student engagement could further improve learning outcomes. Students generally report overall positive experiences with the blog assignment.     

THE CITATION IMPACT OF FEMINIST ECONOMICS

Abstract

Feminist economics is a transformative project. However, transformation generates resistance. Feminist economics can be deliberately excluded, co-opted through an uncritical application of rational choice theory, or ignored. And feminist economics can be listened to: when the United Nations consults feminist economists; when feminist economists publish in widely read journals; when a student finds inspiration in a Feminist Economics article. All of these are ways feminist economics can, and has, influenced the profession. After ten years of discourse, it is possible to take stock and assess the impact of feminist economics. This article provides a partial assessment through a consideration of citations of the journal Feminist Economics, describing its impact on mainstream economics, heterodox economics, and other disciplines. While the overall project of feminist economics encompasses much more than just one journal, studying the citations for Feminist Economics is a first step toward assessing the influence of the entire corpus.     

The history of economics as economics?

Abstract

This paper critically evaluates the current decline of the relationship between economics and the history of economics, and proposes a framework called the panorama-cum-scenario model for the practice of the history of economics. Starting with the Hegelian thesis that the history of economics is economics itself, the paper argues that such a relationship is necessary but not sufficient because the history of economics is a metatheory addressed to economic theory. The history of economics needs a panoramic view of the subject and a scenario for the construction, interpretation, and evaluation of the system of economics. The panorama-cum-scenario model enables us to work on the history of economics not only by historical and rational reconstruction but also by global reconstruction. Nietzsche's anti-Hegelian viewpoint and Heidegger's hermeneutical standpoint are useful for identifying the role of historical research in developing economic knowledge based on the panorama-cum-scenario model. Several approaches to the history of economics are examined in light of the panorama-cum-scenario model. Schumpeter's history of economics is interpreted as an example of the panorama-cum-scenario model.     

How is β related to asset returns?

Existing empirical evidence for the relevance of the β in modelling asset returns is mixed. Drawing on conditional tests of β first proposed by Pettengill, Sundaram and Mathur (1995) and extended by Bollen (2010), empirical evidence employing monthly data is presented that indicates that β is highly related to variability of asset returns but not to the level of asset returns. This result is consistent with the predictions of the market model but not with the predictions of the CAPM. It is concluded that β remains a useful construct in financial economics but may have a differing role in financial economics than the conventional wisdom asserts.     

Holding back from theory: limits and methodological alternatives of randomized field experiments in development economics

ABSTRACT

In this paper, we critically and constructively examine the methodology of evidence-based development economics, which deploys randomized field experiments (RFEs) as its main tool. We describe the context in which this movement started, and illustrate in detail how RFEs are designed and implemented in practice, drawing on a series of experiments by Pascaline Dupas and her colleagues on the use of bednets, saving and governance in Kenya. We show that this line of experiments have evolved to address the limitation of obtaining policy-relevant insights from RFEs alone, characterized as their lack of external validity in the literature. After examining the two prominent responses by leading figures of evidence-based development economics, namely machine learning and structured speculation, we propose an alternative methodological strategy that incorporates two sub-fields, namely experimental economics and behavioral economics, to complement RFEs in investigating the data-generating process underlying the treatment effects of RFEs. This strategy highlights promising methodological developments in RFEs neither captured by the two proposals nor recognized by methodologists, and also guides how to combine different sub-fields of economics.     

Six guidelines for teaching intermediate macroeconomics

This is the first article that compares terminal master's degree programs in economics from universities that have a PhD program in economics with those that do not offer PhD programs in economics. The authors compare these differences based on surveys in 2002 and 2012. They examine differences in general program characteristics, department faculty, admission requirements, student characteristics, financial aid, and graduation and placement rates. They find statistically significant differences in all of these categories and also find that some of the differences and similarities have changed over time.     

Student Evaluations of Teaching and the Cognitive Level of Economics Courses

The Journal of Economic Education of Fall 1973 was devoted to the subject of student evaluations of teachers. That issue has engendered a great many papers, only a few of which can be published in the JEE because of space limitations. Michael Everett's report is not a mere replication of previous research on the subject, but adds a new dimension—the possible effect of student evaluations on the cognitive level of college economics courses. His finding that students may favor professors who emphasize lower level cognitive material will surely be distressing to many teachers, and should cause sober reflection on the part of administrators and others involved in establishing faculty evaluation procedures and policies.     

Some Evidence on the Value of Instructors in Teaching Economic Principles

Using data collected from three universities, the authors of this article attempt to show that student attitude is “an important dimension of learning” and that the quality of instruction is indeed associated with attitude. The attitude referred to here is that of student opinions toward economics (as measured by Karstensson's “Questionnaire on Student Attitude Toward Economics”) rather than opinions on economic issues. Posttest scores on the TUCE and the attitude instrument were the dependent variables, while scores on the TUCE pretest, ACT scores, sex, major field, economics background, university attended, and quality of instruction were used as independent variables.     

Political Learning: The Neglected Precondition of Constitutional Reform

This paper analyses the claim of constitutional economics that liberal economic policy requires far-reaching constitutional reform. The paper starts with a restatement of this claim and reinforces the rationale of the currently most influential variants of constitutional economics as represented by contractarian constitutional economics (Brennan, Buchanan), on the one hand, and Hayek s evolutionary theory, on the other. However, these constitutional proposals have shortcomings because the institutional preconditions of constitutional reform are not sufficiently reflected. Instead, I argue that, in face of economic crisis, a revision of in-period politics requires no more collective rationality than constitutional reform does. As a consequence, the introduction of new constitutional rules depends on political learning. The article concludes that constitutional rules in the sense of CPE can stabilise political learning but they cannot replace it.     

Using a Geographic Information System to Teach Economics

An honors program fits the current passion for active, in-depth learning and “capstone experiences.” Principles that guide a successful undergraduate economics honors program include simplicity, accessibility, skill development, risk minimization, and incentives to combat procrastination. The model program specifies three of the usual six electives and requires a senior thesis that makes an original contribution to economics understanding. It can be started as late as the middle of the junior year, providing accessibility and limiting student risk. A required econometrics course and a policy seminar prepare students to write a thesis. A series of short-term deadlines helps combat procrastination. Although an honors program is not for everyone, its emphasis on quality rather than quantity can add a valuable dimension to most economics degree programs.     

Menger’s causal-realist analysis in modern economics

Carl Menger pioneered a unique theoretical research method which served as the foundation of the early Austrian school of economics. Menger’s causal-realist analysis was revived and formalized just before and after World War 2 by Ludwig von Mises as the “praxeological method.” Murray Rothbard, a student of von Mises’, utilized the method in formulating a comprehensive system of economic theory in his treatise, Man Economy, and State published in the early 1960s. Rothbard’s treatise became the foundational work for the “Austrian revival” in the 1970s. In this paper, we address several issues related to the role of Menger’s method in modern economics. First, ample evidence is adduced that von Mises and Rothbard each expressed a surprising ambivalence with respect to his own work in relation to the early Austrian school. Second, von Mises viewed Rothbard’s treatise as beginning a new epoch in economic theory. Third, contrary to the conventional view, a careful analysis of his treatise shows that Rothbard drew heavily on the contemporary neoclassical literature in developing his theoretical system and that his intent was never to set up a heterodox movement to challenge mainstream economics. Rather, his main aim was to consistently apply the praxeological method to rescue economics from what he considered the alien methodology of positivism, which was imported into economics after World War 2. Lastly, I will tentatively suggest that the term “Austrian economics” as the designation for the intellectual movement that coalesced in the early 1970s may now have outlived its usefulness. This term, which initially served an important strategic purpose in promoting the revival of the broad Mengerian tradition, may have come to obscure the meaning and importance of the praxeological research paradigm that Menger originated.     

Public Scholarship and Economics: Engaging Students in the Democratic Process

Public scholarship is an emerging pedagogical practice that integrates teaching, research, and service in ways that expand student learning by tackling critical, topical problems and generating real solutions. This paper describes the use of a course on women and the economy in two widely disparate institutions to demonstrate the process of integrating public scholarship in economics.