An Illustration of the Bias of OLS for Yt = λY t-1 + U t

Using longitudinal data on undergraduates from 463 American colleges and universities from 1994–99, the authors examine how majoring in economics affects student opinions on 13 social, political, and economic issues. Economics majors were found to begin and end their college tenure with differing opinions on several issues when compared to other majors, and studying economics was found to be related to changes in several opinions. On the whole, studying economics appeared to increase beliefs in favor of personal freedom and decrease support for government intervention in markets. However, the authors find little evidence that economics majors leave college more united on their opinions when compared to the general student population.     

The Scholarship of Teaching Economics

The authors report on the results of a telephone survey of 1,001 employees of seven large corporations conducted for the Business Roundtable as part of its public policy program. A set of 20 questions keyed to the Voluntary National Content Standards in Economics was embedded in the survey. A measure of economic literacy was constructed from the survey results. Greater economic literacy was associated with more overall education, more college economics coursework, high incomes, and being male. An examination of individual test questions revealed that previous college economics had substantial effects on employees' current economic literacy.     

The Fable of the Allegory: The Wizard of Oz in Economics

L. Frank Baum's The Wonderful Wizard of Oz has become popular as a teaching tool in economics. It has been argued that it was written as an allegory of Populist demands for a bimetallic monetary system in the late 19th century. The author argues that Baum was not sympathetic to Populist views and did not write the story as a monetary allegory.     

High School Economics: Problems and Prospects

Asserting that the basic problem in high school economics is that we have not identified “what high school economics ought to be,” Warmke proceeds to spell out some of the specific obstacles hindering the development of more and better secondary level courses. He then discusses some of the more encouraging trends in research, teaching, teacher-training, materials development, and the like, and makes some cautious projections for the future.     

Economic Education in Japan at the University Level

The author describes from personal experience and observation economic education in Japan at the university level. As is true almost universally, Japanese students pursue higher education with different motives and aspirations and have a variety of institutions from which to choose. What they obtain in return depends upon the faculty with which they study and their own perseverance.     

Gordon Tullock and Richard McKenzie. The New World of Economics.

The authors extend the literature on the efficacy of high school economics instruction in two directions. First, they assess how much economic knowledge that California students acquired in their compulsory high school course is retained on their entering college. Second, using as a control group some college students from the state of Washington, where there is no mandate for high school economics instruction, the authors evaluate the impact of California's high school economics mandate on students’ economic literacy when they enter college. The testing instrument is the Test of Economic Literacy (TEL).     

Public Finance,Public Economics,and Public Choice: A Survey of Undergraduate Textbooks

The changing scope and approaches in the public finance courses as reflected in a spectrum of undergraduate texts are reviewed. The major texts are examined for content, difficulty, and ideology.     

The Status of Econometrics in the Economics Major: A Survey

In this article, the authors describe the place of econometrics in undergraduate economics curricula in all American colleges and universities that offer economics majors as listed in the U.S. News & World Report “Best Colleges 2010” guide (U.S. News & World Report 2009). Data come from online catalogs, departmental Web sites, and online course syllabi. About one-third of the schools require econometrics of all students majoring in economics, about half require it of none, and a sixth require it of some, but not all, economics majors. Among universities with economics PhD programs and liberal arts colleges, almost all those ranked in the top 10 require it. Below the top 10, there is little correlation between ranking and econometrics requirements. Liberal arts econometrics classes are much more likely to require research projects than their counterparts in universities.     

The Industry Council Plan as an Instrument of Reconstruction

This paper looks at the doctrines of ‘Wicca’, or what might be termed as pagan or white magic by its adherents, in terms of the economics of religion. The primary focus of the paper is the issue of the degree of product differentiation involved from established religion in terms of two things: the concept of God (or deities) and the ideas of sin. The main contribution of the paper is that it presents (for the first time ever, so far as the author is aware) an economic analysis of the doctrine of a ‘rebound’ effect of any attempts to do harm to other people through the practice of magic. Some basic microeconomic concepts suggest that the moral force of this rebound law is a difficult one to sustain except under very unreasonable assumptions.     

Two Sides of the Same Coin: Re-examining Nepotism and Discrimination in a Segmented Society

Abstract

We report the results from a series of trust games designed to distinguish racial discrimination from racial nepotism, played with a sample of high school students in Cape Town, South Africa. In contrast to the original work in this regard by Fershtman et al. (2005 Fershtman, C., Gneezy, U. and Verboven, F. 2005. “Discrimination and Nepotism: the efficiency of the anonymity rule,”. Journal of Legal Studies, 34: 371–396. [Crossref], [Web of Science ®] , [Google Scholar]), we find considerably greater heterogeneity in the way that proposers respond to the revealed racial identity of their partner, with nepotism being a dominant behavior. However, while some proposers exhibit a nepotistic bias in their offers that favors in-group members on average, others exhibit a nepotistic strategy that favors out-group members. A consequence of this nepotism is that both efficiency and equity are reduced on average.