| 来源类型 | Op-Ed
|
| 规范类型 | 评论
|
| The virtues and vices of Econ 101 |
| Michael R. Strain; Noah Smith
|
| 发表日期 | 2019-09-19
|
| 出处 | Bloomberg Opinion
|
| 出版年 | 2019
|
| 语种 | 英语
|
| 摘要 | Economics 101 is the name many colleges and universities use for their introductory undergraduate economics course. It’s also shorthand for the ideas at the heart of classical economics as they have been taught for generations. Some economists think it needs an overhaul. Michael R. Strain and Noah Smith, both professional economists and Bloomberg Opinion columnists, debated its strengths and weaknesses.
Michael R. Strain: Econ 101 kicked open a door in my mind that has never closed. In my view, it is filled with intellectual treasures that have great predictive power, are supported by data and are often right. I use that formulation because you recently wrote on Twitter that none of those things are true. I disagree with you. The theories of opportunity cost, incentive responses and thinking at the margin are just three examples of deep insights into human and social behavior that freshmen are taught in introductory economics.
…
Noah Smith: When people say “Econ 101,” what they often mean is the theory of supply and demand. When it comes to labor markets — the biggest and most important market in the economy — that simple theory has failed dramatically. An increasing amount of data shows that companies have a lot of power to set wages lower than a competitive market would dictate. That has important implications for policy, since it means that minimum-wage laws will cause much less unemployment than the supply-and-demand theory would predict. This is only one example of many.
Read more |
| 主题 | Economics
|
| 标签 | college
; economics
; University
|
| URL | https://www.aei.org/op-eds/the-virtues-and-vices-of-econ-101/
|
| 来源智库 | American Enterprise Institute (United States)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/210462
|
推荐引用方式
GB/T 7714 |
Michael R. Strain,Noah Smith. The virtues and vices of Econ 101. 2019.
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