This article presents an overview of major factors contributing to the Great Recession of 2007-2009. Descriptions of teaching resources and ideas for lesson plans are provided.

The authors present a classroom experiment designed to illustrate key concepts of third-degree price discrimination. By participating as buyers and sellers, students actively learn (1) how group pricing differs from uniform pricing, (2) how resale between buyers limits a seller's ability to price discriminate, and (3) how preventing price…

In teacher education, the key concern must be inequitable civic education, which includes economic education and opportunities available for underserved students. Inequitable civic education opportunities reinforce already-widening disparities between groups of citizens. This bodes ill for democracy and the ability to wrestle with the complex…

The author makes a pedagogical contribution to optimal income taxation. Using a very simple model adapted from George A. Akerlof (1978), he demonstrates a key result in the approach to public economics and welfare economics pioneered by Nobel laureate James Mirrlees. He shows how incomplete information, in addition to the need to preserve…

As the author researched the causes and implications of the current economic crisis, he came across numerous commentaries on how financial literacy was seldom taught (or taught well) in U.S. schools. This article, aimed at teachers and supervisors at all grade levels, describes some Internet sites that: (1) explain the collapse of the housing…

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…

The Federal Reserve Bank of Chicago will host a conference, Financial Literacy, Financial Education, and the Federal Reserve: Strategies for Success, on September 11, 2009. This article reviews some of the financial education activities throughout the Federal Reserve System. The topics these initiatives cover include financial skill building,…

A series of studies in several countries tested the economic understanding of people, particularly students. The performance of the subjects is typically conceived as showing "deficits". These alleged deficits seem to correspond with scepticism towards market economy. Better test scores in general correlate with higher appraisal of…

For the open economy, the workhorse model in intermediate textbooks still is the Mundell-Fleming model, which basically extends the investment and savings, liquidity preference and money supply (IS-LM) model to open economy problems. The authors present a simple New Keynesian model of the open economy that introduces open economy considerations…

When highly visible lapses in ethics occur, education gets some of the blame. Principals in the U.S. subprime mortgage crisis and the Enron scandal had been educated at Harvard and other elite business schools, where professional and moral ideals had arguably been replaced by a focus on profits at the expense of ethics. A long-standing tradition…

The author presents Web-based surveying as a valuable tool for achieving quality undergraduate research in upper-level economics courses. Web-based surveys can be employed in efforts to integrate undergraduate research into the curriculum without overburdening students or faculty. The author discusses the value of undergraduate research, notes…

Defined mathematically, the internal rate of return (IRR) of a cash-flow stream is the discount rate at which its net present value is 0. What is the significance or meaning of such a measure? Using simple example problems and illustrative calculations, the author explains a technically correct but, at the same time, intuitively meaningful…

The average score of economics majors on the Graduate Management Admission Test (GMAT) exceeds those of nearly all humanities and arts, social sciences, and business undergraduate majors but not those of most science, engineering, and mathematics majors. (Contains 1 table.)

The authors describe an interdisciplinary course team-taught by an economist and a sociologist. Historically mindful of the less than amicable relationship between these disciplines, these colleagues developed a course that attempted to illuminate the different perspectives of economics and sociology in relation to selected health themes. Such a…

In this paper, the author expands on the idea of using up-to-date examples to teach applications of economic concepts. In the MBA Managerial Economics class, the author use profiles of two companies' decision-making strategies and their successes to show the applications of economic concepts used by the companies. This provides an even clearer…