ERIC Number: EJ1429102
Record Type: Journal
Publication Date: 2024
Pages: 14
Abstractor: As Provided
ISBN: N/A
ISSN: ISSN-0022-0485
EISSN: EISSN-2152-4068
Teaching Behavioral Macroeconomics--Examples and Applications
Journal of Economic Education, v55 n3 p249-262 2024
The author of this article provides an example of how one might incorporate behavioral economics into teaching macroeconomics or labor economics at an undergraduate level. The focus is on two macroeconomic concepts--wage determination and the Phillips curve--and shows that the implications and conclusions of both models differ from their textbook versions, once behavioral aspects are taken into account. In order to do that, the author first presents the standard macroeconomic model in both cases, then stresses situations where homo economicus, i.e., the rationality assumption, does not hold, and finally introduces behavioral economics concepts that explain noted differences. The explanations are intertwined with small classroom experiments that can be part of the lecture and used to make the lecture more interesting and comprehensible.
Descriptors: Economics Education, Macroeconomics, Teaching Methods, Labor Market, Efficiency, Labor Economics, Undergraduate Students, Wages, Models, Theories, Economic Climate, Unemployment, Learning Activities
Routledge. Available from: Taylor & Francis, Ltd. 530 Walnut Street Suite 850, Philadelphia, PA 19106. Tel: 800-354-1420; Tel: 215-625-8900; Fax: 215-207-0050; Web site: http://www.tandf.co.uk/journals
Publication Type: Journal Articles; Reports - Descriptive
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: N/A
Grant or Contract Numbers: N/A