What Economists Teach and What Economists Do

Fifty years ago what was taught in the principles of economics course reflected reasonably well what economists did in their research. That, however, is no longer the case; today what economists teach has a more nuanced relation to what they do. The reason is that the economics profession and the textbooks have evolved differently. The author addresses the implications of the changes that have occurred in the profession for the way economics is taught and the way economics is presented in the micro principles textbooks. First, he summarizes the changes he sees happening in the profession. Second, he discusses the stories that the principles textbooks tell in micro. Third, he discusses how those stories might change to reflect better what economists currently do.