The authors describe a renewable resource allocation game designed to stimulate students’ interest in and understanding of market failure associated with open-access types of resource use. They also use the game to discuss the advantages and disadvantages of various property rights and...

This study describes a new data set and uses it for an exploratory investigation of whether seminars for teachers conducted by the National Council on Economic Education through its International Education Exchange Program (IEEP) had a beneficial effect on the economic understanding of the high...

There is some confusion about the nature of the short-run expansion path (SREP) for the firm as presented in many intermediate microeconomics textbooks. The traditional view is that the SREP is a horizontal line because the firm is stuck with a fixed amount of capital. However, this view does...

Imports are modeled as a fixed proportion of spending rather than as a function of total or disposable income. With this formulation, the import component of spending shifts must be netted out in order to predict the initial autonomous change in domestic spending. In addition, the formulation...

The IS-LM model is the primary model of economic fluctuations taught in intermediate-level undergraduate macroeconomics. Recent works by Taylor and Romer make a strong case for an alternative model, known as the aggregate demand-price adjustment (AD-PA) or the aggregate demand-inflation...

The issues of fair trade and in particular fair price policies, have been neglected in most international trade courses. The authors show how the latter can be explained to undergraduate students applying the simple graphical methods normally used in general equilibrium trade theory. They show...

The authors examine whether the administrat ive location of an economics dep a rtment in a business ve rsus liberal arts school alters the ch a racter of the economics program provided to undergra d u ate majors. To test this hypothesis, they constructed a curricular ch a racter index (CCI)...

An examination of George Stigler’s teaching career clarifies the requirements for an effective teacher of graduate economics and especially sheds light on the nature of the supervision of doctoral candidates. The heterogeneous composition of graduate students in aggregate means that quite...

The authors attempt to clarify the concepts of, and the link between, fixed costs and sunk costs. They argue that the root for possible confusion between fixed costs and sunk costs is the inconsistency in defining the term fixed costs. They define fixed costs uniformly as the costs that are...