Abstract
A more careful use of language in economics education will prove to be a valuable piece of equipment for the next generation of economists. With relatively little effort, educators can greatly improve economics courses by insisting on a more precise use of words. By critically discussing the different meanings of the market in Mankiw’s Essentials of Economics, this paper shows how ambiguously language is often used in today’s economics courses. We suggest a multilayered view of the market that stresses the need for pluralism in economics. Following the arguments of the theory of money emissions, we separate exchange as the economic core of markets from behavioural and institutional aspects. Thereby, we propose a demarcation line between macro- and microeconomics that can be built into a financial and economics curriculum of the future.
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