Principles of Macroeconomics: Toward a Multiparadigmatic Approach

Abstract

A two-fold, yet parallel, response to the decline in economics majors has emerged between variants of the profession: neoclassical economics (NCE) and original institutional economics (OIE) (Becker 1997; Siegfreid 1999; Knoedler and Underwood 2003). Both sponsor conference sessions focusing on pedagogic innovations; both host workshops to advance teaching careers. The distinction in approach is in point of emphasis. NCE emphasize pedagogy, the adoption of innovations from the scholarship of teaching. While OIE agree pedagogy is important, they believe another reason enrollments have moved from economics to other fields is the content of economics: it has become unnecessarily enamored of mathematical nuances interesting only to professional economists. As a result, the subject matter is not relevant to contemporary undergraduates. Understood from the framework of cognitive psychology, students unable to connect Principles of Economics (Principles) with their lives consider it little more than environmental noise, discarding it from further consideration (Knoedler and Underwood 2003). As most students only consider Principles as one avenue to pursue general education requirements, enrollment is predominantly driven by student expectations of the extent to which Principles will enhance their general education experience.1 Increased enrollment in Principles, gateway to the major, requires it be relevant to the student's life experience. Thus, a pedagogic transformation of Principles will also require a change in content.