The Principles of Economics Textbook: An Analysis of Its Past, Present & Future by Vitali Bourchtein An honors thesis submitted in partial fulfillment of the requirements for the degree of Bachelor of Science Undergraduate College Leonard N. Stern School of Business New York University May 2011 Professor Marti G. Subrahmanyam Professor Simon Bowmaker Faculty Advisor Thesis Advisor Bourchtein 1 Table of Contents Abstract ............................................................................................................................................4 Thank You .......................................................................................................................................4 Introduction ......................................................................................................................................5 Summary ..........................................................................................................................................5 Part I: Literature Review ..................................................................................................................6 David Colander – What Economists Do and What Economists Teach .......................................6 David Colander – The Art of Teaching Economics .....................................................................8 David Colander – What We Taught and What We Did: The Evolution of US Economic Textbooks (1830-1930) ..............................................................................................................10 Mark Skousen – The Perseverance of Paul Samuelson’s Economics ........................................12 Part II: Methodology – Approach Taken and Books Used ............................................................15 Approach Taken .........................................................................................................................15 Books Used ................................................................................................................................16 Part III: Analysis ............................................................................................................................17 Textbook Size .............................................................................................................................17 Consensus Text .........................................................................................................................18 Microeconomics .........................................................................................................................19 Supply and Demand ...................................................................................................................20 Macroeconomics ........................................................................................................................21 Aggregate Supply and Aggregate Demand ................................................................................22 Game Theory ..............................................................................................................................23 Behavioral Economics ................................................................................................................24 Labor Economics ........................................................................................................................26 Economics of the Family ............................................................................................................27 Law and Economics ...................................................................................................................28 Public Economics .......................................................................................................................29 Health Economics ......................................................................................................................30 Industrial Organization ...............................................................................................................31 Environmental Economics .........................................................................................................32 Bourchtein 2 Urban Economics .......................................................................................................................33 Race and Gender ........................................................................................................................34 History of Economic Thought ....................................................................................................35 Money and Banking ...................................................................................................................36 Fiscal Policy ...............................................................................................................................37 Economic Growth ......................................................................................................................38 Development Economics ............................................................................................................39 International Trade .....................................................................................................................40 Part IV: Concluding Thoughts and Future Outlook .......................................................................41 Summary of Findings .................................................................................................................41 The Future of Principles of Economics ......................................................................................43 Exhibit A ........................................................................................................................................45 Exhibit B ........................................................................................................................................46 Exhibit C ........................................................................................................................................47 Exhibit D ........................................................................................................................................48 Exhibit E ........................................................................................................................................49 Exhibit F.........................................................................................................................................50 Exhibit G ........................................................................................................................................51 Exhibit H ........................................................................................................................................52 Exhibit I .........................................................................................................................................53 Exhibit J .........................................................................................................................................54 Exhibit K ........................................................................................................................................55 Exhibit L ........................................................................................................................................56 Exhibit M .......................................................................................................................................57 Exhibit N ........................................................................................................................................58 Exhibit O ........................................................................................................................................59 Exhibit P.........................................................................................................................................60 Exhibit Q ........................................................................................................................................61 Exhibit R ........................................................................................................................................62 Exhibit S.........................................................................................................................................63 Bourchtein 3 Exhibit T ........................................................................................................................................64 Exhibit U ........................................................................................................................................65 Exhibit V ........................................................................................................................................66 Exhibit W .......................................................................................................................................67 Exhibit X ........................................................................................................................................68 Works Cited ...................................................................................................................................71 Bourchtein 4 Abstract Economics plays a large role in today’s society, as it affects the