Reframing Economic Education: From Plastic Arts to Block Construction

Abstract

One reason many college students shun economics is ineffective education. A more systematic way of explanation, with standardization and consistency, would promote learning of economic theories. This paper suggests a new framework for effective economic education. It begins with clear identification of the assumptions in economics as the building blocks. After that, it illustrates how theories for efficient markets, as the base-case constructs, can be built with so-defined blocks. By following this process, students will understand fundamental economic theories more easily. After being familiar with basics, they can advance to non-standard constructs with modified blocks or sophisticated theories for irregular conditions. By comparing the base case models with market irregularities, students can clearly differentiate the roles of the government from those of the market.