The belief that monetary exchanges are mutually beneficial: Are economics students different? Evidence from Guatemala

Abstract

Research indicates that economics students are more supportive of the market allocation mechanism than their peers from other disciplines. This study investigates if these differences apply equally to their views on the mutual gains of voluntary and monetary transactions. Using survey data from university students in various majors in Guatemala, we found no significant differences across disciplines in the belief that voluntary exchanges are mutually beneficial. However, economics students showed significantly stronger agreement with the idea that monetary exchanges benefit all involved parties. This group also demonstrated a more consistent stance on voluntary and monetary exchanges, a pattern observable even among first-year students, indicating the presence of a self-selection effect. Our findings add novel insights to the discussion on the distinctive perspectives of economics students, while providing evidence from a developing country, a context barely studied before.