Greg Mankiw has published a new article about the slightly changed curriculum in his introductory economics courses. Here is the list–
- the role of financial institutions
- the effects of leverage
- the limits of monetary policy
- the challenge of forecasting
As mentioned, the role of financial institutions and monetary policy are already included in most introductory macro courses, but he argues here that they need more emphasis now because of the important role of financial institutions in bringing the current crisis.
I have always thought that most introductory courses suffered from a lack of economic history and thought, including Marx, one of the most influencial economists of all. It is embarassing that a student might study economics with me for two years and–sometimes–never hear Marx mentioned. Contrary to many, I think Marx is becoming more and more relelvant as incomes and wealth continue to become more and more concentrated into the hands of a small percentage of the world’s population.