Central bankers fear deflation but this is incomprehensible within the standard AS/AD framework based on a real wealth effect. This framework is amended by introducing debt effects that reduce aggregate demand when prices fall, as emphasised long ago by Keynes, Kalecki and Fisher, thus showing...

This paper gives an American perspective of economics education in China. Although Chinese students have a good understanding of traditional economic models, clearly in a changing environment, students do not see these models and their assumptions as useful. The ability to question and challenge...

This paper provides a basic overview of original institutional economics (OIE). It is intended to serve as a primer for anyone interested in knowing more about OIE. The paper provides an OIE perspective on four major topics: humans and their relation to the natural environment, technology, the...

Although anthropology is often associated with studies of small-scale societies, traditional cultures or arcane customs, this article argues that anthropology is first and foremost a way of thinking that can be applied to any aspect of human life. As such, it is complementary to and a useful...

As part of a bi-country survey project, this paper empirically compares the entrepreneurial intention of college students in the USA and China. Theoretically rooted in Shapero's entrepreneurial event model, this paper reveals a deficiency of systematic training on entrepreneurship opportunity...

This article describes the value added by a stock-and-flow feedback diagram to text-only instruction in macroeconomics. The experiment was motivated by a prior study in which the use of graphs to teach macroeconomics was no more effective than verbal instruction alone. Here, in contrast,...

Pedagogies infused by methodological pluralism are better able to encourage students to use stories to make connections between classroom material and the pulse of their daily lives. Teaching during times of economic and financial crises also provides an opening for theoretical pluralism. The...

Although much has been published on China's economic transition, less research has focused on how Chinese culture and the Communist political system have interacted to shape the new Chinese economy. In this paper, we argue that China's post-command economy period reflects not only the 'new'...

The current financial crisis has prompted a widespread critique of existing conventional economics and deep dissatisfaction with varying aspects regarding the economics profession including teaching techniques. Of course, these criticisms are not new (see Colander and Klamer, 1987; Krueger et al., 1991;...

This paper explores the origins of the extraordinary political power of the financial industry. It results from a centuries-old symbiotic relationship between private financiers and governments. Bankers obtained the right to issue money and the backing of central banks a lender of last resort,...