American Economist

Publishes graduate and undergraduate student essays and articles on all areas of economics research. The essays cover current developments in pure and applied economics. This is the official journal of Omicron Delta Epsilon, the international honor societ

Articles from Vol. 54, No. 1, Spring

An Introduction to the Economic Method
I. Methodology Discussion in Introductory Textbooks In 1981, the author of an article in this journal criticized introductory textbooks for their brief treatment of the methodology of economics. (1) A sample of leading textbooks reveals that this...
Chapter List June 30, 2009
CHAPTER LIST JUNE 30, 2009 SCHOOL NO. SCHOOL NAME FACULTY ADVISOR Alabama 1 Auburn University-Auburn Richard W. Ault 2 Univ. of Alabama-Tuscaloosa James Cover 3 ...
Citing Reprinted Material
Occasionally articles from peer-reviewed journals are reprinted as chapters of edited books, and authors sometimes cite the book chapter instead of the original journal article. Because the edited book cites the original articles that it reprints,...
Economics, Ethics and the Dilemma in the Prisoner's Dilemmas
I. Introduction In their bestseller Freakonomics, Levitt and Dubner (2005, 13) argue that morality represents the way that people would like the world to work, whereas economics represents how it actually does work (emphasis in original). If this...
Economics: Good Choice of Major for Future CEOs
I. Introduction In discussing whether to major in economics as an undergraduate, the Princeton Review writes that "a thorough working knowledge of how economics shapes businesses is necessary if you're going to become a CEO one day" (Princeton Review...
Economic Transformations in Chile: The Formation of the Chicago Boys
I. Introduction The news reports that followed General Augusto Pinochet's death on December 10th, 2006, underscored the social divides his legacy left (Marino 2006; BBC News 2006). Major newspapers across the globe reported that groups both celebrating...
Edifying Editing
I've spent a considerable amount of time as an editor. I've rejected about 2,500 papers, and accepted 200. No one likes a rejection and less than 1% consider it justified. Fortunately, there is some duplication across authors, so I have only made around...
Evidence on Forecasting Inflation under Asymmetric Loss
I. Introduction Long-term price stability has been one of the main policy objectives of the Federal Reserve since the early 1980s. As stated by former Fed Chairman Greenspan (2002, 6), "... price stability is best thought of as an environment in...
Krugman versus Friedman: Monetary Policy, 1929-1933, a Note
I. Introduction In a recent retrospective on Milton Friedman in this journal, Ramrattan and Szenberg (2008, 27), refer to an issue raised by Paul Krugman (2007, 29) concerning the early years of the Great Depression. Krugman emphasizes that the...
Memorializing John K. Galbraith: A Review of His Major Works, 1908-2006
Introduction John Kenneth Galbraith was born on October 15, 1908 at Iona Station in Ontario, Canada, the son of William and Catherine Galbraith. His father was a schoolteacher, a politician of Canada's Liberal party, holding various offices in the...
Teaching Economic Principles: Algebra, Graph or Both?
One of the first things students encounter in their first economics class (i.e., Principles of Economics) is the inverse demand curve, a graphical depiction of demand that inverts the algebraic expression of demand as a function of price so that price...
The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Years by Randal E. Parker
The Economics of the Great Depression: A Twenty-First Century Look Back at the Economics of the Interwar Years by Randal E. Parker. Cheltenham, UK and Northampton, MA: Edward Elgar, 2007. The Great Depression (from the "crash" of the New York Stock...
The Effect of Competition on the Evaluation of Lotteries
I. Introduction Many experiments carried out in various contexts have repeatedly demonstrated the endowment effect (e.g., Kahneman et al., 1990; Thaler, 1980, Horowitz & McConnell, 2002). The endowment effect refers to the disparity between...
The Reasonable Effectiveness of Mathematics in Economics
1. Introduction In 1960 the physicist Eugene Wigner, recipient of the 1962 Nobel Prize in Physics, wrote the now famous paper The Unreasonable Effectiveness of Mathematics in The Natural Sciences. Wigner (1960) argued that the success of mathematics...
Unlearning and Discovery
I find introspection to be painful. Looking back, I recall doing little of it before age sixteen. Instead, I mainly did the things that I was instructed to do. I studied hard and performed well in courses and examinations, for no deeper reason than...
Using the Simpsons to Improve Economic Instruction through Policy Analysis
I. Introduction In most introductory economic classes only a select number of students will become economists. However, unlike disciplines such as engineering where an entire sequence of coursework is needed to become a practitioner, in economics...