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In this paper, a practical framework for classifying various economic education teaching methodologies is established. This framework contributes to the literature regarding economic education by fostering a better understanding of [...]

This paper describes a classroom experiment demonstrating the price mechanism and the clearing of markets in an endowment economy. Participants receive random endowments of two goods they may trade in order to maximize a given utility function. A market-clearing price is reached when no mutually beneficial trades are possible. The outcome is truly endogenous, with no reservation prices or willingness to trade imposed on the participants. A problem set allows the participants to study the equilibrium outcome analytically. The experiment can be used in intermediate micro- and macroeconomic courses., 1. Introduction One of the most delicate tasks in teaching undergraduate micro- and macroeconomic courses is the transition from partial equilibrium models to the general equilibrium framework. At the same [...]

KimMarie McGoldrick [*] Ann Battle [**] Suzanne Gallagher [***] Abstract Service-learning has grown in popularity as a pedagogical alternative in many liberal arts based educational settings. While many disciplines have […]