One-Shot Game: A Free-Market Approach to the Principles of Microeconomics Class

Abstract

This paper addresses what topics should be ignored in a principles of microeconomics class, what the goal of the principles class should be, a preferred philosophical paradigm for the introductory class, the effectiveness of online classes compared to traditional classes, and the topics that should be covered in a principles class. Professors who teach a principles class should approach the class with the philosophy that students will only take one economics class in their academic career and that fundamental economic principles and economic thinking should be emphasized, not mathematical calculations and advanced graphs better left to an intermediate-level class. Professors should use examples relevant and familiar to the typical college student in order to help students learn and appreciate the economic way of thinking. Most students have encountered pro-government intervention teachers in high school and most of their professors will come from the same perspective with respect to various economic policy issues. The role of the economics professor should be to balance out the education of the students by assigning normative, pro-free market articles to read and by showing video clips demonstrating the unintended consequences of government intervention. The principles professor should want to primarily teach and should be able to communicate in a clear, engaging manner.