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Paul W. Grimes

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Paul W. Grimes

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Paul W. Grimes

This authoritative literature review discusses a collection of classic and contemporary research articles examining the common ground that all academic economists share: the college classroom. The study analyses readings by leading authors covering all aspects of modern economic education research – from building theoretical models of student learning, to evaluating the long-run impact of economic knowledge on individual behavior. Specific attention is given to the growing literature that evaluates the effectiveness of modern technology and alternative pedagogies on student learning of economics. Written by an expert in the field, this review serves as a comprehensive guide for researchers who are interested in conducting classroom research.
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Paul W. Grimes

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Paul W. Grimes

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Paul W. Grimes, Kevin E. Rogers and William D. Bosshardt

In the chapter a national survey administered in the spring of 2010 is used to evaluate the relationship between economic literacy and personal opinions regarding the recent financial crisis and ensuing recession. The survey results showed a discrepancy between perceived and revealed economic understanding for American adults. While 55 percent of survey respondents rated their understanding of economics as either good or excellent, on average the sample scored only 47 percent correct on a short quiz covering basic economic concepts. This divergent relationship was found to persist across all levels of obtained economic education. Survey respondents were asked to identify those agents they held responsible for instigating the financial crisis as well as possible policy solutions to the resulting Great Recession. A probit model is used to analyse the factors influencing the holding of reported opinions. The results indicate that those with formal economic education were more likely to blame the banking and mortgage industries for the crisis and favored a reduced role of government in the economy as a solution to the recession.