Paul Krugman: In Economics, Old Is New Again

Mike Konczal at The Washington Post recently made a very good point about how we teach economics. He suggests that we should return to the way the economist Paul Samuelson did it in 1948, when he wrote the first version of his famous textbook - macroeconomics first, then micro. This, Mr. Konczal explains, would give students a better perspective on reality, even though all the same material would eventually be covered.

I would add that the motives behind Mr. Samuelson's ordering apply just as well today as they did then. He was writing when the memory of the Great Depression was still fresh; students wanted to know how such things could happen. How did he get them to take that stuff about the perfection of markets seriously after all that had just happened? By first teaching them that monetary and fiscal policy could be used to ensure full employment.