Sergei Peregonchuk

Abstract: The current way of teaching Introductory Economics in many universities in different parts of the world does the emphasis on technique. As you flip through the pages of the classic textbooks written by G. Mankiv, P. Krugman, R. Lipsey, M. Parkin you will see graphs or mathematical formulas practically on every page. At the end of such a course the students learn how to calculate equilibrium prices and quantities, different types of elasticities and multipliers, how to draw indifference curves. But they have no idea how to apply any of these tools to real world problems.