Flexibility for Instructors
Economics for Life covers all the of content of a traditional principles course, but with options others texts do not have.
Economics for Life use a literacy-targeted (LT) approach to teaching principles, which traces back to Nobel Prize winner George Stigler.
The LT approach emphasizes mastering core economic concepts rather than exposing students to a wide range of theories and techniques they are unlikely to use. By concentrating on essential principles, LT instruction ensures that students can proficiently apply economic reasoning in real-world contexts. You can read more about the LT approach here.
This latest edition has an expanded set of chapters that supports traditional approaches to teaching principles. There are new and revised chapters that cover utility maximization, behavioural economics, the world trade model, the aggregate expenditure model, and how the Bank of Canada directly targets interest rates rather than the money supply.
See the detailed tables of contents for micro and macro.
There is a new combined micro/macro version of Economics for Life: Making Smart Choices, designed for a 1-semester survey course.
Pareto-Improving Outcomes
LT courses create a Pareto-improvement by:
- Attracting more students who would otherwise not take economics;
- Improving the success and retention of one-and-done students;
- Ensuring that students who do become economics majors are not disadvantaged.
The LT focus on mastering and applying core concepts also meets the requirement for economics majors. See the data!
Personalized for Students
Economics for Life shows students how to use economic concepts to make smart choices in life as a consumer, as a businessperson, and as an informed citizen. We provide students with active guidance in plain language for sound economic decision-making.
To make this personal, we write in the first person, and use narratives and storytelling to get students interested in economics as a way of thinking that will help them make smarter choices in their lives. Concepts are not presented as theoretical ideas that must be learned in isolation, or as formulas for a set of problems. Instead, each chapter begins with a scenario, and the concepts emerge logically as the narrative unfolds.
For non-native English speakers, there is a universal translator built into the eTexts. By highlighting a passage and right-clicking, there is instant translation into over 100 languages. The eText will also read out loud all content.
Students can use an AI-Powered Study Tool to ask for summaries, explainers and multiple-choice and short-answer practice questions. This tool provides instant, personalized support and feedback, based only on Economics for Life texts.
Engagement
At the end of each chapter section, there are three Refresh Questions. These formative assessments allow students to assess their understanding of the concepts and provide immediate, targeted feedback both for correct and incorrect answers. Formative Think About It assessments are sprinkled throughout each chapter, posing open-ended questions that push the student to stop and think about what they have just read, in the form of an application or extension.
These features act as “speed bumps,” encouraging students to slow down, recall, and reflect on the content. Retrieval not only provides students with information about their own learning (metacognition), it strengthens neural pathways, reinforces learning, and makes it more durable. As students progress through the learning experience, completing Think About It and Refresh Questions along the way solidifies and builds upon what they learn. Over time, these activities enable students to construct a longer-lasting mental framework for economic analysis.
Focus on What Matters Most
The LT approach emphasizes mastering core economic concepts rather than exposing students to a wide range of theories and techniques they are unlikely to use. By concentrating on essential principles, LT instruction ensures that students can proficiently apply economic reasoning in real-world contexts.
Making an Informed Choice
This webinar by the authors answers the question, “What should go into the only economics course that students will ever take — while not disadvantaging majors.” Avi Cohen and Scott Wolla explain the LT approach, supporting evidence, and the cognitive-science complementarities for using that approach to create more durable learning.