The Virtues and Vices of Econ 101

Economics 101 is the name many colleges and universities use for their introductory undergraduate economics course. It’s also shorthand for the ideas at the heart of classical economics as they have been taught for generations. Some economists think it needs an overhaul. Michael R. Strain and Noah Smith, both professional economists and Bloomberg Opinion columnists, debated its strengths and weaknesses.

Michael R. Strain: Economics 101 matters. The standard introductory class for college students, and its textbooks, shapes the way millions of people think about markets, the economy and society. Indeed, they serve as the only formal exposure to economics for most people in a variety of professions.