Describes a two-stage experiment where students play the role of farmers who must select one of four markets (corn, wheat, rice, or soybeans). Demonstrates the process leading to equilibrium in a multimarket setting. Includes an appendix with the farmer profit chart and homework exercises. (CMK)

Argues for a unified consideration of how markets fail based on how an efficiency rule (marginal benefits to society equal or exceed marginal costs to society) is violated. States that repetition of the efficiency decision rule framework reinforces basic concepts and emphasizes the normative foundation underlying the analysis of market failure.…

Discusses the concept of "Giffen goods" as it applies to price theory in economics instruction. Provides a graphic presentation and analysis of Giffen goods and behavior. Includes examples of Giffen behavior that can be used to illustrate the concept. (CFR)

Asserts that economics students are usually given two descriptions of the money market with the implication that they are consistent with each other. Reviews recent research and presents an asset-substitution model that reconciles the two descriptions of the money market with observed behavior. (CFR)

Reports on a three-week seminar taught by U.S. economists at Moscow State University (Russia) in June 1992. Discusses the history of the pre-1992 economics curriculum and the emerging curriculum in modern Russia. Includes three tables illustrating changing curriculum content in economics over the past two decades. (CFR)