Search

A survey of 15 college economic principles texts revealed a startling lack of uniformity, clarity, and precision in discussion of the U.S. economy. Descriptors of the economy were considered either primary or secondary. Primary descriptors were the major terms used to identify the U.S. economy and were used explicitly in the text. Secondary descriptors were strongly, but not explicitly, associated with the American economy. Descriptors frequently used included mixed capitalism, market economy, free enterprise, and capitalism. The characteristics that each text identified with their major descriptors were then analyzed. Results indicated a need for an objective, logical, and systematic characterization of the U.S. economy consistent with guidelines established in the "Master Curriculum Guide" of the Joint Council on Economic Education. The mixed market system is suggested as a more appropriate descriptor because it identifies the mix of resource-allocating mechanisms, the societal control of values and goals, and the primary motivating force; with a circular flow model, it can be used to identify the most important economic institution of United States society. (IS)