For 35 years, I taught economics at the college level. When teaching the theory of supply and demand, I would explain how a temporary shortage of goods would lead to higher prices in the short run. The resulting excess profits would draw new firms into the industry, eventually bringing prices back down to their long run equilibrium level. During that entire period of time, I don’t recall a single objection. No one raised their hand and told me, “That’s morally wrong, firms should not raise prices when there is a shortage of a good”.
But why not? It’s not as if students never disagreed with me on anything, I can recall a number of times when I was challenged on this or that issue.
Today, I wish that college students had challenged me much more frequently, on all sorts of points. It’s clear that they left college not really believing in the things that they were being taught. Most Americans oppose price gouging. Most Americans believe imports hurt our economy and exports help our economy. Nearly half of the public supports tariffs. On a wide range of issues, most people do not accept the “economic way of thinking.”
I believe students should challenge their professors far more often. Indeed I’d argue that if college has any purpose at all (which is becoming increasingly controversial in an age of AI), it is not in sitting at a desk taking notes, it is in challenging the professor. Why else would you wish to go to college? Anyone can sit at home and read a textbook.
Some might argue that this proposal is unrealistic. But I know it is not. Students did occasionally challenge me on one point or another. As an undergrad at Wisconsin, I occasionally challenged my professors (once successfully), and they were invariably quite respectful of my criticism.
It makes me sad to think of the millions of students who sit in college economics courses, not believing what they are being taught, but somehow feeling that they need to keep quiet. I can sort of understand how that might be the case in a sensitive area like identity politics—but supply and demand?
Today, I meet many middle-aged people with very uninformed views on issues like price gouging and international trade. If only they had challenged their professors in college, they might have avoided adopting erroneous views on these issues.
PS. Some college classes are too large to have Q&A. But the classes I taught were generally around 30 students.
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