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Abstract:
The goal of my paper is to grab attention of the economic educators' community to the urgent need of a radical switch from the traditional way of teaching Introductory Economics. During my broad academic experience of teaching this subject I had come across numerous evidences that the current method of teaching with its emphasis on technique has failed in many important aspects. The Economic Way of Thinking based on the classical work of Paul Heyne offers totally different approach of teaching Introductory Economics. It concentrates on a few elementary concepts that help students think more coherently about the wide range of social and economic problems they face in the real world. The paper focuses on a specific aspect of the application of one of these principles ( cost - benefit ) to the problem of optimal allocation of resources.
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