Modern principles of economics textbooks do an admirable job of teaching students to think like economists, but have unfortunately lagged behind the modern discipline in their inclusion of statistical, data-driven analysis. Many traditional presentations of ideas in principles textbooks would benefit from being revised to include more empirical evidence for their theories, so as to more
... [Show full abstract] accurately reflect both the nuances of the theories themselves and the methods used by economists to test those ideas. In particular, textbooks’ treatment of the Phillips Curve, Okun’s Law, Lucas Critique, assumptions of rationality, and both the velocity of money and money creation could benefit from a more data-based approach.