What we know is that the course as it’s traditionally taught doesn’t achieve much impact. Students are given tests six months after they’ve taken the course to see whether they understand basic economic concepts, and students who’ve taken the course don’t score any better on those tests than students who didn’t take the course at all. That seems like a pretty scandalous level of performance, to my eye. I think in other sectors of the economy we’d see malpractice lawsuits filed; in the university, maybe we get a pass on that sort of thing.
It does seem scandalous, doesn’t it? I have a funny feeling it’s not limited to economics classes, though.