The Language of Economics

Principles of economics textbooks serve as the basis for the language of economics where terms and concepts are introduced, defined, used in analysis and sometimes added to the general vocabulary. Authors have two overriding concerns when introducing and using terms and providing clarity and consistency in these terms. They must define terms that are consistent with those used in the economics profession, and they must use the terms consistently throughout the textbook. This paper tests several terms used in principles of economics textbooks against the profession and against the standard of consistency within the textbooks. In the cases examined, consistency within the profession and consistency within a textbook were found to be wanting especially in many cases within textbooks. This finding suggests that authors should use multiple definitions in glossaries and that they and reviewers should correct or highlight potential sources of confusion in the use of technical economic terms to the first reader of economics.