Does economic education make you more egoistic? No education programme, as far as I am aware, has ever been launched with such a target. But the question – based on a subliminal fear – has in fact been researched. And the results show that even if economists did reveal above-average levels of egotism, this would hardly be due to their education, but possibly just to a selection effect. People who choose business or economics as their field of study may differ in attitude to those who opt for, say, chemistry or ethnology (picking just two other subjects at random).

Between 1998 and 2001, Swiss economists Bruno Frey and Stephan Meier studied the contribution patterns of over 28,000 students to two social funds at the University of Zurich.[1] One of these funds supported financially weak students, the other was for foreign students attending the University of Zurich. One can assume that these were worthy causes in the eyes of the students. The voluntary contributions amounted to CHF 7 and CHF 5 respectively per semester.

A first glance at the results shows that, at 62%, the contribution rate of economics students was indeed below the overall average of nearly 69%. This gap, however, already existed at the time of matriculation – prior to any exposure to teaching in their subject. Over the years at university, the contributions by business and economics students decreased further on average, but only among those who had chosen business administration as their main subject. Students of economics present a different picture. In fact, economics students at doctoral level, who no doubt had had a maximum of exposure to their subject, actually contributed more than the average, and increasingly so as they progressed.

So there is no indication of negative side effects from any alleged indoctrination. Frey and Meier have acquitted economics students due to lack of evidence. At least for the time being – until the next trial begins.

On behalf of the iconomix team

Michael Manz

[1] Frey, Bruno S., and Stephan Meier (2003), Are Political Economists Selfish and Indoctrinated? Evidence from a Natural Experiment, Economic Inquiry, 41 (3), pp. 448–462.