Content analysis of public debt in prescribed undergraduate South African economics textbooks

Abstract

In the last fifteen years, rising public debt has been one of the most critical economic concerns confronting the world economy. The IMF and the World Bank have warned of increasing risks of multiple public debt defaults. It is vital that university students studying introductory economics understand the severity of the risks that these record debt levels pose, as many economics students do not study the subject beyond the first year.The purpose of this study was to examine how prescribed first-year economics textbooks treat public debt content. The research used a methodology of summative content analysis of three economics textbooks using a categorisation scheme to collect data.We find that the books do not address the most recent literature on public debt, notably arguments on the link between debt and economic growth or inflation. Moreover, the research indicated that the three texts convey public debt in very different ways; for example, one textbook completely dismisses any public debt concerns in a very short section dedicated to the topic. Another text uses detailed illustrations and provides context that assists students in understanding events that contribute to rising public debt levels.This study recommends that we include more historical examples, use more graphs to illustrate the data, and offer differing views to the mainstreams on public debt, including those raised by scholars and by multilateral institutions.