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ChatGPT has Aced the Test of Understanding in College Economics: Now What?
The rise of artificial intelligence in higher education, specifically natural language models like ChatGPT, presents a new challenge to educators.
The Test of Understanding in College Economics (TUCE) is a standardized test of economics knowledge performed in the United States which primarily targets principles-level understanding. We asked ChatGPT to complete the TUCE. ChatGPT ranked in the 91st percentile for Microeconomics and the 99th percentile for Macroeconomics when compared to students who take the TUCE exam at the end of their principles course. The results show that ChatGPT is capable of providing answers that exceed the mean responses of students across all institutions. The emergence of artificial intelligence presents a significant challenge to traditional assessment methods in higher education. An important implication of this finding is that educators will likely need to redesign their curriculum in at least one of the following three ways: reintroduce proctored, in-person assessments; augment learning with chatbots; and/or increase the prevalence of experiential learning projects that artificial intelligence struggles to replicate well.
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This paper was originally published by The American Economist
Economic Dynamism
The Wine and Commerce Symposium
The Western tradition’s great thinkers have long recognized wine as a symbol for the beguilement of reason. But if wine warps reason, they recognized how it can also enable reliable reason in our analysis of regimes.
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We Can’t Tax Our Way Out of the Entitlement Hole
When it comes to budgeting, Congress has two problems.
