ChatGPT has Mastered the Principles of Economics: Now What?

15 Pages Posted: 14 Feb 2023 Last revised: 12 Apr 2023

See all articles by Wayne Geerling

Wayne Geerling

University of Texas at Austin

G. Dirk Mateer

UT-Austin

Jadrian Wooten

Virginia Polytechnic Institute and State University

Nikhil Damodaran

Department of Economics, The University of Melbourne; O. P. Jindal Global University

Date Written: February 13, 2023

Abstract

ChatGPT is a natural language processing model that can generate conversational style responses to user inputs. It also performs extremely well on a popular standardized assessment used in principles of economics courses around the country. 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 emergence of artificial intelligence presents a significant challenge to traditional assessment methods in higher education. It is not possible to evaluate students’ intellectual ability through artificial intelligence, as it only reflects their ability to access information. 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.

Keywords: TUCE, ChatGPT, assessment, artificial intelligence, academic integrity

JEL Classification: A22, I21

Suggested Citation

Geerling, Wayne and Mateer, G. Dirk and Wooten, Jadrian and Damodaran, Nikhil, ChatGPT has Mastered the Principles of Economics: Now What? (February 13, 2023). Available at SSRN: https://ssrn.com/abstract=4356034 or http://dx.doi.org/10.2139/ssrn.4356034

Wayne Geerling (Contact Author)

University of Texas at Austin ( email )

Department of Economics
BRB 2.102B
Austin, TX 78712
United States

G. Dirk Mateer

UT-Austin ( email )

Austin, TX 78705
United States

Jadrian Wooten

Virginia Polytechnic Institute and State University ( email )

3016 Pamplin Hall
Mail Code 0316
Blacksburg, VA 24060
United States

HOME PAGE: http://JadrianWooten.com

Nikhil Damodaran

Department of Economics, The University of Melbourne ( email )

O. P. Jindal Global University ( email )

Sonepat Narela road
Sonepat
Sonepat, Haryana 131001
India

Do you have negative results from your research you’d like to share?

Paper statistics

Downloads
2,242
Abstract Views
8,798
Rank
12,616
PlumX Metrics