Why UK universities shouldn't be hostile to alternative economic models
We at the Post-Crash Economics Society believe room must be made in economics teaching for non-mainstream theories
What follows may just seem to be a story about one course option at
one university, but it has important ramifications, not only for an
ongoing national debate about economics education, but for economic
policy and politics itself. We, the Post-Crash Economics Society
at the University of Manchester, believe that the contents of economics
syllabuses and economics teaching methods should be rethought in the
light of the financial crisis. We were recently informed that our
economics department had rejected our proposal to teach a module, called Bubbles, Panics and Crashes: an Introduction to Alternative Theories of Crisis, next year.
This
year, our society had run this module as a popular evening course, led
by one of the few non-mainstream economists in the department. This was
the only module offering any in-depth explanations of a variety of
perspectives, or employing different methodologies and assumptions and
applying them to economic phenomena. We have found it thought-provoking
and informative and believe that Manchester should be providing courses
such as this for all its undergraduates. Over the last few months we
have run a campaign to persuade the university to make it part of the
official curriculum. The result of this campaign was the support of the
heads of both economics courses at Manchester – BA (Econ) and BEconSc
–plus the department's head of teaching, and the support of 245, or one
in five, economics students who signed a petition.
Despite an
incredible amount of support, the module was rejected due to a veto from
a few lecturers in the department. Some academics believe that
alternative perspectives should not be taught in economics because they
are not "rigorous" or "scientific", a claim that has allowed the
mainstream to continually dismiss any alternative way of thinking as
"bad economics", simply because it does not conform to the assumptions
and mathematical formulas of neoclassical theory.
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