Articles & Blogs, Category = Teaching economics

Category: Teaching economics

How Business Schools Can Help Restore Trust in Capitalism

“So far, most business schools (including Stanford where I teach) have responded to this trust challenge by offering more programs and courses on ethics, social entrepreneurship, impact investing, and philanthropy, with the message that we need better private-sector solutions to social problems. This approach won’t cut it.”

John Komlos on Real-World and Humanistic Economics

John Komlos, who calls himself “an ardent advocate of humanistic economics”, recently published a new edition of his introductory textbook in economics, Foundations of Real-World Economics: What Every Economics Student Needs to Know (2018, Routledge). The first chapter, titled “Welcome to Real-World Economics“, is now available to download from the Moral Markets site. In this post some quotes which give you a first impression of the perspective on economics that this book offers.

Why the World Is Due a Revolution in Economics Education

“Economic thinking governs much of our world. But the discipline’s teaching is stuck in the past. Centred around antiquated 19th-century models built on Newtonian physics, economics treats humans as atomic particles, rather than as social beings. While academic research often manages to transcend this simplicity, undergraduate education does not – and the influence of these simplified ideas is carried by graduates as they go on to work in politics, media, business and the civil service.”

Economics Needs to Get Real If We Want More Young Australians to Study It

“We both studied economics for many years, we love our profession, and we fervently hope more critical-thinking, passionate young people will take up this discipline – mostly to help us save the economy (and the planet) from conventional economics. But for economics to play a more helpful, critical role, it must thoroughly reinvent itself – and fast. It must abandon its ideological and self-serving faith in the efficacy of private markets. It must embrace the social, historical, and environmental context of work, production, and distribution. And it must commit to truly building a better world, rather than justifying the status quo.”

What Are We Teaching in Business Schools? The Royal Commission’s Challenge to Amoral Theory

“The banking royal commission has seen spectacular resignations, calls for changes in the law, and calls for cultural change within banks. But what about changes in education, which is where much of what’s wrong begins? Business schools teach the people who will one day be the managers and leaders who run banks and other financial institutions. They have had a hand in driving much of what came before the commission – the prioritisation of profit (ends) over how people are treated (means).”

Economic Science and Economic Reality

“Last week, Rethinking Economics NL published an outstanding analysis of the state of economics education in the Netherlands today. It starts out by explaining how economics has gone from a science whose focus, domain and methods are defined or at least informed by its subject matter to a science whose subject matter is wholly defined by its method of analysis.”

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