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Economics Students Aim To Tear Up Free-Market Syllabus

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http://www.theguardian.com/business/2013/oct/24/students-post-crash-economics

Few mainstream economists predicted the global financial crash of 2008 and academics have been accused of acting as cheerleaders for the often labyrinthine financial models behind the crisis. Now a growing band of university students are plotting a quiet revolution against orthodox free-market teaching, arguing that alternative ways of thinking have been pushed to the margins.

Economics undergraduates at the University of Manchester have formed the Post-Crash Economics Society, which they hope will be copied by universities across the country. The organisers criticise university courses for doing little to explain why economists failed to warn about the global financial crisis and for having too heavy a focus on training students for City jobs.

A growing number of top economists, such as Ha-Joon Chang, who teaches economics at Cambridge University, are backing the students.

Next month the society plans to publish a manifesto proposing sweeping reforms to the University of Manchester's curriculum, with the hope that other institutions will follow suit.

Joe Earle, a spokesman for the Post-Crash Economics Society and a final-year undergraduate, said academic departments were "ignoring the crisis" and that, by neglecting global developments and critics of the free market such as Keynes and Marx, the study of economics was "in danger of losing its broader relevance".

Do modern economic degree courses just focus on brain washing you with free market doctrine? Did any UK academic economist even recognise there was a housing bubble?

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Joe Earle, a spokesman for the Post-Crash Economics Society and a final-year undergraduate, said academic departments were "ignoring the crisis" and that, by neglecting global developments and critics of the free market such as Keynes and Marx, the study of economics was "in danger of losing its broader relevance".

So is this final-year undergraduate really saying that the free market caused the problem and we need more Keynesian economics to fix it? :blink:

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So is this final-year undergraduate really saying that the free market caused the problem and we need more Keynesian economics to fix it? :blink:

http://www.post-crasheconomics.com/weekly-lecture/

This course explores the reasons behind the several large bubbles and crashes since the Great Depression, policy responses from governments and central banks, and the relevance and possible outcomes of these policies. Special attention will be paid to the works of Hyman Minsky-Post-Keynesian school and Austrian school, and Circuitist schools as well as orthodox explanations and policy suggestions. A comparison of the current crisis with the Great Depression will also accompany the analysis. Please see the attached course guide for more details

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Aah, I see, thanks.

So basically a group of students have realised that their economic textbooks are a load of rubbish and have wisely chosen to seek out some new ideas and the real truth. Good on them.

Then the Guardian comes along, twists their views to its own leftie agenda, inserts a reference to Marx (not evident on the students' page) and infers criticism of the free market, and publishes bo11ox as usual.

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Aah, I see, thanks.

So basically a group of students have realised that their economic textbooks are a load of rubbish and have wisely chosen to seek out some new ideas and the real truth. Good on them.

Then the Guardian comes along, twists their views to its own leftie agenda, inserts a reference to Marx (not evident on the students' page) and infers criticism of the free market, and publishes bo11ox as usual.

It looks a little like that. This is from their Facebook page at UoM Post-Crash Economics Society

By the way, we want to stress that whilst we're very proud to get national news coverage, the headline could be misleading. Neoclassical economics can be used to justify free markets or even planned economies. This is not about opposing free markets, it is about improving economics education. We beleive in critical pluralism that would include neoclassical economics alongside other schools of thought, for example, the Austrian school, which advocates totally free markets.

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They should look into heuristics. It must be late and I'm drunk, can't find the relevant papers to attach. I'll attach a picture of my genitals instead,

We're still waiting.

These students should all be watching In The Night Garden. Wasting their time at lectures.

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