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University Economics Teaching To Be Overhauled

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http://www.theguardian.com/education/2013/nov/11/university-economics-teaching-overhaul

An overhaul of university economics teaching will begin next year in answer to critics who argue that economists failed to spot the 2008 crash because they ignored the impact of financial markets and relied on outdated theories.

A new first year curriculum will be available from the start of the 2014 academic year which will include an in-depth review of economic history and a look at the way financial markets can undermine economic stability.

Wendy Carlin, an economics professor at University College London, who heads the project, said several universities had expressed an interest in adopting the new curriculum, including Sydney, Warwick and UCL.

Speaking at a conference hosted by the Treasury, Carlin said students needed to debate conflicting theories of how economies work and understand that while markets often are successful, they sometimes fail.

She said some academics argued that reforms should take the form of "nicer, smarter, cooler examples of the real world", but a more fiundamental overhaul was needed to give students a deeper and broader understanding of the subject.

Much of the syllabus is being written by academics and economic consultants on a voluntary basis with technical support from Azim Premji University in Bangalore. The course materials, plus supporting teaching materials, will be available at "no cost to participating institutions".

There is no market failure, the taxpayer simply picks up the losses. This is what crony capitalism has morphed into! Still at least the University courses will be cooler.. :blink:

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The economics teachers almost entirely got it wrong (except those of the Austrian School who are in the tiny minority) but, years after the fact, they’ll try to save their reputations and their jobs.

The fact they still don’t get it is not at all surprising.

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I have great sympathy with the Austrian school where it comes to savings/credit. Where they miss it entirely is the role of land. There is not one mention of land nor the role of land in Hayek's "The Road to Serfdom". They are universally anti taxes and often anti government whereas I see taxes as the means to redress that creeping inequality that leads to capitalism blowing up.

The game of Monopoly goes to show that that theory is correct.

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I have great sympathy with the Austrian school where it comes to savings/credit. Where they miss it entirely is the role of land. There is not one mention of land nor the role of land in Hayek's "The Road to Serfdom". They are universally anti taxes and often anti government whereas I see taxes as the means to redress that creeping inequality that leads to capitalism blowing up.

This.

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The "new approach" described in the article sounds like it might actually be worse:

Some academics have argued that economics has become locked in a time warp, teaching theories that ignore the advent of the internet, the end of the Cold War and the threat of climate change.

Juliet Schor, a professor from Boston College said economics teaching needed to illustrate how a rise in fossil fuel consumption can cause damage to others thousands of miles away. "Humans share a biosphere and it is possible for people to cause huge harm to others on the other side of the world, she said, adding: "We should include environmental and carbon footprint accounting alongside GDP."

Somehow I doubt that the reason the experts didn't predict 2008 is because they were ignoring the internet and climate change.

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So the people teaching economics failed to understand economics-but they won't lose their jobs-instead they will be allowed to compound their error by passing it on to the next generation.

Where is the apology from the entire rancid edifice of economics that they not only failed to see disaster coming but their idiotic theories lent intellectual credibility to the people who caused that disaster?

Only Greenspan had the honesty to say in public that he got it wrong- no apology however was offered- and he is now back peddling away from this admission as fast as he can.

The real question is why anyone would choose to take on student debt to study a subject that is now totally discredited and run by an intellectual mafia that ruthlessly suppresses dissenting views.

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So the people teaching economics failed to understand economics-but they won't lose their jobs-instead they will be allowed to compound their error by passing it on to the next generation.

Where is the apology from the entire rancid edifice of economics that they not only failed to see disaster coming but their idiotic theories lent intellectual credibility to the people who caused that disaster?

Only Greenspan had the honesty to say in public that he got it wrong- no apology however was offered- and he is now back peddling away from this admission as fast as he can.

The real question is why anyone would choose to take on student debt to study a subject that is now totally discredited and run by an intellectual mafia that ruthlessly suppresses dissenting views.

Gotta love Greenie. Spent his entire career ******ing up and yet even now he's still on the make. The shamelessness of the man is absolutely breathtaking.

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Much of the syllabus is being written by academics and economic consultants on a voluntary basis with technical support from Azim Premji University in Bangalore. The course materials, plus supporting teaching materials, will be available at "no cost to participating institutions".

Why not cut out the middleman?

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The economics teachers almost entirely got it wrong (except those of the Austrian School who are in the tiny minority) but, years after the fact, they'll try to save their reputations and their jobs.

The fact they still don't get it is not at all surprising.

Simply not true. Steve Keen produced a quantitative model of the economy in which the Great Moderation and the Great Recession are different phases of the same process of debt-financed speculation. He not only forecast the crash, he diagnosed the aftermath too. No-one else even comes close. He would probably classify himself as a Keynesian.

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I can honestly say there really is no consensus on what went wrong and what is still wrong, or even whether there is something wrong.

So, it will be a partial run through at best hoping that one of those pupils will pick up the baton and make sense of it all for the economic authorities.

Even if they just started off going thru' the history of the great thinkers and their theories that would be a good start and one I'm surprised is not compulsory now rather being a t*sser expert on micro credit or something (like you know who).

Isn't the basic problem fairly well understood? Pumping credit into an unproductive speculative property bubble? Add in the incentives to take risks and the removal of the consequences of said risks via securitisation, and, Houston, there's a problem...

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