Jump to content
House Price Crash Forum
Sign in to follow this  

University Economics Degree - A £9,000 Lobotomy

Recommended Posts

Depression, what depression?! Not content with getting it wrong once the Economics professoriat seems determined to get it wrong forever!

Want to learn about bubbles, crashes and panics? Try Business School instead... :lol:

Economics took a battering after the financial crisis, but faculties are refusing to teach alternative views. It's as if there's only one way to run an economy

[E]conomics students from Kolkata to Manchester have gone on the warpath demanding radical changes in what they're taught.

In a manifesto signed by 42 university economics associations from 19 countries, the students decry a "dramatic narrowing of the curriculum" that presents the economy "in a vacuum". The result is that the generation next in line to run our economy, from Whitehall departments or corporate corner-offices, discuss policy without touching on "broader social impacts and moral implications of economic decisions".

The problem is summed up by one of the manifesto's coordinators, Faheem Rokadiya, at the University of Glasgow: "Whenever I sit an economics exam, I have to turn myself into a robot." But he and his fellow reformers aren't seeking to skimp on algebra, or calling for a bonfire of the works of the Chicago school. They simply object to the notion that there is one true way to do economics, especially after that apparently scientific method has been found so badly wanting.

In their battle to open up economics, Rokadiya et al have one hell of a fight on their hands, for the same reason that it has proved so hard to democratise so many aspects of the post-crash order: the forces of conservatism are just too powerful. To see how fiercely the academics fight back, take a look at the University of Manchester.

Since last autumn, members of the university's Post-Crash Economics Society have been campaigning for reform of their narrow syllabus. They've put on their own lectures from non-mainstream, heterodox economists, even organising evening classes on bubbles, panics and crashes. You might think academics would be delighted to see such undergraduate engagement, or that economists would be swift to respond to the market.

Not a bit of it. Manchester's economics faculty recently announced that it wouldn't renew the contract of the temporary lecturer of the bubbles course, and that students who wanted to learn about the crash would have to go to the business school.

The most significant economics event of our lifetime isn't being taught in any depth at one of the largest economics faculties in the country. So what exactly is a Russell Group university teaching our future economists? Last month the Post-Crash members published a report on the deficiencies of the teaching they receive. It is thorough and thoughtful, and reports: "Tutorials consist of copying problem sets off the board rather than discussing economic ideas, and 18 out of 48 modules have 50% or more marks given by multiple choice." Students point out that they are trained to digest economic theory and regurgitate it in exams, but never to question the assumptions that underpin it. This isn't an education: it's a nine-grand lobotomy.

The Manchester example is part of a much broader trend in which non-mainstream economists have been evicted from economics faculties and now hole up in geography departments or business schools. "Intellectual talibanisation" is how one renowned economist describes it in private. This isn't just bad for academia: the logical extension of the argument that you can only study economics in one way is that you can only run the economy in one way.

Like so many other parts of the post-crash order, mainstream economists are liberal in theory but can be authoritarian in practice. The reason for that is brilliantly summed up by that non-economist Upton Sinclair: "It is difficult to get a man to understand something when his salary depends on his not understanding it."


Edited by zugzwang

Share this post

Link to post
Share on other sites

The trouble is the people running the courses have made entire careers out of peddling this crap, they've all cited each other and hell will freeze over before they admit that other people might have legitimate opinions.

I've been reading papers in Just War Theory and it's amazing how many Profs / PhD's in the area have no clue about history or deliberate omit history which conflicts with their position. If this is the general standard in academia it's no wonder the entire planet is so fecked.

Share this post

Link to post
Share on other sites

He who pays the piper calls the tune- so it's hardly surprising that the economics establishment consists mostly of people who support the idea that their wealthy patrons are saving the world by grabbing the lions share of it's money.

Trickeldown wasn't an economic theory so much as a love story- it presented the 1% with a perfect alignment of greed with morality, an image of themselves no narcissus could resist- the richer they got the more 'wealth' they created for the rest of us- it's a thing of true beauty this idea- pity it's bullsh*t.

It's like telling a chocaholic fat man that chocolate will cause him to lose weight- he will love you for it and if you are lucky endow a foundation or two to study just how this wonderful mechanism works. Are you going to tell him the truth? When your glittering career is based on his urgent desire to hear anything but the truth? No. :lol:

Share this post

Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   206 members have voted

    1. 1. Which of the Prime Minister's options would you choose?

      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.