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w4-5: Case 1 – Post-crisis economics /2548

>> Download and print the worksheet.

  • Read the article below and answer the questions on the worksheet.
  • Remember that you will be marked on participation and engagement and that this contributes to your coursework grade for the module.

** Bring your completed worksheet to the tutorial (as well as the articles) **

Primary reading

Hodgson, G (2011), Reforming Economics after the Financial Crisis, Global Policy, v2 i2, May, pp190-195

Chang, Ha-Joon and Aldred, J (2014), After the crash, we need a revolution in the way we teach economics, The Observer, May 11th

Discussion questions

  1. What are the main problems that are identified as affecting the teaching of economics.
    To what extent has the discipline learned from the 2008 crisis?
  2. What is the case against the heavy emphasis on mathematics in economics, especially in the dominant neoclassical approach?
  3. What concerns do employers have about economics graduates? Do you think your course will avoid those concerns?
  4. What does economics, as an academic discipline, need to do to address the concerns that both the Hodgson and the Chang and Aldred articles raise?

Background reading

Chang, Ha-Joon (2014), Economics is too important to leave to the experts, The Guardian, April 30th

Chang, Ha-Joon and Aldred, J (2014), After the crash, we need a revolution in the way we teach economics, The Observer, May 11th

Coyle, D (2012b), Do economic crises reflect crises in economics?, keynote address, ‘Rethinking Economics’ conference, Frankfurt, Jan 23rd [pdf]

The Guardian (2014), Editorial – Economics: a discipline ripe for disruption, The Guardian, April 3rd

The Economist (2014), Piketty fever: Bigger than Marx, The Economist, May 3rd

The Economist (2015), Teaching economics: The demand side, The Economist, Feb 7th

Krugman, P (2009), How did economists get it so wrong ?, New York Times, Sept 6th

Haldane, A (2017), From economic crisis to crisis in economics, OECD Insights, January 11th

Hodgson, G (2013), On the complexity of economic reality and the history of the use of mathematics in economics, Filosofia de la Economía, v1 n1, pp125-148

Luyendijk, Joris (2015), Don’t let the Nobel prize fool you. Economics is not a science, The Guardian, Oct 11th

Mason, Paul (2016), It’s time to junk the flawed economic models that make the world a dangerous place, The Guardian, Sept 19th

Orell, D (2011), Truth and beauty, World Finance, Dec 21st

Poole, S (2017), The Death of Homo Economicus review – why does capitalism still exist?, The Guardian, Sept 28th

** Reed, H (2018), Rip it up and start again: the case for a new economicsProspect, April 13th

Strether, L (2014), Joan Robinson’s “Introduction to Modern Economics”, naked capitalism [blog], April 15th

Reflective commentary question

To what extent will economics, as a discipline, change in the next decade?