“Mainstream economics is in denial”

“Yet look around at most of the major economics degree courses and neoclassical economics – that theory that treats humans as walking calculators, all-knowing and always out for themselves, and markets as inevitably returning to stability – remains in charge. Why? In a word: denial. The high priests of economics refuse to recognise the world has changed.” — “Mainstream economics is in denial”, The Guardian. October 28, 2013.

“We are taught to memorise and regurgitate neoclassical economic theories and models. Our tutorials consist of copying problem sets off the board and critical discussion is non-existent. We studied our modules and found out that only 11 out of 48 even mentioned the words “critical”, “evaluate” or “compare” in their course guides. Eighteen out of 50 of our modules have 50% or more of their marks awarded by multiple-choice exam and in nine of these it is more than 90%. This, combined with the fact that economics students don’t have the option to do a dissertation, means that many accept economics as truth, rather than as contested theory.” — “Economics students need to be taught more than neoclassical theory”, The Guardian. October 28, 2013.

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Dr. Tae-Hee Jo

Economics and Finance Department
SUNY Buffalo State
1300 Elmwood Ave.
Buffalo, NY 14222
USA

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e: joth [at] buffalostate.edu

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