Rethinking Economics – Econocracy

You might have come across the book ‘Econocracy’ written by students from the University of Manchester which makes three big arguments about the relevance of economics courses at Universities.

First, economics is part of all aspects of our public life. Second, the economics profession sees the economy “as a distinct system that follows a particular, often mechanical logic” and believes this “can be managed using a scientific criteria”. It would not be recognised by Keynes or Marx or Adam Smith. Thirdly, the authors criticised what economics students are being assessed on – models or theories which were being memorised for exams.

The interview below on Newsnight (BBC2) has author and student Joe Earle and Professor Diane Coyle (follow her excellent blog The Enlightened Economist) discussing the state of the discipline at University and what they don’t teach to economics students. More information can be found on the website Rethinking Economics.

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