A student uprising is shaking the foundations of economics education, demanding a radical shift in how the subject is taught. But is this a necessary revolution or a controversial disruption?
In the aftermath of the 2008 global financial crisis, students at Harvard University took a stand, walking out of their economics class, frustrated with the narrow and limited perspective being taught. Simultaneously, across the pond at Manchester University, students echoed this sentiment, questioning the relevance of rigid mathematical formulas amidst the real-world economic turmoil they were witnessing. These acts of defiance sparked a movement that would soon spread across campuses worldwide.
The Birth of Rethinking Economics:
In 2013, the London School of Economics witnessed the inception of Rethinking Economics, a student-led initiative that aimed to challenge the status quo of economics education. Yuan Yang, one of the founders, recalls the initial meeting as chaotic yet inspiring, with students from various universities gathering to demand a more comprehensive and questioning syllabus. The group's early days were fueled by passion and volunteerism, with support from family, friends, and leading academics.
Challenging the Neo-Classical Dominance:
Economist Ha-Joon Chang, a key supporter, argues that the neo-classical school of economics had become akin to a religious doctrine, shaping how humanity perceives the world. Rethinking Economics, he believes, exposes the startling inadequacies in economist education by advocating for a pluralist, ethically conscious, historically aware, and real-world-oriented approach. This movement has gained momentum, attracting thousands of members, including prominent economists, from over 40 countries.
A Call for Pluralism and Decolonization:
Sara Mahdi, the communications lead, emphasizes the need to decolonize economics education, moving away from a single, 'neutral' framework. The movement aims to create an international community of young people who advocate for an economics that acknowledges the real-world context, including ecology, power dynamics, history, and inequality. They seek to legitimize competing economic theories, challenging the classical, mathematical view that has long dominated institutions.
Tangible Impact:
The group has achieved remarkable success, influencing curriculum changes in numerous universities. Since 2019, they have recorded over 80 campaign wins, including 23 major curriculum reforms, across 35 countries. These reforms go beyond adding optional lectures; they reshape the core of economics education. For instance, the introduction of a politics, philosophy, and economics course at Goldsmiths, University of London, and an interdisciplinary program at the University of Lille, demonstrate the movement's impact.
A Global Movement:
In South Africa, Rethinking Economics emerged from a student protest movement advocating for greater access to higher education. Amaarah Garda, a program officer, explains how the campaign evolved from a fees protest into a critique of the colonial academic system. Despite initial resistance from universities, the movement created its own progressive courses, offering an alternative vision to mainstream economics.
Controversy and Support:
The movement has both supporters and critics. Professor Clara Mattei, president of the Forum for Real Economic Emancipation, collaborates with Rethinking Economics to enhance economic education and empower the public. She highlights the violent face of the current economic system, marked by militarism and extreme inequality. Mattei urges economists to recognize these issues as systemic, rather than attributing them to market imperfections.
Professor Jayati Ghosh commends Rethinking Economics for prompting established economists to reconsider fundamental questions. She acknowledges the power structures within institutions that resist change but believes the movement is making progress. Ghosh values the group's thoughtful approach and willingness to engage with diverse perspectives.
The Future of Economics Education:
As Rethinking Economics continues to grow, it raises important questions. Should economics education be revolutionized to address real-world challenges? Or is this movement a controversial disruption of established norms? The debate is open, and the impact of this student-led initiative is undeniable. What do you think? Is it time for a paradigm shift in economics education, or should we proceed with caution?
