A global crisis in Economics…

Economics at school is really out of touch with reality and there should be an explosive call for change. The biggest economic catastrophe is not even mentioned in our lessons and what we are learning does not seem to bear any relevance to actually grasp the concept. We are just memorising and regurgitating abstract economic models for multiple-choice exams. The economic model in our real, modern world is deeply fragmented and we should ask why the models we are being taught have barely changed!

First, economics has shoved its way into all aspects of our public life. Flick through any newspaper and we will find that it is not enough for mental illness or what Kim Kardashian had for breakfast to cause suffering. Second, the economics being pushed is narrow and of recent invention. It sees the economy as a ‘’distinct system that follows a particular, often, mechanical logic’’ and believes this can be ‘’managed using a scientific criteria.’’ Forecasting has downright become a numerical alchemy turning basic human assumptions into the marketable gold of rigorous-seeming science. By making this discipline all pervasive and feigning that it is the ‘’physics of social sciences,’’ some economists of this country have turned much of our democracy into a no-go zone for the public. We live in a nation divided between a minority who disparagingly feel as if they ‘own’ the language of economics and a majority who don’t.

The vast bulk of questions in exams often ask us to describe a model or theory; rarely are we asked to assess the models ourselves. If ever we do, we are sidetracked and deemed as having failed to understand the proper ‘mechanism’ of economics. In essence, we are being tested on whether we have memorised the catechism and could recite it or spew it down on the paper under invigilation. Critical thinking is not necessary to win a top economics degree. There is an elevated form of rote learning.

The people who are entrusted to run our economy are in no way taught to think about it critically. This demonstrates how low the standing of economists has sunk.

Still, while the high priests of economics still hold power, they no longer have legitimacy..

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3 Comments

  1. ‘’physics of social sciences,” oh yes I remember it like it was yesterday, the first words of my tenth grade economics book. There was no other subject that I hated as much as freakonomics. The topics were as dull as a banal movie. I don’t know if you are talking about economics in schools or in colleges but it could easily have been the most interesting subject if only there was a different approach. Unlike physics or chemistry where you have to set up an experiment to make the classes interactive, for economics all you needed was a newspaper. Topics like the supply demand curves could be well brought out by taking examples of current news.

    Liked by 1 person

    1. You are the veryyy first comment on this post of mine! I previously thought people won’t even bother about economics at all😂 So you were an economics student?😱😱😱
      That’s damn awesome!
      Yeah of course… Economics is a social science which deals in the allocation of scarce resources to meet the unlimited wants of society😪😪 and all.
      And sadly, I feel that we have diverged far away from understanding the main essence of economics at school.
      You still remember demand and supply curves?😁 Woww😃
      Even I hate sciences
      We have so much in common!!
      Such a great discovery today🤗🤗🤗

      Liked by 1 person

      1. Hey there .. hahaha unfortunately no I am not an economics student, I belong to the other category of E, the ubiquitous Engineering :p But I love meeting people with passion . Great to meet you too.. 2018 keeps surprising me 🙂

        Liked by 1 person

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