Students Call For Economics To Break From Free Market Theory
Economics students from 19 countries have joined forces to call for an overhaul of the way their subject is taught, saying the dominance of narrow free-market theories at top universities harms the world's ability to confront challenges such as financial stability and climate change.
In the first global protest against mainstream economic teaching, the International Student Initiative for Pluralist Economics (ISIPE) argues in a letter to the Guardian that economics courses are failing wider society when they ignore evidence from other disciplines.
The students, who have formed 41 protest groups in universities from Britain and the US to Brazil and Russia, say research and teaching in economics departments is too narrowly focused and more effort should be made to broaden the curriculum. They want courses to include analysis of the financial crash that so many economists failed to see coming, and say the discipline has become divorced from the real world.
"The lack of intellectual diversity does not only restrain education and research. It limits our ability to contend with the multidimensional challenges of the 21st century – from financial stability to food security and climate change," they say in their manifesto.