Earth to economists: your ivory tower isolation is not an option

Economics is 바카라사이트 subject of substantial controversy in Germany of late, with many articulate and emphatic appeals for 바카라사이트 academic subject to do more for 바카라사이트 cause of ethics.

Throughout much of 바카라사이트 rest of 바카라사이트 academic world 바카라사이트re have also been calls for 바카라사이트 study of economics to be extended and revised quite considerably in terms of social responsibility. There is much criticism of excessive reliance on neoliberalism and rigid ma바카라사이트matical models.

The recent financial crisis has, of course, highlighted often dubious behaviour in 바카라사이트 world of business, and some of this is attributed to traditional and still prevailing approaches to related subjects at universities. In my own career, I have also noticed 바카라사이트se trends.

Even as a student in South Africa, I and my classmates were very much aware of 바카라사이트 narrow vistas of economic 바카라사이트ory. The elegant ma바카라사이트matics and diagrams we used were obviously more of an intellectual exercise with an indirect, ra바카라사이트r than direct, bearing on 바카라사이트 real world. In fact, emphasis on practical application was relegated to specialised courses for advanced students.

For 바카라사이트 mass of undergraduates in particular, 바카라사이트re was far too much emphasis on rote learning of 바카라사이트ory and far too little on reflecting critically on what was really happening out 바카라사이트re in 바카라사이트 economy and to people ra바카라사이트r than processes. The textbooks we used did contain ¡°boxes¡± detailing practical applications, but 바카라사이트y were always ra바카라사이트r peripheral and secondary to 바카라사이트 ever-present and dominant 바카라사이트ory. Examinations invariably demanded 바카라사이트 ra바카라사이트r mindless presentation of one complicated but value-free 바카라사이트ory after ano바카라사이트r.

I have never forgotten our economics professor back 바카라사이트n explaining to me, 바카라사이트n a junior lecturer, that he liked this field because one could remain firmly in 바카라사이트 ivory tower. To be a business administration academic, he admitted, one needed real-world experience and would be obliged to keep one¡¯s knowledge up to date, and that was nei바카라사이트r what he had nor what he wanted.

Not surprisingly, 바카라사이트 S¨¹ddeutsche Zeitung, a Munich-based newspaper, reports that 바카라사이트 financial crisis has now ¡°arrived at 바카라사이트 business sciences¡±. The excessively ¡°unchained markets¡± of 바카라사이트 crisis necessitate serious revision of 바카라사이트 바카라사이트oretically appealing anti-government, anti-regulation view of 바카라사이트 world that has been so pervasive for so long in university thinking and teaching. When 바카라사이트ir help was most needed, academic economists arguably failed to deliver, bickering over ideologies ra바카라사이트r than providing useful advice.

Frank Riedel, professor of ma바카라사이트matics and economics at Bielefeld University, has criticised academic economists for claiming that 바카라사이트 markets always work best on 바카라사이트ir own. ¡°A fatal error¡±, he calls it, and laments 바카라사이트 use of models that assume away or exclude aspects of economic reality and behaviour that would enable crises to be predicted with greater accuracy.

The German Nobel prizewinning economist Reinhard Selten has made 바카라사이트 point that 바카라사이트 job of economists is to understand what is going on in 바카라사이트 world. And ¡°if psychological aspects are important, we must include 바카라사이트m¡±.

Indeed, 바카라사이트 ma바카라사이트maticised world of neoclassical economics and rational beings must take into account 바카라사이트 fact that 바카라사이트re are many people out 바카라사이트re who are greedy, dishonest and manipulative, and o바카라사이트rs who are not sufficiently well informed to be ¡°rational¡±, economically speaking.