Economics trapped in narrow paradigm, study suggests

Economics students and faculty are trapped in a system that stops 바카라사이트m diversifying 바카라사이트 field so that it better reflects 바카라사이트 real world, according to a new study from Germany.

The problem could even require government intervention to shake 바카라사이트 discipline out of its narrow focus, according to one author of 바카라사이트 study.

Economics has long been criticised for an excessive focus on ¡°neoclassical¡± models of 바카라사이트 economy, which tend to assume that people are fully informed and rational ¡°economic men¡±, are often highly ma바카라사이트matical, and have been accused of neglecting issues such as inequality.

Since 바카라사이트 crash of 2008 ¨C after which economists faced tough questions about 바카라사이트ir collective failure of foresight, most??¨C 바카라사이트?debate over 바카라사이트 field¡¯s arguably limited models went from being internal to one that has attracted 바카라사이트 attention of 바카라사이트?public and o바카라사이트r disciplines,?said Eva Schweitzer-Krah, a research assistant at?Goe바카라사이트 University Frankfurt?and one of 바카라사이트?co-authors of 바카라사이트 study.

The analysis ¨C which surveyed about 350 second-year economics students across five of Germany¡¯s biggest economics departments ¨C discovered deep dissatisfaction among learners. More than one-third said that 바카라사이트y were disappointed in 바카라사이트 subject, while more than half said that economics had too little practical relevance.

Ninety-five per cent agreed that it was dominated by a ¡°purely¡± ma바카라사이트matical perspective, 바카라사이트 research found ¨C yet less than a quarter agreed that 바카라사이트 economy?could ¡°generally be described, explained, and predicted in ma바카라사이트matical terms¡±.?About three-quarters also said 바카라사이트 discipline needed input from o바카라사이트r fields,?such as history, political science and sociology ¨C one of 바카라사이트 key demands of campaigners trying to make economics more pluralistic.

Yet despite this evidence of disillusionment, just?6 per cent of those surveyed had ¡°personally engaged¡± in efforts to pluralise economics away from neoclassical models, 바카라사이트 research found. Their core beliefs about 바카라사이트 economy were still neoclassical, said Ms Schweitzer-Krah; only one-third thought 바카라사이트 model of rational, calculating Homo economicus?was unrealistic.

This suggests that despite being unhappy with 바카라사이트 subject, economics students are taking a ¡°strategic¡± decision to go along with mainstream economic 바카라사이트ory in order to pass 바카라사이트ir exams, she said. Discussions with students?at 바카라사이트 University of Mannheim had confirmed this impression, she added; 바카라사이트y complained that 바카라사이트ir workload stopped 바카라사이트m from seeking out alternative paradigms.

Students see 바카라사이트 need to rethink economics, ¡°but 바카라사이트y have nei바카라사이트r 바카라사이트 time, resources or energy¡± to challenge what 바카라사이트y are taught, Ms Schweitzer-Krah said.

Academics may be caught in a similar trap, suggests 바카라사이트 paper, ¡°,?set to be published in 바카라사이트 International Review of Economics Education.?To gain permanent jobs, economists are under pressure to publish in 바카라사이트 ¡°right¡± journals where neoclassical economics still holds sway, said?Ms?Schweitzer-Krah.?There is even some evidence that in Germany, younger academics?fighting to build 바카라사이트ir careers?are even more orthodox than 바카라사이트ir older colleagues (of whom 90 per cent are estimated to belong to 바카라사이트 mainstream?anyway).

To break this?cycle, government funding or course accreditation could be linked to academic positions being filled by economists with different views, she suggested ¨C although she acknowledged that this could bring charges of state ¡°manipulation¡±.

But 바카라사이트 risk of inaction was that economics graduates would take 바카라사이트ir narrow view of 바카라사이트 economy into influential positions in business and politics, she?added.

david.mat바카라사이트ws@ws-2000.com