Is curriculum reform relevant outside academia? The Financial Times thinks so, focussing on whether economics teaching is giving today’s students the tools they need to understand, and discuss, the world around us. It covered the launch of the CORE Project three times: on Monday, its coverage of our launch event quoted Prof Wendy Carlin, our project leader:
Between 9.30am and 1pm on 11 November we launched the INET CORE Project with a workshop at HM Treasury in London. In the next few weeks we will publish more about ideas and debates from the event, but The Economics Network storified the tweets from the event, so click on the link to get an instant idea of what happened.
Macroeconomic models are invaluable. They enable us to reduce complicated phenomena to manageable proportions and reason systematically. If you doubt this, try thinking through the impact of a change in monetary or fiscal policy without referring in your head to some sort of model – eg an ISLM, AD/AS, or IS/PC/MR model. For me, at least, it’s very difficult.
In part, therefore, my purpose today is to consider a piece of intellectual history: the strange amnesia of modern macroeconomics. But also to reach some conclusions about the policies needed to avoid a repeat of the 2008 crisis and to secure greater financial stability, in the advanced economies but also in the developing world. Adair Turner, September 2013. Standard undergraduate textbooks express the following views on credit, money and banking: banks borrow money from savers, which they then lend out; banks lend to businesses to fund investment and working capital, for productive purposes; and the liabilities of banks are “money” […]
In response to widespread discontent among students, employers and university teachers, a project to create a new core curriculum for economics was launched at a seminar hosted by HM Treasury today. The CORE curriculum project, funded by the Institute for New Economic Thinking, convened the meeting, which was attended by academics, policymakers, business leaders and students from around the world.