With the financial crisis continuing after five years, people are
questioning why economics failed either to send an adequate early
warning ahead of the crisis or to resolve it quickly. The gap
between important real-world problems and the workhorse
mathematical model-based economics being taught to students has
become a chasm. Students continue to be taught as if not much has
changed since the crisis, as there is no consensus about how to
change the curriculum. Meanwhile, employer discontent with the
knowledge and skills of their graduate economist recruits has been
growing. This book examines what economists need to bring to their
jobs, and the way in which education in universities could be
improved to fit graduates better for the real world. It is based on
an international conference in February 2012, sponsored by the UK
Government Economic Service and the Bank of England, which brought
employers and academics together. Three themes emerged: the narrow
range of skills and knowledge demonstrated by graduates; the need
for reform of the content of the courses they are taught; and the
barriers to curriculum reform. While some issues remain unresolved,
there was strong agreement on such key issues as the strengthening
of economic history, the teaching of inductive as well as deductive
reasoning, critical evaluation and communication skills, and a
better alignment of lecturers' incentives with the needs of their
students.
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