The Economists of Tomorrow
AbstractThis paper is a prepublication version of a submission to the International Review of Economics Education. It outlines a code of conduct for economics, in the form of a pluralist benchmark for Quality Assurance in economics education. This is a necessary corrective to the publicly-recognised failure of economics in the face of the 2008 crisis, which Colander et al (2009 term its “systemic failure”. This systemic failure is analysed as a consequence of the regulatory capture of the academic profession of economics, arising from and institutionalised by its present peer ranking procedures. Pluralism is the necessary antidote. It affords two decisive benefits: it produces good economics and better economists. The paper is part of a broad consultation on teaching in economics, organised by the UK-based Association for Heterodox Economists (AHE). It argues that a pluralist subject benchmark, derived from a pluralist code of conduct, is a prerequisite for the reform of the profession. Critical, pluralistic and independent thinking should be the primary requirement good economic practice, and pecific provisions should be made to recognise, promote, defend and guarantee this good practice in teaching and assessment alike. Systemic failure requires a systemic solution. The paper explains how the built-in tendency of the economic profession to select for conformity has led to its regulatory capture. Existing UK benchmarks have substituted peer-ranking – the appointment of judges selected for comformity – for collaborative peer review – the pluralistic integration of the strengths of the academic community. This past practice has become institutionalised at every level. The profoundly non-scientific practice of simply reproducing a politically acceptable consensus has thereby replaced the independent and critical pursuit of knowledge as the primary peer-recognised hallmark of quality. Tomorrow’s economists need to be defended against the systemic failure of the economics of today. This requires a conscious regulatory intervention – benchmarking for pluralism.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 15691.
Date of creation: 14 Jun 2009
Date of revision:
Economics Teaching; Pluralism; Heterodox Economics;
Other versions of this item:
- A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
- B5 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches
- A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists
This paper has been announced in the following NEP Reports:
- NEP-ALL-2009-06-17 (All new papers)
- NEP-HPE-2009-06-17 (History & Philosophy of Economics)
- NEP-PKE-2009-06-17 (Post Keynesian Economics)
- NEP-SOG-2009-06-17 (Sociology of Economics)
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- D. COLANDER & al., 2010.
"The Financial Crisis and the Systemic Failure of Academic Economics,"
N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 6.
- David Colander & Hans Föllmer & Armin Haas & Michael Goldberg & Katarina Juselius & Alan Kirman & Thomas Lux & Brigitte Sloth, 2009. "The Financial Crisis and the Systemic Failure of Academic Economics," Middlebury College Working Paper Series 0901, Middlebury College, Department of Economics.
- David Colander & Hans Föllmer & Armin Haas & Michael Goldberg & Katarina Juselius & Alan Kirman & Thomas Lux & Birgitte Sloth, 2009. "The Financial Crisis and the Systemic Failure of Academic Economics," Discussion Papers 09-03, University of Copenhagen. Department of Economics.
- David Colander & Hans Föllmer & Armin Haas & Michael Goldberg & Katarina Juselius & Alan Kirman & Thomas Lux & Brigitte Sloth, 2009. "The Financial Crisis and the Systemic Failure of Academic Economics," Kiel Working Papers 1489, Kiel Institute for the World Economy.
- Joshua S. Gans & George B. Shepherd, 1994. "How Are the Mighty Fallen: Rejected Classic Articles by Leading Economists," Journal of Economic Perspectives, American Economic Association, vol. 8(1), pages 165-179, Winter.
- Robert F. Garnett, Jr., 2009. "Rethinking The Pluralist Agenda In Economics Education," International Review of Economic Education, Economics Network, University of Bristol, vol. 8(2), pages 58-71.
- Alan Freeman, 2009. "The Economists of Tomorrow: the Case for a Pluralist Subject Benchmark Statement for Economics," International Review of Economic Education, Economics Network, University of Bristol, vol. 8(2), pages 23-40.
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