Economic studies overhauled worldwide

Since the big economical crash in 2008, critics have been arguing that change is needed in the field of economic studies. A professor at the University of London, Wendy Carlin, will lead a project that has to change the curriculum of economics teaching.  Several Universities worldwide like Sydney and Warwick have showed interest in the project.

According to Carlin, students need to understand the failing of markets as well, instead of only discussing the successes of the system. The mathematical approach is said to be too dominant and too little attention is paid to examples from the real world. Overall, economics should be ‘modernized’, because things have changed since the current methods have been designed. The rising of the internet, the end of the Cold War and the threats of climate change, for example. Attention for the environmental effects that economic systems can cause is one thing that will be added to the new curriculum.

TiU also wants tp pay more attention to the importance of ethical standards and values in the education, according to the recent strategic plan. Students have to become world citizens, not only competent practitioners of their discipline. Ethical standards and morality are a crucial factor here.