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Teaching the Greek crisis (and more) from the perspectives of competing models
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One would have thought that the financial crisis would have served as a decisive empirical test, separating the wheat from the chaff. Instead, very few schools of thought have shifted their positions. Part of the reason is no doubt because, as Einstein once said, theory determines what we see (Salam 1990, p. 99). To illustrate this point while at the same time educating students about the Greek financial crisis, this paper outlines a classroom lesson built around two competing graphical analyses of exchange rates and the balance of payments: the Monetary model and the post-Keynesian open-economy/Z-D model. Each one offers an internally consistent explanation of developments in the peripheral EU countries, but suggests a different cause and solution. The paper will show how variations in method lead members of these schools of thought to believe they are witnessing phenomena that validate their mutually inconsistent analyses.
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Professors Knoedler and Underwood discuss the concern over the decline in the number of economic majors as well as overall the enrolments in economics. For many "mainstream" economic educators this problem obey to the fact that academic economics tend to grant lower grades on average to students, or to the relaxation that business programs have in their entry requirements. The authors attribute the problem to the abstraction and the exclusion that teaching Principles of Economics has. They propose a restatement of this course using a multi-paradigmatic approach that takes into account the ideas of economic thinkers outside the mainstream. Thus, students will overcome their dissatisfaction and they will have a more realistic view of the economy, which will help them to develop and exercise their critical thinking skills.
The current international payments system does not serve the emerging global economy well. The Financial Times and The Economist, both previously strong advocates of the existing floating rate system, have acknowledged that the system is a failure and was sold to the public and the politicians under false advertising claims.1 Can we not do better?
This article provides a design template to construct a macroeconomics course using a multiparadigmatic approach using discovery based learning. Students use alternative paradigms–Classical, Keynesian, Institutionalist, Marxist, Monetarist, Schumpterian–to explore forces explaining the business cycle. They access and manipulate primary economic data to evaluate distributional outcomes using applied political economy; the use of alternative paradigms to systematically trace out how economic science is used to support policies directing the distribution of income. The course capstone applies economic paradigms and data analysis to evaluate policy propositions related to contemporary macroeconomic issues.
Student attitudes toward economic pluralism: survey-based evidence
"Student attitudes toward economic pluralism: survey-based evidence." International
Journal of Pluralism and Economics Education 2.3 (2011): 270-290.
Capital Flows, and Crises: a Post Keynesian Analysis of Exchange Rate Determination
Currencies, Capital Flows, and Crises: a Post Keynesian Analysis of Exchange Rate
Determination. London: Routledge (2009).
Why the United States is Not Greece
- John Miller
- Katherine Sciacchitano
Miller, John and Katherine Sciacchitano. "Why the United States is Not Greece." Dollars and
Sense: Real World Economics Issue 298 (January/February 2012)