How Economics Should Be Taught

On this blog I criticise mainstream economics and how it is taught in colleges a lot. In fact that’s one of my main aims with the blog. However, rather than just always criticise and say how things shouldn’t be done, today I would like to put forward a few proposals. Now to list everything that should be taken out of economics would take many, many posts, so this will be a short general overview. It should also be said that the economics curriculum is in dire need of reform (and there are encouraging signs that a growing number of people realise this). For example, my lecturers would tell me that we could buy editions of textbooks either from before or after the 2008 recession; there was no real difference between them. When the greatest crisis in decades doesn’t cause any serious review, then you know we have a problem. Continue reading “How Economics Should Be Taught”

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What If The Workers Ran The Business?

Most people think there is only one way of running a business, that is, with a boss in charge telling everyone what to do. The boss makes all the decisions and keeps all the profit. This is the way it always has been and the way it always will be. But then again there was a time when people thought the unrestrained rule of Kings was the natural way of running a country. What if there was an alternative? What if the workers made the decisions themselves? What if they took ownership of their place of work rather than simply having it as a means to make a living? What if the makers of the money got to keep it? What if the divide between employer and employee was removed? What if the workers ran the business? Continue reading “What If The Workers Ran The Business?”

What If The Market Demand Curve Doesn’t Slope Downwards?

The first thing everyone learns about economics is about supply and demand specifically that the demand curve slopes downwards. This is presented as an obvious fact not needing any proof or discussion. Surely it is obvious that when prices rise, people buy less of a good? What if I told you this wasn’t the case? What if I told you economists have never been able to prove this actually happened in the real world? What if I told you that attempts to prove this actually did the opposite? What if I told you this had been discovered not by cranks or outsiders but rather by some of the main neo-classical theorist? What if I told you that the very foundations of economics weren’t true? Continue reading “What If The Market Demand Curve Doesn’t Slope Downwards?”