You may be a year 12 student who has recently finished school and is interested in applying for an undergraduate economics degree. During your research may have already noticed that the majority of economics courses will have a few core subjects in common.
Some of the most common subjects you can expect to come across in an economics degree will include:
- Econometrics
- Macroeconomics
- Microeconomics
- Statistical Analysis
Depending on which university you want to attend and which degree you want to study, there will be particular entry requirements that may be a factor in your decision making.
The entry requirements won't be the same everywhere you go, however you will notice similar subjects across a variety of degrees.
Even though universities will offer similar subjects, this doesn't mean that you will get the same experience in economics undergraduate course.
The subjects we've already mentioned will certainly be covered, however the way in which they will be taught can differ depending on the course creators and lecturers.
Usually, this means that you may find different perspectives depending on which lecturer or professor is teaching the subject and their related research. You are likely to come across subject units that cover; quantitative economics, history of economic theory and research methods.
In this article, we're going to learn about calls for change when it comes to the way in which economic studies is currently taught.
Both past and current students, as well as educational bodies, have been voicing calls for action to increase diversity when it comes to which economic theories are the focus of degrees currently.
Participation Trends in Economic Study Among High School Students
According to recent research conducted through the Reserve Bank of Australia (RBA) it was revealed that there are significantly greater participation rates in studying economics among male students from higher socio-economic backgrounds.
This research also revealed that negative perceptions of economics as a subject were more common among students from a lower socio-economic background and who did not identify as male.
Another critique related to the diversity within Australian economics is the fact that the majority of economic degrees focus on neoclassic economic theory, which has a heavy focus on the free market and has less of an emphasis on social growth and wellbeing.
Some key factors which make up neoclassical economic theory is supply and demand based on the assumption that personal profit will be maximised by the economic agent. Another assumption of neoclassical economics is that the individual is capable of rational decision making, however it can certainly be argued that rationality is not always present when it comes to neoclassical or "trickle-down" economics.
Neoclassical economic theory and practice became the most popular economic model during the 20th century, and for better or worse it is currently the most predominant model which guides many economies today.
However influential neoclassical economic theory has been in the past, its continued influence over global economics is being called into question when it comes to diversity and social growth. In terms of university education, one of the main criticisms is that people are being provided with a narrow perspective of economics and are not learning about alternative economic models.
Equity in Economics
Following on from the significant findings from the research conducted by the RBA, other bodies are currently working towards strengthening the diversity of Australia's economy. One such organisation is the 50/50 by 2030 Foundation which is run through the University of Canberra.
The 50/50 by 2030 Foundation outlines how an increase in gender diverse participation to the rate at which the male population is currently at could increase the Australian GDP by 26% in 2025. Currently, as stated on the 50/50 by 2030 website, the World Economic Forum has estimated that gender equality in economics won't be reached for another 170 years.
Discussion of the research found from the RBA regarding participation rates among high school students concluded that the current curriculum and subject focus is a more popular choice for male students, which calls into question whether the current structure of economic courses is exclusionary and male-centred.
However, foundations such as the 50/50 by 2030 and other organisations are becoming more vocal about the pitfalls of the way economics is currently taught and who has access to choosing to study is a viable choice.
Other expert opinions highlight the issue with exclusively focusing on neoclassical economic theory, using the Global Financial Crisis in 2008, which neoclassical economists were unable to explain despite the fact that this model was previously thought to be infallible.
This isn't to say that people should not learn about neoclassical economic theory, rather there needs to be a wider scope of subject matter when it comes to understanding how Economics can evolve, grow and change to serve the best interest of everyone, not just a select few.
Finally, other considerations which have been taken into account in relation to alternative teaching approaches to economics include a lack of ethical consequences of economic policy and limited focus on Economic history. For example, the ongoing effects of colonialism especially in Australia and the Great Depression.
Another organisation which are currently working to increase the diversity within Australian Economics is the Women in Economics Network (WEN). The WEN committee consists of women from every state and territory, the main objectives of this organisation work to promote representation in Economics and empower women to pursue careers in the Economic sector.
Outside of Australia, there have also been similar movements calling for a different direction and approach to teaching Economic theories and greater consideration for alternative models.
For example, in the UK the Post-Crash Economics Society has been gaining more and more attention over the years.
Alternative Approaches to Economic Theory
You may now be wondering what other Economic theories could expand the breadth of an economic degree, some of the most well known alternative theories include:
- Ecological economics
- Keynesian economics
- Post-Keynesian economics
- Marxist economics
- Institutional economics
Economics although rooted in some mathematical reasoning, also draws on many different principles from a range of social science and philosophical disciplines. For this reason, learning about multiple economic theories can provide students with a deeper understanding of the contextual underpinnings of each school of thought.
Much like the writing and recording of history, there can be multiple perspectives and understandings of the same event or concept in Economics. This means that depending on which economist is interpreting economic data.
In order to have a critical understanding of economics as a subject it is essential that people are provided with the resources to consider more than one point of view. This will allow students to develop their own analysis skills and approach their education with an open mind.
Bringing your analytical skills to the workplace is highly favoured by employers and will facilitate growth and development throughout your career in Economics.
Neoclassical Economic Theories and their Flaws
As we've discussed throughout this article, there are a number of criticisms when it comes to neoclassical economic models, the main factor being that decision making power is not always rational when it comes to money and distribution of resources.
Different to other classical economic theories, behavioural Economics seeks to analyse economic decision making by considering the overarching contextual, cultural, emotional and social factors at play and how this can affect decision making. This theory acknowledges that economic agents are imperfect and may not always make the most rational decision.
What is Alternative Economics?
One could argue that the term "alternative economics" posits other models and schools of thought, one example being Keynesian Economics, as lesser than "classical" and "neoclassical" models. Keynesian Economics and post-Keynesian Economics, which are macroeconomic models seek to increase government spending and limit taxation.
Keynesian economists believe that government spending can help stimulate the economy, which differs from neoclassical and capitalist models which assume that people will always be able to find employment if they are willing to trust the free market and its fluctuating nature. In a Keynesian economy, it is believed that underemployment is a contributing factor as to why expenditures within economies can become limited.
This is just one example of a differing economic theory, so make sure to do some of your own research as well and explore new ways of thinking!
It is uncertain whether the structural change will be made to school and university curriculum in Economic subjects, however there are some core subjects which will be a focus throughout many Economic degrees which include:
- Supply and Demand
- Government Policy
- Monetary Policy
- Economic Growth
- International Trade
- Production
These subjects are some of the most common principles used to assist people in understanding the main factors which make up the concept of economics, and how economic markets both locally and globally achieve growth and manage resources.
Learning about economic history and diversifying your knowledge about alternative models are than classical and neoclassic economy theory can help as a current university student, or for people who are recent graduates in the workplace.
There are plenty of online resources about economic models, you could even consider finding an academic journal, or two, which discuss how effective change can be made to support local and global markets. Another excellent way to find learning resources is by watching the documentary Commanding Heights which you can access for free on YouTube.
If you are currently an economics university student then you could think about finding an economics tutor here at Superprof who has knowledge about multiple Economic ways of thinking to help broaden and further your education. Why not impress your university professor by bringing alternative ideas to your next class to open up the discussion!
Now that we have reached the end of this article hopefully some of the ideas we've discussed have sparked your interest in exploring how you can learn about Economics with an open mind, and consider new ideas you may have previously been unaware of.
Check out which economics tutors we have available on our Superprof website, and find a tutor who will be able to help your level of understanding.
Search in your local area or explore which tutors are offering online lessons so there's no need to leave your home to study.
If you have an interest in what a career in economics could look like, read this article about economics jobs for graduates here.
To learn more about how you can go about studying economics without a heavy maths focus click here.
Enjoyed this article? Leave a rating!
Loading...
