What’s wrong with economic education today? That’s the question at the heart of this EconTalk episode, in which host Russ Roberts welcomes Maeve Cohen, Co-director of Rethinking Economics to the show. Cohen argues for a more “human-centered” approach to economics, and she and Roberts find much to agree about. Both worry about a lack of economics “common sense” in people today, even those who have taken economics courses in university. So why aren’t they getting it?
What was your experience in economics classes like? Are you one of the majority of undergrad econ students (and/or AP students) who did not or will not go on to graduate work in economics? If you did go on, what persuaded you to do so? What did you read in your economics classes? What should you have read?
1- Cohen describes the two key tenets of Rethinking Economics: democratizing economics and economic pluralism. What does she mean by each of these, and how do they compare to the traditional mode of teaching economics?
2- Cohen argues that most reading lists in economics course are sorely lacking and do not present an appropriate variety of thinkers and perspectives. This, she holds, hinders the development of students’ critical thinking. So what are some readings you think Cohen would advocate in building a better reading list? What would you suggest? What reading(s) were missing in your own experience?
3- What does Cohen mean when she says that economics is “detached from people?” How does Roberts respond to this challenge? With whom are you more sympathetic, and why?
4- Roberts spends some time discussing the “romance” that surrounds Big Box stores. How does Roberts describe the costs and benefits of these behemoths in the economy? To what extent do you share Roberts’s enthusiasm for outlets such as Walmart and Amazon? While Cohen shares much of Roberts’s feelings, she adds that in cases such as these “the price mechanism doesn’t really work? What does she mean by that? To what extent do she and Roberts agree on this point?
5- The episode closes with Roberts reminding Cohen that by and large he and she do not agree. Given the similarities in the things both don’t like about economics, what is the basic nature of their disagreement? How true does Cohen’s explanation for the roots of their difference(s) strike you, and why?
BONUS- What would you like to ask Cohen and Roberts that they didn’t cover in this conversation?
READER COMMENTS
Arde
Dec 7 2018 at 8:33am
Question 2.
Judging from their website, I think Ms Cohen would advocate the most important books in the fields, which are outside the mainstream economics – Feminist Economics, Ecological Economics, Institutional Economics, Marxist Economics, Post-Keynesian Economics, Austrian Economics.
I would like that. Additionally, I would add to her list some readings on Public Choice.
It is difficult to make a reading list in economics due to the following reasons:
– Most important 20th century contributions to economics were not written in the book. They were written as scientific articles and published in academic journals. They are full of academic jargon and complicated maths, and are generally difficult to access to anybody without rigorous training in maths and economics. It is more efficient for students to learn about these ideas from clear and pedagogical textbooks than from these complicated and inaccessible articles.
– Related to the previous point – most famous economists are not good at writing.
– The terminology of economics was not established for a long time. This makes it confusing for students to read the earlier texts, because they had different meaning for the same words.
– The economists of 18th and 19th century also wrote in a very difficult language. I don’t see much point in reading the original writings of Walras, Ricardo, Jevons. You would have to labour so much through an old and complicated style or writing and outdated terminology to get to the point. It is much more efficient to learn about their ideas from the textbooks, which use contemporary terminology and clear language.
– As Russ mentioned there is a view that we don’t Adam Smith any more, because what was good in Adam Smith we’ve kept, and what was bad or wrong, we’ve rejected. Although Russ do not seem to agree with this view, but there is something to it. Many classical economists (including Adam Smith) wrote some things which most contemporary economists reject. It could be quite confusing for a beginner student who does not know much economics to study something that is considered nowadays to be plainly wrong. Some guidance or basic knowledge of economics would be needed.
However, given all the difficulties with establishing a reading list for economics, I would suggest the following 5 authors (1-2 books from each). The sole criteria for selection is that they are still widely read and quoted today. Their ideas still are used for contemporary debate. They are also often misread and misquoted, which makes it even more important to read the originals and make up the mind for yourself. These authors are: Adam Smith, Karl Marx, John Maynard Keynes, Friedrich Hayek and Milton Friedman.
I would also include in the reading list the Nobel Prize lectures from all the laureates in economics. The Nobel Prize more or less includes the most important contributions to economics and in their Nobel Prize lectures they try to condense their main ideas in a more accessible language.
What readings were missing from my experience? All of the above, and most of all I missed reading a text, which does not have mathematics and graphs. I would so much enjoyed reading something where people use arguments, evidence and logic to show their point instead of abstract models, which have nothing to do with reality.
Amy Willis
Dec 7 2018 at 1:43pm
Arde, I love the public choice suggestion, and ESPECIALLY the Nobel lecture suggestions. The latter is a great way to cover significant ground, and in readable formats. (Your point regarding journals is also a good one.)
Arde
Dec 7 2018 at 11:43am
BONUS. What would I ask Cohen and Roberts? Cohen argued for reading lists in economics and Roberts seemed to agree. I would like to ask them both: what would you include in such a reading list? What are the top 10 books (or articles) each economist should read?
Amy Willis
Dec 13 2018 at 11:23am
Let us see what we can do!
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