Guest blog by Henry Leveson-Gower and Teresa Linzer (Promoting Economic Pluralism)
Post the Crash, we seemed set for economic revolution. 10 years later and here we are – still waiting, entangled in an economic system that is just as addicted to GDP growth as it was 10 years ago. So, how best to bring about the long overdue revolution? What ways are there to contribute to shifting and opening up the narrow systemic focus, from mere growth for its own sake to sustainability, wellbeing and genuine prosperity?
At Promoting Economic Pluralism, we think that part of the answer is changing economics education. The language of economics is the language of power and many students are required to learn it both in economics departments and as part of interdisciplinary masters. At the moment it is generally taught as if there was only one way of thinking about economics and that certainly involves endless growth.
However that is not true of all courses: some lecturers are more pluralist in how they teach economics. This means recognising that there is more than one way of thinking about the economy and encouraging critical reflection. These lecturers draw from a wide range of economic traditions such as ecological, institutional, complexity and post-Keynesian economics. Although this is often referred to as new economics, in fact its roots go back to the 1930s and further. There is a wealth of scholarship and literature, which is largely ignored by the mainstream.
This provides the space for the main economic theology of growth, self-interest, shareholder dominance etc to be challenged. It gives students tools to then question the policy and perspectives based on economic orthodoxy that they are likely to encounter later in work. It also provides ideas on which to base new innovative approaches to tackling the social and environmental challenges we face. Students are likely to come ideas of social enterprise, wellbeing, ecological limits and more, that mainstream economics would ignore.
We are therefore planning to raise the profile and legitimacy of these types of courses so students are encouraged to join them and other universities are encouraged to put them on.
We have chosen to start with masters courses as university departments have much more flexibility over what they can teach at this level. Students from these courses will also be entering the ‘real world’ very soon to use their learning.
There are many departments and centres teaching these courses as can be seen here. It is happening in the same high ranking universities where the economic departments themselves defend the status quo. However the courses have a whole range of labels. For the uninitiated, it is not obvious they take a pluralist approach to economics.
Hence we want to co-create an accreditation system so they can have a common identity and ‘brand’. The point of this is not to determine what economics is ‘right’ or which courses are ‘best’. It is to build a shared sense between those inside and outside of academia of what economic teaching looks like that fosters creativity and critical thinking to address real world issues and genuinely transform the economic system. Then potential students can easily and confidently find these courses. We will also of course work closely with Rethinking Economics and the student movement to magnify this effect.
To turn this idea into reality, we want to invite you to participate in actually co-creating the scheme.
This doesn’t mean that you necessarily have to get involved in the detail or devote huge amounts of time to it. We will ensure people can give their views on the principles and broad approach as easily as possible. Please sign-up here to be involved and if you first want to find out more, sign up for a webinar here. And please make sure to also register your public support for this initiative here! It is crucial that we demonstrate a diverse and wide-ranging support for this initiative. Your voice matters.
For more info about why we think this is the road to much needed change in economics check out our website and have a look at our latest blog here.