From years past, it has attracted increasing concerns, the method of teaching economics in various institutions around the world.
Are you a student studying economics already or you are aspiring to study economics in a college or university? You would have come across some certain genres of economics which seems to be the most talked-about ones. You must however become aware of the stereotypes and the challenges involved.
You are going to learn about the stereotype economics being taught in universities and colleges. And the diverse economics courses, laws, and topics that can be taught to break the stereotype
Over the years, either consciously or not, the study of economics has been limited to the theories of macroeconomics, microeconomics, and positive economics.
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Economics teachers and lecturers have been limited to teaching normative economics, econometrics as well as the redistribution of wealth. It is not that this is out of place, but the continuous avoidance of other genres of economics and theories leaves room for ignorance in those studying economics as a course in higher institutions. The effects and applications of most of the policies being taught and how the history of many of these policies came to be are important knowledge or teachings that have been overlooked.
A reason for this stereotype behavior is the fact that most institutions already have their syllabus planned and this is repeated over a period of years reflecting little or no change.
For instance, it’s not a rare thing to see undergraduate students of economics undergo topics ranging from quantitative economics to the history of economic thought during their course of study.
Many voices, who are passionate about the study of economics and its effective application to society's economy, have begun to clamor for a completely different approach to the teaching of economics. Some passionate teachers have also begun to seek diverse ways to enable them to teach the course in a wider, more applicable, and beneficial way. These can only be achieved if the hidden aspects of economics are deeply researched.
The Current Genres of Economics
Microeconomics which revolves around individual markets and a little bit of economy is one of the most popular and stereotype economics taught today. The reason for this is not fully known but it is often argued that microeconomics majorly faces individual markets and the causes of inflation, demand, and supply in the society. And all these aspects are the most talked about aspects of the study of economics.
Another orthodox economics school of thought which is always taught is a branch of macroeconomics called Neo-classical economics.
Neo-classical economics includes ideas such as rational choice theory, utility and goods maximization, and marginal analysis. It is postulated on the foundations of free-market based, classical economics.
Pursued by economist Jan Tinbergen, econometrics involves the use of data to find simple relationships. Econometrics also uses statistical methods, regression models, and data to predict the outcome of economic policies.
For a fact, this economic theories are those that have been useful in the study and teaching of economics, but it is certain that by having knowledge in microeconomics and associated theories alone, students or graduates of economics are shortchanging themselves and limiting the possibility of learning about other important genres of economics . This may result in having graduates who are not well-rounded or well informed about different aspects of economics. This may be a serious disadvantage when searching for a job or having to speak as an economist in the society.
There exist various genres of economics that can be taught by teachers, throughout an economics degree. Some of them include:
Austrian economics, Marxist economics, Keynesian economics, Institutional economics and Ecological economics.
A Modern Approach to Diversity in Economics
It is important to always remember that new economic laws and reactions show up in society constantly. Several consequences of some actions which affect the economy of a society, are experienced and have a widened knowledge of what to expect from a situation, better guarantees how to handle it. Some economic challenges faced in the society include,
- Stagnant real wages
- Poor productivity growth which affects long-term growth prospects.
- Inflation and a rise in the cost of services, contributing to intergenerational inequality.
- Relative poverty and inequality
In the face of these societal economic challenges, some other theories and scopes in economics can be explored for more knowledge. Here are some of them:
- Austria economics
- Marxist economics
- Keynesian economics
- Institutional economics
- Ecological economics
- Labor economics
Austrian economics came to be as a result of the thoughts of Ludwig Von Mises, and Carl Menger.
This school of economics explains state intervention and price controls. It also explains the free-market, and it places greater emphasis on the individual value and actions of an individual.
Marxist economics shares the thoughts of Karl Marx who has been regarded as the father of Economics.
Karl Marx's Marxist economics sheds more light on the instability and challenges of capitalism. A Marxist always wants a radically different approach to basic economic questions, and will not rely on free-market advocate state intervention when planning and distributing resources.
Another economic theory that can be taught in economics is the Keynesian theory. Brought forward by John Maynard Keynes and Paul Samuelson. Keynesian economics was developed in the 1930s against a backdrop of the Great Depression. In a bid to explain the persistent economic depression and mass unemployment. Keynes advocated government intervention to kick-start the economy.
Keynes brought in new ideas to join with neo-classical economics and these were needed for the macro-economy. Is math connected to economics?
Institutional economics revolves around understanding the role of the evolutionary process and the role of institutions in shaping economic behavior. If the society depends so much on institutions to help reform and revive their economic choices, it is certain that only the cast in knowledge will be sought.
As for ecological economics, it is an interdisciplinary field defined by a set of concrete problems or challenges related. Ecological economics invests in natural and human assets to ensure sustainability and success.
Labor economics is also an aspect of economics where concentration on wages, labor employment, and labor markets, this is referred to as labor economics. Labor economics believes in the premise of labor supply and marginal revenue product of labor.
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Recent developments in labor economics have explored emotional attributes, such as motivation, enjoyment, and imperfections to explain the economics of production in society. Labor economics studies how workers are distributed in the jobs and how their wages or payments are decided and how their abilities to work are not only affected by the other factors but by motivation, enjoyment, and emotions.
It is expected that some economic theories may gain more grounds than others, but wisdom suggests that anyone teaching an economics course should teach a wide range of economic opinions and theories. The wider the range of knowledge, the easier it is to get applicable solutions to any economic problem in society.
A lot of concerns have gone out concerning how economics is being repeatedly taught and how some genres are gradually being marginalized and fading out all because no one has deemed it fit to search deeper for knowledge in such genres.
Lots of financial crisis which the society has faced in the past few years has led many to request that universities should be rethinking economics in terms of how it's taught. Spreading the tentacles of this learning will make more knowledge available especially to budding economists and future economic leaders.
Although the society, and all students, as well as teachers of Economics, will be better for it if diverse genres of economics are focused on, it is still expedient that some areas of economics be continually studied. These are areas that involve the production and management of wealth. This can still be taught as a core part of an economics course.
It is noteworthy to inform intending students of economics to study the economic history in greater detail than they are taught. Study all aspects of economics which seem to have been put away. Areas such as mercantilism, behavioral economics, environmental economics, distribution, development economics, and many more.
How Superprof Tutors Can Help in the Struggle for Diversity
Students who are more passionate about succeeding immensely in this chosen field of Economics can also hire an economics tutor to help teach them about the uncommon and unfamiliar economic areas which they have not been able to study at school or in the university.
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