Economics and Economics Education

Crisis and Countermeasures

Authors

DOI:

https://doi.org/10.25159/1947-9417/18870

Keywords:

model worship , instrumental rationality , value rationality , utilitarian trap, social responsibility

Abstract

This commentary briefly reviews the intellectual history of macroeconomics in an informal way. It analyses mainstream economic theories and points out that they have failed to predict economic and financial crises because modern mainstream economics education is going astray. In response to the current crisis facing economics education, the commentary proposes reconstructing curriculum systems, innovating teaching methods, reforming evaluation systems, reshaping social responsibilities, and localising international experiences.

Author Biographies

Lu Dai

Comprehensive Management Department, State Information Centre, China

Lei Liu , University of International Business and Economics

Academy of Global Innovation and Governance, University of International Business and Economics, China

References

Caplan, B. 2018. The Case against Education: Why the Education System Is a Waste of Time and Money. Princeton: Princeton University Press. https://doi.org/10.1515/9780691201436. DOI: https://doi.org/10.1515/9780691201436

Gómez, G. M. 2023. “How Far Does the Diverse Economies Approach Take Us?” Development and Change 54 (2): 442–460. https://doi.org/10.1111/dech.12762. DOI: https://doi.org/10.1111/dech.12762

Hirschman, A. O. 2013. The Passions and the Interests: Political Arguments for Capitalism Before Its Triumph. Princeton: Princeton University Press. https://doi.org/10.2307/j.ctt3fgz1q. DOI: https://doi.org/10.2307/j.ctt3fgz1q

Minsky, H. P. 1986. Stabilizing an Unstable Economy. New Haven: Yale University Press.

Palley, T. I. 2010. “The Limits of Minsky’s Financial Instability Hypothesis as an Explanation of the Crisis”. Monthly Review: An Independent Socialist Magazine 61 (11): 28–43. https://doi.org/10.14452/MR-061-11-2010-04_2. DOI: https://doi.org/10.14452/MR-061-11-2010-04_2

Stiglitz, J. E. 2011. “Rethinking Macroeconomics: What Went Wrong and How to Fix It”. Global Policy 2 (2): 165–175. https://doi.org/10.1111/j.1758-5899.2011.00095.x. DOI: https://doi.org/10.1111/j.1758-5899.2011.00095.x

Stiglitz, J. E. 2018. “Where Modern Macroeconomics Went Wrong”. Oxford Review of Economic Policy 34 (1–2): 70–106. https://doi.org/10.1093/oxrep/grx057. DOI: https://doi.org/10.1093/oxrep/grx057

Truc, A., O. Santerre, Y. Gingras, and F. Claveau. 2023. “The Interdisciplinarity of Economics”. Cambridge Journal of Economics 47 (6): 1057–1086. https://doi.org/10.1093/cje/bead021. DOI: https://doi.org/10.1093/cje/bead021

Yanofsky, N. S. 2016. The Outer Limits of Reason: What Science, Mathematics, and Logic Cannot Tell Us. Cambridge, MA: MIT Press.

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Published

2025-05-26

How to Cite

Xie, Sherman, Lu Dai, and Lei Liu. 2025. “Economics and Economics Education: Crisis and Countermeasures”. Education As Change 29 (May):13 pages. https://doi.org/10.25159/1947-9417/18870.

Issue

Section

Comment and Discussion