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The self-destruction of academic economics

Steve Keen July 1, 2013 Steve Keen's Debt Watch

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Summary:
Over the last 40 years, economics has gone from being 40% of any business degree to just 4%. When I did my undergraduate degree, 4 year-long Economics subjects were required in any Business degree; now 1 semester unit out of 24 is required. This collapse in the Economics component of Business degrees is the reward ...

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Over the last 40 years, economics has gone from being 40% of any business degree to just 4%. When I did my undergraduate degree, 4 year-long Economics subjects were required in any Business degree; now 1 semester unit out of 24 is required.



This collapse in the Economics component of Business degrees is the reward for 40 years of bone-headed behavior by Neoclassical economist defending the purity of the discipline, which created many of the academic departments that then did Economics in. Non-orthodox economists have been collateral damage in this process.



I recommend that we should finish the process. The only factor preserving one Economics unit in Business degrees is that Accounting accreditation requires it. Post Keynesian economists should work with Accountants to replace Introductory Economics with an “Monetary Economics for Accounting” subject. That will cut off the cash cow 1st year Economics course that currently lets Neoclassical economics survive, and enable a more realistic monetary economics to develop in Accounting departments.



This is my keynote speech at the 2013 Australian Teaching Economics Conference.



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About Steve Keen
Steve Keen
Steve Keen (born 28 March 1953) is an Australian-born, British-based economist and author. He considers himself a post-Keynesian, criticising neoclassical economics as inconsistent, unscientific and empirically unsupported. The major influences on Keen's thinking about economics include John Maynard Keynes, Karl Marx, Hyman Minsky, Piero Sraffa, Augusto Graziani, Joseph Alois Schumpeter, Thorstein Veblen, and François Quesnay.
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