Rethinking Economics: A Movement for Educational Reform

The student-led organization Rethinking Economics emerged in 2013, catalyzed by student protests at Harvard University and Manchester University in response to the limitations of traditional economics curricula. These protests highlighted a growing dissatisfaction with the narrow focus of economics education, which many students felt perpetuated systemic inequalities and failed to address real-world issues. The inaugural meeting at the London School of Economics (LSE) marked the formal beginning of a movement aimed at transforming how economics is taught globally.

Rethinking Economics: A New Wave of Educational ReformThe Guardian

Rethinking Economics advocates for a pluralistic, ethically conscious, and historically grounded approach to economics education. According to Sara Mahdi, the communications lead for the organization, the goal is to challenge the dominance of a single economic framework and incorporate diverse perspectives, including feminist, ecological, and behavioral economics. Since its inception, the organization has expanded to include thousands of members across over 40 countries, achieving significant curriculum reforms in more than 35 universities. Notable changes include the introduction of interdisciplinary programs at institutions such as Goldsmiths, University of London, and Leiden University in the Netherlands.

The GuardianRethinking Economics: A New Wave of Educational Reform

In South Africa, Rethinking Economics has become part of a broader student movement advocating for equitable access to higher education. Amaarah Garda, a junior program officer for Rethinking Economics for Africa, noted that the campaign has evolved from a focus on tuition fees to a critique of the colonial outlook prevalent in academic economics. This shift has led to the development of progressive courses that address urgent societal issues, such as climate change and economic inequality.

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The movement has garnered support from various academics who recognize the need for reform in economics education. Clara Mattei, a professor at the University of Tulsa, emphasized the importance of collaborating with students to create a more relevant economic curriculum. Jayati Ghosh, a professor at the University of Massachusetts Amherst, acknowledged the challenges posed by entrenched power structures within academic institutions but praised Rethinking Economics for encouraging critical discourse and diverse viewpoints.

Rethinking Economics: A New Wave of Educational Reform

Rethinking Economics represents a significant shift in the educational landscape, pushing for a more comprehensive understanding of economics that reflects the complexities of contemporary society. The organization’s efforts have sparked discussions about the necessity of inclusivity and ethics in economics education, aiming to equip future economists with the tools to address pressing global challenges.

Rethinking Economics: A New Wave of Educational ReformThe Guardian

• “View image in fullscreen ‘Rethinking Economics has exposed the staggering deficiency in the way economists are educated’, says economist Ha-Joon Chang.” — Ha-Joon Chang, Economist

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• “We are building an international movement of young people who are organising, educating and agitating for an economics that takes account of the real world we see around us,” — Sara Mahdi, Communications Lead, Rethinking Economics

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• “It is urgent that the economics discipline learn to understand these issues as systemic features of our capitalist economy rather than as the result of market imperfections or crony capitalism,” — Clara Mattei, Professor of Economics

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• “They bring in all kinds of people, not just economists and students but activists and others together, and they look at the same questions in such different ways … I have actually learned a lot from them … It has made me realise that economics is too important to be left to economists.” — Jayati Ghosh, Professor of Economics

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Rethinking Economics continues to challenge the status quo, advocating for an educational framework that prepares students to engage with the complexities of the modern world.

Rethinking Economics: A New Wave of Educational Reform