In October 2012, Professors Wendy Carlin of University College London and David Soskice of London School of Economics made concrete proposals on how to improve the teaching of undergraduate macroeconomics.
According to the two scholars, teaching of economics has not been keeping up with the changing economy. They came up with a way of teaching economics while factoring in the continuously changes in the economy which is punctuated with crises.
They were fully aware that better economics teaching leads to better-informed public debates and refines the ability of students to share economics ideas with the general public.
They were impressed that students from various schools of economics have created a new trend of creating student societies with an intention of depending understanding of and how they can use that knowledge to make the world a better place. This is a good way for those students to be better prepared to participate in policy debates at the national or sub-national levels of government.
This is a good move considering that many employers have raised concerns on the quality of economics training that students receive nowadays. It’s a high time that all economics students master how economic institutions work and understand the ins-and-outs of financial systems as well as have a firm grasp of economic history. This knowledge will greatly inform public policy debates.
In conclusion, this is time for economics students and graduates to understand all important concepts and develop the ability to explain them to non-economists out there.
Have a blessed Sunday. Won’t you?
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