Good friend Niranjan sent me this piece from Quartz on the importance of economics education. Overall, the piece was somewhat self-contradicting and not rigorously argued.
Here are two sentences from the piece:
“Economics education, at all levels, aims to offer an overview of different models and how to apply them.”“An economics education aims to provide framework to better understand how the world works. “
First, the two sentences are contradictory. If the idea is to provide different models, then it must provide more than one framework to understand the world.
Second, the criticism against economics education was that it did not teach different models and different schools of economics to students. It became too homogenous – only the market mattered and that market efficiency was absolute.
Third, there is a difference between models and theories. Economic models or economic theories (if they can be called that) are points of departure to understand the world and why it operates differently from the predictions and inferences of the theory. They do not describe the world.
Most economics teachers did not and do not emphasise that point to their students. These theories are presented as universal and cast-iron truths.