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Are universities teaching the right kind of economics? Are they inspiring students with the right kind of values and skills?
These are amongst some of the questions academics in the economics discipline have been grappling with for quite some time
Economics teaching needs to be more relevant and rooted in reality, not theory. Photo:Jason Winter/Shutterstock
'University economics teaching to be overhauled.'*
This was the caption of a report in the Guardian (Monday 11 November 2013) on the outcome of a meeting of economists hosted by the Treasury in London. The move follows criticism over a 'limited and outdated' curriculum and the failure to include how financial markets can undermine stability.
This is welcome news for those of us who have been pointing out the inadequacy of the economics syllabus at universities. Well before the financial crash of September 2008, I wrote the following:
‘The recent global crises have lead to questions about whether the kind of economics that is taught in universities was responsible for the crisis itself, or indeed for its widespread failure to predict the timing and magnitude of the events that unfolded in 2008. There are many reasons for such failure. However, whatever the reasons might be, I strongly believe that now is the time for us all to begin to debate this issue further and more deeply. Soul-searching and self-criticism should not be seen as a source of weakness, but as a source of strength, humility and the search for wisdom.
‘It is clear that some serious reflection is in order. Not to stand back and question what has happened and why, would be to compound failure with failure: failure of vision with failure of responsibility. If nothing else these current crises of finance, social injustice and environmental devastation present us with a unique opportunity to address the shortcomings of our profession with total honesty and humility while returning the “dismal science” to its true position: a subject of beauty, wisdom and virtue.
‘It seems clear to me that the time has come for economics to change direction and to find a path which does not deviate from true human values. The obviously contrived nature of neo-classical economics has begun to attract many calls for change.”
Even earlier, I had written the following:
‘From 1980 onwards, for the next twenty years, I taught economics in universities, enthusiastically demonstrating how economic theories provided answers to problems of all sorts. I got quite carried away by the beauty, the sophisticated elegance, of complicated mathematical models and theories. But gradually I started to have an empty feeling.
‘I began to ask fundamental questions of myself. Why did I never talk to my students about compassion, dignity, comradeship, solidarity, happiness, spirituality – about the meaning of life? We never debated the biggest questions. Who are we? Where have we come from? Where are we going to?
‘I told them to create wealth, but I did not tell them for what reason. I told them about scarcity and competition, but not about abundance and co-operation. I told them about free trade, but not about fair trade; about GNP – Gross National Product – but not about GNH – Gross National Happiness. I told them about profit maximisation and cost minimisation, about the highest returns to the shareholders, but not about social consciousness, accountability to the community, sustainability and respect for creation and the creator. I did not tell them that, without humanity, economics is a house of cards built on shifting sands.’
These conflicts caused me much frustration and alienation, leading to heartache and despair. I needed to rediscover myself and real-life economics. After a proud twenty-year or so academic career, I became a student all over again. I would study theology, philosophy and ethics, disciplines nobody had taught me when I was a student of economics and I did not teach my own students when I became a teacher of economics.
It was at this difficult time that I came to understand that I needed to bring spirituality, compassion, ethics and morality back into economics itself, to make this dismal science once again relevant to and concerned with the common good.”…
There you have it. Lest we forget: There were economists, who were ahead of their time, who rejected the dominant model of rational choice, the miracle of the efficiency of the market economy and market fundamentalism. They wanted to reconnect the study of economics to the real world; to make its findings more accessible to the public and to place economic analysis within a framework that embraces humanity as a whole. These economists who were open to other traditions and disciplines, were trying to encourage a pluralist approach to the study of economics, looking at economic history, sociology, and anthropology, philosophy, ethics and spirituality for example.
However, it is better late than never. Hopefully now with this new initiative we can reverse the wrongs of new economics and the neo-liberal economists and give to students what they deserve: Economics as if they matter. For further reading, information and original sources for excerpts quoted above see:
*University economics teaching to be overhauled | Business | The Guardian
In Praise of the Economic Students at the Sorbonne: The Class of 2000
Towards an Education Worth Believing In
Small is Beautiful: The Wisdom of E.F. Schumacher
Economics and Economists Engulfed By Crises: What Do We Tell the Students?
“Why Love, Trust, Respect and Gratitude Trumps Economics: Together for the Common Good”:
Kamran Mofid, Globalisation for the Common Good, Shepherad-Walwyn (Publishers), London, 2002
Marcus Braybrooke & Kamran Mofid, Promoting the Common Good, Shepherad-Walwyn (Publishers), London, 2005
Globalisation for the Common Good Initiative (GCGI): A Brief Introduction and Summary
Guided by the principles of hard work, commitment, volunteerism and service; with a great passion for dialogue of cultures, civilisations, religions, ideas and visions, at an international conference in Oxford in 2002 the Globalisation for the Common Good Initiative (GCGI) and the GCGI Annual International Conference Series were founded.
We recognise that our socio-economic problems are closely linked to our spiritual problems and vice versa. Moreover, socio-economic justice, peace and harmony will come about only when the essential connection between the spiritual and practical aspects of life is valued. Necessary for this journey is to discover, promote and live for the common good. The principle of the common good reminds us that we are all really responsible for each other – we are our brothers' and sisters' keepers –and must work for social conditions which ensure that every person and every group in society is able to meet their needs and realize their potential. It follows that every group in society must take into account the rights and aspirations of other groups, and the well-being of the whole human family.
One of the greatest challenges of our time is to apply the ideas of the global common good to practical problems and forge common solutions. Translating the contentions of philosophers, spiritual and religious scholars and leaders into agreement between policymakers and nations is the task of statesmen and citizens, a challenge to which Globalisation for the Common Good Initiative (GCGI) adheres. The purpose is not simply talking about the common good, or simply to have a dialogue, but the purpose is to take actions, to make the common good and dialogue to work for all of us, benefiting us all.
What the GCGI seeks to offer- through its scholarly and research programme, as well as its outreach and dialogue projects- is a vision that positions the quest for economic and social justice, peace and ecological sustainability within the framework of a spiritual consciousness and a practice of open-heartedness, generosity and caring for others. All are thus encouraged by this vision and consciousness to serve the common good.
The GCGI has from the very beginning invited us to move beyond the struggle and confusion of a preoccupied economic and materialistic life to a meaningful and purposeful life of hope and joy, gratitude, compassion, and service for the good of all.
Perhaps our greatest accomplishment has been our ability to bring Globalisation for the Common Good into the common vocabulary and awareness of a greater population along with initiating the necessary discussion as to its meaning and potential in our personal and collective lives.
In short, at Globalisation for the Common Good Initiative we are grateful to be contributing to that vision of a better world, given the goals and objectives that we have been championing since 2002. For that we are most grateful to all our friends and supporters that have made this possible.
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The Globalisation for the Common Good Initiative (GCGI)* is happy to acknowledge and honour the World Kindness Day. A day dedicated to shifting our understanding of whom we are and the very foundations of our world and our humanity.
November 13th was World Kindness Day. It's a day where everyone looks past stereotypes and misfortunes. It's a day to perform a random act of kindness and show the world that we are all in this together. It's a day to show others that, despite the busyness in our lives, kindness, love, sincerity and the common good still exist.
A generous heart, kind speech, and a life of service and compassion are the things which renew humanity. - The Buddha
He that seeks the good of the many seeks in consequence his own good. - St Thomas Aquinas
When I do good, I feel good; when I do bad, I feel bad. - Abraham Lincoln
God loves a cheerful giver. - St. Paul
The purpose of World Kindness Day is to look beyond ourselves, beyond the boundaries of our country, beyond our culture, our race, our religion; and realise we are citizens of the world. As world citizens we have a commonality, and must realise that if progress is to be made in human relations and endeavours, if we are to achieve the goal of peaceful coexistence, we must focus on what we have in common. When we find likenesses we begin to experience empathy, and in such a state we can fully relate to that person or those people. While we may think of people from other cultures as being ‘different’ when we compare them with our own customs and beliefs, it doesn’t mean that we are any better than they are. When we become friends with someone from a different culture we discover that despite some obvious differences, there are many similarities.- Details
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VOLUNTEERS
“Many will be shocked to find
When the day of judgement nears
That there's a special place in heaven
Set aside for volunteers.”-Author unknown
"A generous heart, kind speech, and a life of service and compassion are the things which renew humanity." ~The Buddha~
Those who have visited this website know well of my passion for volunteers and volunteerism. For me, volunteerism is the foundation of all functioning societies and lies at the heart of our human inclination to protect and care for one another.
Let me recall a few examples of my postings on volunteerism and volunteers:
In Praise of Volunteerism: If you want to change yourself and the world for better, think of volunteerism --Your Body, Soul, Mind, Health, Happiness and Volunteerism for the Common Good --In Praise of Caring, Volunteerism and Service for the Common Good: The Story of Camila Batmanghelidjh --In Praise of Generosity, Compassion and Kindness: Lessons of London 2012 – and The Story of the GCGI
As I have said many times, there is no exaggeration, when I say my volunteering work, the GCGI, and more, have saved my life, bringing me much happiness and contentment, caring friends and lasting friendship.
Today, I wish to share with you, an excellent example of the benefits of volunteering, service in the interest of the common good.
It is the story of a young man, called John Morris, who is an activist, volunteer and student journalist. He is studying politics at Keele University.
How volunteering saved my life
Volunteering with the Scouts helped me through the most difficult time in my life and gave me the confidence to go to university
“If I had never joined the Scouts I'm near certain I'd be dead. Scouting, and volunteering in general, gave me a reason to keep going during my troublesome teenage years.
Scouts gave me an escape and a family when my mother was imprisoned for benefit fraud and my siblings were scattered by social services. And volunteering helped immensely during sixth form when I ended up living independently.
During my teenage years, there were times when I struggled and there were moments where I lagged behind in education. Scouting showed me that I could have an impact on the world – even if it was just giving kids something to do. Volunteering gave me what I needed to continue.
Within two years of joining, aged 16 and living by myself, I had raised £1,500 to travel to rural Gambia to build accommodation for teachers. I spent a month there sleeping in tents by the village, engulfed by the sights, sounds and smells of Africa. Two months later, I was camping out in -30C Russia, also as a volunteer.
Why do I think that volunteering is such a good thing to do? I believe that volunteering is worthwhile, no matter what your background is.
Jon Robinson, 22, is a medicine student at Keele University – and believes his voluntary work got him his place there. Jon has helped on wards at a local hospital, been publicity officer for both the University of Birmingham and National Nightline Association, and has set up the Keele branch of Mental Wealth.
He says: "I really think that everyone should have a go at voluntary work at some point, especially while you're at uni. Friends of mine who have gone into the real world find it much more difficult."
My volunteering has led to some amazing experiences. Firstly, a few weeks before starting university I was nominated by my Scout group for the Cambridgeshire young people of the year awards.
To my amazement, I won and accepted first place in front of hundreds of VIPs, friends and politicians. I've never done volunteering for rewards but this helped to show that what I was doing was worth it and that it really did make an impact on the world.
Another fantastic experience was when we went to a local town in Gambia. Towards the end of the expedition our group stayed in Kaira Konko, a scout centre in the local town of Soma. One of the leaders decided to abandon me, leaving me with around 80 kids, most of whom spoke limited or no English, to entertain.
Before long, with the help of an older child to translate and some very bad sign language from myself, I had them playing scout games and activities.
I still volunteer now, for the past year I've been part of Team v, a nationwide leadership program run by v-Inspired, and I continue to engage within the societies at my university campus and I am still a Scout.
I'd recommend volunteering to anyone. It not only enhances your CV, something which is becoming more important, but it gives you opportunities and skills that are otherwise inaccessible.
A report by the Scouts states that 91% of volunteers felt that Scouting has helped them develop key skills and a third felt that they had the ability to access opportunities that are either difficult or impossible to obtain otherwise.
Without volunteering I wouldn't be at university, I wouldn't have the confidence I do now, or be writing this article. Ultimately though, without volunteering I doubt I'd be here at all.”
This article was first published in the Guardian:
http://www.theguardian.com/education/mortarboard/2013/nov/07/volunteering-saved-my-life-student