Towards a better economics curriculum3 min read 21 Sep 2017, 03:45 AM IST
The current introductory economics curriculum in India is dated and continues to be taught only because of habit and inertia
Paul Samuelson, the Nobel Laureate in economics, once said, “I don’t care who writes a nation’s laws, or crafts its advanced treatises, if I can write its economics textbooks". He was right about the greater impact. Samuelson’s famous textbook, Economics, created a paradigm which formed the cornerstone of millions of people’s understanding of economics across the world for decades. To simplify greatly, Samuelson brought together in one frame the insights of Marshallian microeconomics and Keynesian aggregate demand. It helped consolidate the view of the market economy as a self-equilibrating system with some failures—externalities, insufficient public goods and occasional demand shortfalls, all of which could be addressed by appropriate intervention. Modern best-selling textbooks such as Gregory Mankiw’s Principles Of Economics stick to this formula, adding updates from more modern research as an afterthought.