Rethinking Economics is a network of academic scholars and students in several countries that promotes pluralism in economics. It grew out of the broader International Student Initiative for Pluralist Economics and has groups in the United Kingdom, Italy, the Netherlands, India, Bangladesh, the US, Norway and many more countries. The goal of the movement is to open up the discipline to different schools of thought in economics other than

neoclassical economics Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a go ...

and to other disciplines in the

social science Social science (often rendered in the plural as the social sciences) is one of the branches of science, devoted to the study of societies and the relationships among members within those societies. The term was formerly used to refer to the ...

s. Another aim is to make economics more accessible to the broader public.

Background

In 2011, the

Bank of England The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694 to act as the Kingdom of England, English Government's banker and debt manager, and still one ...

organized a conference ‘Are Economics Graduates Fit for Purpose?’ which although widely discussed did not lead to substantive changes in the way economics is taught in many universities. Subsequently, a group of Manchester economics students who were dissatisfied with the inertia of the economics discipline after the

Great Recession The Great Recession was a period of market decline in economies around the world that occurred from late 2007 to mid-2009.

founded the Post-Crash Economics Society.

Goals

The group campaigns for multiple changes in the research and teaching of economics, as well as for a different connection between economics and the public. Specifically, Rethinking Economics demands more real-world applicability of the contents in economics degrees. Moreover, they want to show that economic approaches are contested instead of being akin to physics-like laws, which makes it necessary to introduce students to a variety of approaches in orthodox and

heterodox economics Heterodox economics is a broad, relative term referring to schools of economic thought which are not commonly perceived as belonging to mainstream economics. There is no absolute definition of what constitutes heterodox economic thought, as it i ...

as well as equipping them with tools to critically evaluate these approaches. The campaign's goal is therefore not to displace

Neoclassical economics Neoclassical economics is an approach to economics in which the production, consumption, and valuation (pricing) of goods and services are observed as driven by the supply and demand model. According to this line of thought, the value of a go ...

but instead to let other approaches join the ranks in economics curricula and research. Another aim of the group is to make economic knowledge more widely available and breaking economists' monopoly of such knowledge.

Activities

The networks in the various countries are actively campaigning for changes in the curriculum of economics degrees. This includes lobbying with economics departments at universities, organizing public events and providing material to students and teachers in economics. The British Rethinking Economics group has to date published two books on the subject. In The Econocracy, a team of students links the dominance of neoclassical economics to an erosion of a wider democratic discussion about how the economy should be seen and organized. A second book called Rethinking Economics: An Introduction to Pluralist Economics provides an overview of different schools of thought in economics that are rarely included in introductory textbooks of economics. It includes chapters on several

heterodox In religion, heterodoxy (from Ancient Greek: , + , ) means "any opinions or doctrines at variance with an official or orthodox position". ''Heterodoxy'' is also an ecclesiastical jargon term, defined in various ways by different religions and ...

schools of thought written by leading academics in the field. The Dutch branch of the organization has conducted an extensive curriculum review of undergraduate economics degrees in the Netherlands. Courses were evaluated according to different criteria such as how many different methods and schools of thought are taught, how much

critical thinking Critical thinking is the process of analyzing available facts, evidence, observations, and arguments to make sound conclusions or informed choices. It involves recognizing underlying assumptions, providing justifications for ideas and actions, ...

is fostered and the real-world relevance of the courses. Both the

and the

Institute for New Economic Thinking The Institute for New Economic Thinking (INET) is a New York City–based nonprofit think tank. It was founded in October 2009 as a result of the Great Recession, and runs a variety of affiliated programs at major universities such as the Cambr ...

have collaborated with the movement in the past. Rethinking Economics for Africa (REFA), which emerged from the

University of the Witwatersrand The University of the Witwatersrand, Johannesburg (), commonly known as Wits University or Wits, is a multi-campus Public university, public research university situated in the northern areas of central Johannesburg, South Africa. The universit ...

in Johannesburg and has since expanded across South Africa, hosts an annual Rethinking Economics for Africa Festival, sponsoring students from across the continent to attend and featuring discussions and debates by prominent economists including Thandika Mkandawire, Jayati Ghosh, James Galbraith, and others. The festival is free for students, academics, and members of the public. Rethinking Economics Norway was founded in 2016, and has chapters at all the large universities. In 2021 the organization published the book ''Økonomisk tenkning'' conomic thoughtpresenting different economic schools of thoughts.

Reception

The movement has received coverage by newspapers such as the

Financial Times The ''Financial Times'' (''FT'') is a British daily newspaper printed in broadsheet and also published digitally that focuses on business and economic Current affairs (news format), current affairs. Based in London, the paper is owned by a Jap ...

and endorsements by various public figures. Cambridge economist

Ha-Joon Chang Ha-Joon Chang (; ; born 7 October 1963) is a South Korean economist and academic. Chang specialises in institutional economics and development, and lectured in economics at the University of Cambridge from 1990–2021 before becoming pro ...

praised their newest book as a 'highly relevant and enlightening contribution to a debate that will shape the future of the

world economy The world economy or global economy is the economy of all humans in the world, referring to the global economic system, which includes all economic activities conducted both within and between nations, including production (economics), producti ...

as well as the way in which economics is taught and debated'.{{cite web, url=https://www.routledge.com/Rethinking-Economics-An-Introduction-to-Pluralist-Economics-1st-Edition/Fischer-Hasell-Proctor-Uwakwe-Perkins-Watson/p/book/9781138222687, title=Rethinking Economics: An Introduction to Pluralist Economics, 1st Edition (Paperback) - Routledge, website=Routledge.com Chief economics commentator of the Financial Times

Martin Wolf Martin Harry Wolf (born 16 August 1946 in London) is a British journalist who focuses on economics. He is the chief economics commentator at the ''Financial Times''. He also writes a weekly column for the French newspaper ''Le Monde''. Earl ...

wrote the foreword to the book and welcomed the initiative.

References

External links

Official website
Schools of economic thought Economics societies Philosophy of economics Economic methodology Pluralism (philosophy)