Nikos Theocharakis, Associate Professor of Political Economy and Economic History at the Department of Economics, National and Kapodistrian University of Athens, answers the following questions of the Crisis Observatory, concerning Economics and the way it is being taught since the beginning of the crisis (English subtitles available):
Question 1: In the wake of both the financial crisis and the economic crisis that ensued (and continues to cause problems, especially to the European economy), Economics came under harsh criticism. This criticism involved its failure to foretell the crisis, but also the validity of its established models and approaches in general, and their capacity to correctly diagnose economic problems and to offer appropriate policies therefore. In your opinion, is this criticism justified and, if so, what do you think are the lessons that Economics should draw from the recent crisis?
Question 2: Based on your previous response, what do you think that ought to change in the way Economics is taught in universities, considering that economic policy makers of tomorrow are today’s students of Economics?
This is the fourth interview of the series entitled “Discourse on the Economic Science“.