Abstract

ORMEROD, Paul. NOTES ON A REAL WORLD ECONOMICS CURRICULUM. Rev.econ.inst. [online]. 2013, vol.15, n.29, pp.13-20. ISSN 0124-5996.

ABSTRACT I propose a well founded and radical reform of the curriculum. However, it is not meant to be a detailed manifesto. For example, the core model of agent behaviour in mainstream economics should still be taught. It is not completely irrelevant to the real world. Nevertheless, it should be just one of a number of ways in which agents behave rather than the way. International trade theory, for example, particularly in its latest Sraffa-Ricardo guise, has much to be recommended. The literature on cross-sectional econometrics inspired by Heckman is important. In ways which become readily apparent when confronted with a great deal of the statistical analysis of such data carried out in the other social sciences. Inevitably, quite a lot of things from the standard curriculum would have to give. However, the main reforms which I would make are, in summary: teaching macro through the perspective of important episodes in economic history, teaching the use of modern simulation software which enables behaviour out of balance to be explored; teaching alternative models of agent decision making, which again can be examined using simulation; teaching network theory, and using this to challenge the assumptions that agents operate independently with fixed tastes and preferences.

Keywords : economic history; simulation; networks; non-equilibrium.

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