Almost a decade on, the political fallout from the global financial crisis, amplified in many countries by decades of growing inequality and economic insecurity continues to produce what many economists consider to be unpleasant surprises. We will explore how the standard economic paradigm – what students take away from an undergraduate education in the discipline, for example – has contributed to this debacle. We will also suggest what might be done in response, including a novel way of teaching and learning a new economic paradigm addressed to today’s economic challenges – wealth creation and innovation, inequality, environmental sustainability, economic insecurity and financial instability – and embodying recent advances in the economics of behaviour and decision making, incomplete contracts, strategic interaction, and disequilibrium in housing and financial markets.
About Samuel Bowles
(PhD, Economics, Harvard University) is Research Professor at the Santa Fe Institute where he heads the Behavioral Sciences Program. His most recent book is The Moral Economy: Why good laws are no substitute for good citizens. In addition to teaching economics at Harvard, University of Massachusetts and University of Siena, he has also served as an economic advisor to the governments of Cuba, South Africa and Greece, to U.S presidential candidates Robert F. Kennedy and Jesse Jackson, to members of the Legislature of the State of New Mexico, to the Congress of South African Trade Unions, and to South African President Nelson Mandela.
About Wendy Carlin
(DPhil Oxford University) is Professor of Economics at UCL and Research Fellow of the Centre for Economic Policy Research, London. Her most recent book is Macroeconomics: Institutions, Instability and the Financial System (OUP, 2015). This modernizes the teaching of macroeconomics by introducing an interest rate setting central bank and by integrating the financial system in the macro model. She directs the international [Replaced incorrect character]collaborative CORE curriculum project. She is a member of the[Replaced incorrect character]Expert Advisory Panel of the UK Office for Budget Responsibility and [Replaced incorrect character]was awarded the CBE in the Queen’s New Year’s Honours list for [Replaced incorrect character]services to economics and public finance.
CORE (Curriculum Open-access Resources for Economics), is an [Replaced incorrect character]international collaboration of economists developing a new[Replaced incorrect character]curriculum for undergraduate economics (www.core-econ.org).
Note: Papers, presentation slides and any other material provided by the Guest Lecturer will be made available some time after the lecture at Publications > Media & Speeches > Guest Lectures by Visiting Academics.