The Economic Revolution: A Student-Led Movement to Redefine Economics Education
The global financial crisis of 2008 exposed the limitations of traditional economics teaching, sparking a student-led movement to revolutionize the field. This movement, known as Rethinking Economics, emerged from the frustration of students who felt the curriculum failed to address the economic challenges they faced in their daily lives.
The Spark of Discontent
At Harvard University, students walked out of their introductory economics class, criticizing its narrow focus that perpetuated economic inequality. Simultaneously, economics students at Manchester University in the UK felt the rigid mathematical formulas they learned had no relevance to the economic turmoil they witnessed. These isolated incidents ignited a global movement.
A Global Movement Takes Shape
In early 2013, at the London School of Economics, the inaugural meeting of Rethinking Economics brought together students from various universities. This student-led organization aimed to challenge the status quo and promote a more comprehensive and critical approach to economics education.
Challenging the Neo-Classical Dominance
Yuan Yang, a founding member and current Labour MP, recalls the chaotic yet inspiring first meeting. The movement's early days relied on volunteers and the generosity of academics like Ha-Joon Chang, who helped with logistics and even made name tags.
Chang, a renowned economist, emphasized the movement's impact: "Rethinking Economics has exposed the flaws in neo-classical economics, which has dominated universities for decades. By advocating for a more pluralistic, ethically conscious, and historically aware approach, the movement has sparked significant changes in economics teaching worldwide, though these changes are still insufficient."
A Global Reach and Impact
Rethinking Economics has grown exponentially, now boasting thousands of members, including eminent economists, across more than 40 countries. The movement's goal is to transform economics education into a "plural, critical, decolonized, and historically grounded" discipline, moving away from a single, seemingly neutral framework.
Sara Mahdi, the communications lead, explains: "We're building an international network of young people passionate about an economics that reflects the real world. We want to integrate ecology, power dynamics, institutions, history, and inequality into the curriculum and respect diverse economic theories and methods."
Tangible Changes and Impact
Since its inception, the movement has achieved remarkable results. Mahdi highlights over 80 campaign wins in universities across 35 countries since 2019, including 23 major curriculum reforms, impacting tens of thousands of students. These reforms go beyond adding optional lectures, reshaping the core economics curriculum.
Notable Curriculum Changes
- Goldsmiths, University of London: Introduced a Politics, Philosophy, and Economics course in 2014.
- University of Lille, France: Implemented an interdisciplinary program in 2020.
- Leiden University, Netherlands: Added an Economics and Society undergraduate program and a Public Sector Economics masters program in 2023.
South Africa: A Progressive Hub
South Africa's Rethinking Economics group is particularly active, emerging from a broader student protest movement demanding greater access to higher education for poorer communities. Amaarah Garda, a junior program officer, explains how the movement evolved: "Initially, we protested against fees, but it became a critique of the academic system's colonial mindset."
Collaborative Efforts and Support
Many academics have embraced the movement's efforts. Clara Mattei, a professor at the University of Tulsa, collaborates with Rethinking Economics students to improve economic education and empower the public. Jayati Ghosh, an economics professor at the University of Massachusetts Amherst, praises the movement's thoughtful approach and willingness to engage with diverse perspectives.
The Power of Student-Led Change
Rethinking Economics challenges established economists to re-evaluate their assumptions. Despite power structures within institutions and thinktanks that resist change, the movement continues to make headway, proving that economics education is too important to be left solely to economists.
