At University of Bergamo we are trying to launch a new master's degree program: EGM is a master course designed to meet the growing demand of those students who seek a degree that combines a solid training in Economics and Quantitative Techniques with a thorough knowledge of the European and the global economic and institutional context. Pluralism and Critical Thought are encouraged.
In the era of information, globalization and of deep institutional changes across Europe and major industrialized economies, students in Economics and Global Markets will learn how to assess the impacts of normative changes, regulations and institutions that govern the functioning of product, labour and financial markets. The main objectives of the analysis are the performances of public and private enterprises, as well as the growth prospects of countries and organizations.
The course provides strong economic foundations, institutional knowledge as well as statistical and econometric tools necessary to perform market and sector analysis, impact evaluations and forecast scenarios also at the firm level. The course covers a wide range of economics fields, including international economics, industrial economics, labour economics, public policy and macroeconomics (by presenting both mainstream and heterodox approaches). Is this sufficient to support Pluralism and Critical Thought? Or should we concentrate our teaching just on heterodox economics? Finally, is correct using the notion of economics, as it was neutral, or is better re-introducing in the debate the difference between political economy (in the meaning that the notion has in Smith, Ricardo and Marx) and economcis?
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Of course quantitative approaches can help to forecast the destination of a country's economic-life but descriptive/qualitative approaches are also necessary for evaluation of value-judgement.
Stefano -- critical thinking is best taught by provation and rigor. State things like, it is inefficient to raise children in Italy, we should outsource that to Africa! Or ask students why are there alway cues in front of the ladies rooms, but not in front of the mens? Why ist there no market equalizing the cues? - And then you accept any answer based on sound (economc) logic. You could have them read provocative texts and then have them analyze it. - The question must always be: Can sound analysis beat common sense? - If you want them to think out of the box, make them feel a bit uneasy as long as the don't.
If you want pluralism, treating economics as neutral would, in my view, not be advisabe. There is a sound argument that econmics is not neutral by truning a blind eye on human character strenths like there will to cooperate. Goshal/Moran 1996 is a good starting point, Animal Spirits (Ackerlof/Shiller) a warm recommendation. See also Happiness Economics and works of Bruno Frey and Ernst Fehr. In case you do untersand any German, see also: www.subjektivewirtschaft.blogspot.com
About Critical Thinking, is important to make the difference between it and divergence thinking (what Alexander is thinking about). Critical thinking is, as Benjamin beatiful describes, "to brush history against the grain."
With that in mind, is a very good idea to re introduce the debate between political economy and economy as it. In that way, the students will have the ability to look beyond what is call as the "Status Quo" of economy and to see that economy isn't a neutral subject but the core and one of the weapon in power strugles.
About Pluralism, i think the discusion in feminism and multiculturalism as how economics has influences and is influenced by cultural and gender is very important. For example, Why what is called as a great idea for anglosaxon world is a disaster in latin america or middle wes?t, or, How do the women labour, women rights, etc. has important impacts on country economics (or even company economics)?. What are we doing about indigenous economic thinking? Do they have something to say? Bolivia things so, and it appears to have been a great economic motor today.
I hope this proves usefull to you. Seems a good master degree if it moves in that way. In the present world, it seem very necesary
@ Alexander Huzinker: may you give me an example about what you consider provocative texts? Thanks
Regarding the importance of pluralism in economics'teaching, something is happening in France. See http://assoeconomiepolitique.org/petition-pour-le-pluralisme-maintenant/
We cannot think that there is just one way to be logical when we study the economic systems. "Economics" does not mean "objectivity". Let me do a little example, without connisdering the big problem of the "Critique".
The labels ‘political economy’ and ‘economics’ refer to two alternative and copresent visions in the practice of economic theory. This distinction is both historiographical and epistemological. Political economy came into being as an independent and systematic discipline in strict concomitance with the advent, spread and triumph of the capitalist mode of production as a historically determined form of organization of the material relationships of existence. The theoretical autonomy of political economy in fact coincided with the establishment of the economic process as a circular process of production and reproduction of surplus value (see Lunghini G. "Political Economy and Economics", 1998 in "The Elgar Companion to Classical Economics") Economics can be understood not as an analysis of a given mode of production, but as a technique for solving the economic problem that is assumed as general and eternal: to what extent should individuals, by means of exchange, redistribute the goods and services initially at their disposal to obtain the best outcome, according to their preferences. Labour and capital, on the other hand, are conceived exclusively in their material connotation. Rather than investigating the inner connection of production relations, economics institutes functional relations of co-existence and sequence among categories whose essence it does not investigate.
We should take note that neoclassical economics is a dominant force. In order to compete it in this situation, it is necessary to build a comparable or better and more systematic theory than the neoclassical theory.
In the philosophy of sciences, it is said that what can defeat a theory is only a theory.
If you want to contrast Political Economy and (Neoclassical) Economics, you should provide a firm theory framework of the Political Economy. Do you have any idea on this point? Mere introduction to texts of Smith, Ricardo and Marx is not sufficient. You should extract the core from Political Economy and develop it to a theory with which to explain the 21st century phenomena.
We needs a revival of classical theory of value. I made an attempt to do that in a conference paper The Revival of Classical Theory of Values.
Conference Paper The Revival of Classical Theory of Values
Let me add one more point.
Mere introduction of institutions is quite weak as a strategy. Think of Daron Acemoglu. He talks a lot about institutions but his economics is totally based on neoclassical economics and he is a preacher of the mainstream economic thought.
I have read Madi and Reason (Eds.) The Economics Curriculum: Towards a Radical Reformulation which appeared at the end of 2014. As you are working to launch a new master's degree program based on pluralism, you must have read it already. There are several Italians among writers and I suppose you have a close contact with editors and contributors.
This is a very good book in thinking of pluralist education. It is written with an intension to reorganize undergraduate economics major course but I think it is also informative to start a new master course.
Many topics are treated. For example, Sheila Dow argues that teaching of methodology should be in the core of new curriculum. Alessandro Roncaglia advocates including History of Economic Thought in the new curriculum. Constantine Pessaris and Reardon propose to include Economic History as an introductory and as core curriculum.
I agree with all these ideas. My worry is if we can include all of these contents and if students can digest all of them.
To create a new program is to make a new skin and the new skin requires new wine. In this regard, Grazia letto-Gillies was persuasive. As we are living in the age of globalization and firms are operating as Multinational or Transnational companies (MMC or TNC), she argues that research and education on this topic are an absolute necessity. Arturo Hermann discusses the international dimension of market relations and Constantine Pessaris think it necessary to "internationalize" the economic curriculum. It seems there is a kind of consensus on "internationalizing" economics teaching.
What I thought lacking is the theoretical framework with which to analyze direct investment, globalization, fragmentation, global value chains, the second unbundling (after Richard Baldwin) and other phenomena. Letto-Gillies is reviewing history of trade and related theories. She cites, for example, Stephen Hymer (theory of Direct Foreign Investment), Richard Vernon (his Product Cycle theory), Evolutionary Theory approach to the TNCs (Nelson and others), and New Trade Theories (Krugman and Helpman). There is now one more new trend, called New New Trade Theory. It was introduced by Melitz by his 2004 paper and others.
As letto-Gillies suggests it, these theories (perhaps with Hymer as an exception) are all based on neoclassical traditions. In her expression, the introduction of new trade theories "has made the subject [analysis of TNCs] more acceptable in neo-classical circles and may be responsible for an increasing inclusion of the field into pedagogy in economics department." (p.76)
In order to cope with this situation, it is evident that we need a new theory of trade. As Fullbroock (cited by Reardon, p.215) argues, we need to present a coherent theory not based on neoclassical economics.
In the previous post, I argued that the new price theory could be modernized classical theory of value. We may call it Post Keynesian Price Theory after Frederic Lee. In view of necessity to introduce global affairs, I want to add that a new trade theory or new theory of international values is already developed and ready to be applied in the analysis of various globalization phenomena. See two of my papers:
Final Resolution of the Ricardian Problem on International Values
On Ricardo's Two Rectification Problems
(Links are given below)
The new theory is constructed on the Ricardian tradition and can be used as basic theory for the analysis of phenomena like fragmentation, unbundling and flying geese formation. In the traditional trade theories, including HO theory, HOV theory, New trade theory and New New Trade theory, could not treat trade of input (or intermediate) goods, because they all assumed that final products are only traded. The new theory assumes trade of intermediate goods and choice of techniques. It is a theory of multi-country, multi-commodity trade economy. It can determine (in principle) the prices of commodities and all nations’ wages.
One of applications of the theory is given by the paper written in collaboration with Fujimoto:
Inter and Intra Company Competition in the Age of Global Competition: A Micro and Macro Interpretation of Ricardian Trade Theory
Conference Paper On Ricardo's Two Rectification Problems
Article Inter and Intra Company Competition in the Age of Global Com...
Multidisciplinary – Two or more subjects are organized around the same theme and skills. For example, subjects such as social studies, biology or science, language arts, physical education, and home economics, are subject areas that can be organized around a theme.The core skills are identified and specific areas are allocated among the identified subject areas.
http://hhd.org/sites/hhd.org/files/HFLE%20Curriculum%20Framework_Merged.pdf
This question of @Stefano Lucarelli was discussed 2 or 3 years ago. Recently I have posed a question that is closely related to Lucarelli's question. I hope question followers of this page will join to the discussion on my question:
What is happening in your country with regard to the economics education?
https://www.researchgate.net/post/What_is_happening_in_your_country_with_regard_to_the_economics_education
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