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The Economist as outsider

Economics often cares more about logical rigour than reality, this must change

By Diane Coyle  

Economics needs to change. Many academic and professional economists have been re-evaluating the subject since 2008, reflecting a widespread view within the economics profession that the financial crisis and its aftermath underlined its serious shortcomings. Employers say they can hire economics graduates who are technically able and can manipulate models, but that these graduates are wholly unable to apply what they have learnt in any real world context, have no practical data skills and are unaware of context or recent economic history.   Changes must therefore be made to the way economics is taught, applied and developed.

Economics often cares more…

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