Getting the Measure of Money
£12.50This book examines the measure of money and, in that light, the actions of the Bank of England in the lead up to the 2008 financial crisis and its aftermath.
£14.99
What’s the Use of Economics? Teaching the Dismal Science after the Crisis
Diane Coyle (ed.)
The gap between important real-word problems and the workhorse mathematical model-based economics being taught to students has become a chasm. This book examines what economists need to bring to their jobs, and the way in which economics education in universities could be improved to fit them better for the real world.
(Buy this book here from Amazon US or here from the Book Depository (with free international shipping to many countries).)
Click here to watch a Royal Economic Society video featuring contributor Wendy Carlin, on the subject of the reform of the higher education curriculum in economics.
With the financial crisis continuing after five years, people are questioning why economics failed either to send an adequate early warning ahead of the crisis or to resolve it quickly. The gap between important real-world problems and the workhorse mathematical model-based economics being taught to students has become a chasm. Students continue to be taught as if not much has changed since the crisis, as there is no consensus about how to change the curriculum. Meanwhile, employer discontent with the knowledge and skills of their graduate economist recruits has been growing.
This book examines what economists need to bring to their jobs, and the way in which education in universities could be improved to fit graduates better for the real world. It is based on an international conference in February 2012, sponsored by the UK Government Economic Service and the Bank of England, which brought employers and academics together. Three themes emerged: the narrow range of skills and knowledge demonstrated by graduates; the need for reform of the content of the courses they are taught; and the barriers to curriculum reform.
While some issues remain unresolved, there was strong agreement on such key issues as the strengthening of economic history, the teaching of inductive as well as deductive reasoning, critical evaluation and communication skills, and a better alignment of lecturers’ incentives with the needs of their students.
“With outstanding essays from the likes of Andy Haldane, John Kay and Andrew Lo, this book should be read by anyone interested in – or anxious about – what economists do and how economics is taught.”
Tim Harford, author of The Undercover Economist and Adapt
Tim Harford, author of The Undercover Economist and Adapt
“Superb! Diane Coyle has catalysed what is long overdue: candid self-questioning by economists of a discipline that did not anticipate the crisis and has barely changed since despite its self-evident shortcomings. Some spectacularly good reads. Economics cannot stay the same after this book.”
Will Hutton, Principal of Hertford College, Oxford, Observer columnist and Chair of The Big Innovation Centre
Will Hutton, Principal of Hertford College, Oxford, Observer columnist and Chair of The Big Innovation Centre
“This book sets the agenda for the debate by economists and policymakers trying to avoid another financial crisis. The self-critical chapters by top-tier economists and practitioners provide fascinating insights into what went wrong and how the economics profession should reform itself.”
Dr DeAnne Julius CBE, Chairman of Chatham House and former member of the Bank of England’s Monetary Policy Committee
Dr DeAnne Julius CBE, Chairman of Chatham House and former member of the Bank of England’s Monetary Policy Committee
Howard Davies, founding chairman of the Financial Services Authority, writes about “Economics in Denial” and discusses the book here.
Larry Elliott, economics editor of The Guardian, writes about rethinking how economics is taught and mentions the book here.
Declan Jordan of the LSE Review of Books gives the book a glowing review here (“highly recommended”), saying: “For anyone involved in teaching economics the calibre of the contributors alone makes this book worthwhile, but it is the quality of the papers that makes it required reading.”
Other books you might be interested in
The Itinerant Economist: Memoirs of a Dismal Scientist
£14.99A fly on the wall, warts and all, description of what it was like to be a market economist during the extraordinary 25-year period that finance came to exert a disproportionate influence on the lives of almost everyone on the planet. It was quite a ride and not without its moments of pathos and humour.
The Future of Finance: The LSE Report
£14.99We invited eighteen leading British thinkers on the reform of the world financial system and what a financial system is for to form a Future of Finance Group. They included journalists, academics, financiers and officials from the Financial Services Authority, the Bank of England and the Treasury. The result is this book.
The Legal Team of the Future: Law+ Skills
£25.00The Legal Team of the Future is the definitive guide to understanding and building the holistic skills required of those working in legal services now and in the future. Highlighting the importance of multidisciplinary teams working collaboratively to solve legal problems, the book introduces a ‘Law+’ model for the profession.