Mankiw's students want reality with their economics

HARVARD & THE MANKIW REVOLT


“Dear Professor Mankiw—

Today, we are walking out of your class, Economics 10, in order to express our discontent with the bias inherent in this introductory economics course. We are deeply concerned about the way that this bias affects students, the University, and our greater society.

As Harvard undergraduates, we enrolled in Economics 10 hoping to gain a broad and introductory foundation of economic theory that would assist us in our various intellectual pursuits and diverse disciplines, which range from Economics, to Government, to Environmental Sciences and Public Policy, and beyond. Instead, we found a course that espouses a specific—and limited—view of economics that we believe perpetuates problematic and inefficient systems of economic inequality in our society today.

A legitimate academic study of economics must include a critical discussion of both the benefits and flaws of different economic simplifying models. As your class does not include primary sources and rarely features articles from academic journals, we have very little access to alternative approaches to economics. There is no justification for presenting Adam Smith’s economic theories as more fundamental or basic than, for example, Keynesian theory.”

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Vot?!?! Zee Ekonomiks ist nein vooted in veality???? Zay vant more info on competing systems? Oy!


Wait til they get to the crap about raising the minimum wage causes unemployment and companies can self regulate themselves, lol.

 

Ahaha, Mankiw.

While he does devote some attention to externalities, market power, and market failures in his elementary econ texts, which to me are critical issues that warrant much more exploration in academia than they ever receive, he represents to me everything that is wrong with the reductive brainwashing inherent in economics departments and MBA curricula over the last several decades. Some MBA schools are trying to reform after 2008, which is refreshing to see. But it's doubtful they can extract themselves from the conflicts of interest they've mired themselves in.

These students probably could have been more specific, but it's good to see some actually get it.

 

Hope he gives them all a failing grade

 

Of course he will.

 

I don't know about the rest of it, but from a real world market perspective, there is definitely a money multiplier. Not sure if we are talking about the same thing though...

Regardless, this is fascinating. Thanks for posting that article.

 

University Of Chicago is where "True" studies of Finance and Economic Theory Happen.

Harvard is a liberal summer camp and a Joke of an Education now adays.

 

I think there is a good argument that if you are prepared to keep up with it and read papers, that the internet and discussion forums can provide as good if not a better education than universities now.

ET for example has professionals who you can discuss things with and often papers are posted here.

 

Equal opportunity and enforced quotas is killing productivity and progress in the US. People, sadly but necessarily, should be evaluated based on their IQ, otherwise we will end up having low IQ managers and politicians governing us and taking decisions about our future.

Obviously, those low IQ students do not understand that Economics is not a science but ideology and exposure to many ideologies at the same time leads to eclectic bahavior that is incoherent.

They should all be flanked.

 

Hahaha - internet forum == formal education; but then, shouldn't be surprising that this comes from a guy who thinks having a last name of Morgan gives his a genetic advantage in opening banks.

Haha - you've made my day once again

 

Economic professors are terrible traders and investors cause they overanalyze everything.