thanks for the comments. well what you say of economics one can say for finance too. Why teach finance in schools? what purpose does it solve? One can learn finance by working in organisations and anyways whatever theories we learn in finance schools are very different from the world of finance.

The article in Mint you mention (http://www.livemint.com/2010/11/18211620/Economics-after-the-crisis-ne.html) was about how economics teachers are looking at changes in their books and teacing curriculum post the financial crisis. I did not mention that I preferred adding more Keynesian and monetarist views. Infact Alan Blinder was wondering how much Keynesian his new book should be.

And what you mention about state of economics in CFA is precisley what needs to change. It needs to be more realistic and explaning current times. The internet sources you mention are also likely to be written by an economist! So there is no escaping them provided you want to be in this field.

I fully agree with you on the more humble economists. But then they are just responding to incentives. Look at importance accorded to the field of economics. One thought it might decline post 2007 crisis but has only increased. I think we all should realise that it is social science and stop expecting too much from the field.

The reality remains. We need to teach economics but has to be on line of principles of economics and not on the priniples of math models which it has become.