Teaching economics in today’s world

Prof Deepanshu Mohan of OP Jindal University on the topic:

It is that time of the academic year when most instructors prepare to begin teaching a new cohort of perceptive, young minds joining university campuses. As an instructor of economics, it is fascinating to welcome students, introduce them to higher possibilities of learning, and teach foundational concepts using illustrative cases based on real-world scenarios….

…….

Most economic models studying the effectiveness of tariffs in improving the aggregate productivity of any product may reflect on how there is very little empirical support for such a trade policy measure. The role of narratives here would be to draw out perspectives from target groups of domestic manufacturers and facilitate such observed findings as part of a feedback mechanism, testing the effectiveness of the policy. With a complementary use of narratives over and above the mathematical framework of models, it is further possible to determine under what kind of conditions a policy may or may not yield a desired set of outcomes.

Economists and those training to become one can, therefore, be seen merely as social engineers or modelling architects representing different real-world scenarios. Students and teachers of the discipline can hardly see economics as some form of an exact science but one that simply uses mathematics and narratives as mediums of communication. Cultivating an attitude of humility with a quest to constantly experiment with methods within different contexts are critical values in training students of economics to further strengthen the social contract between the economist and civil society.

Hmm…Really important to keep the humility bit in the subject.

The article would have added much more if Prof Mohan also told us about his challenges teaching economics to students in India..

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