By Kashvi Singh and Manya Gupta
Illustration by Keo Morakod Ung
For a long time, it was not easy to understand exactly what it was that we expected to see more of in our economics curriculum. We knew that our lectures and seminars were not allowing us to develop the understanding of economics that we had hoped for, and we were certainly not alone in feeling this way. Months of self-reflection, personal research, and involvement with the international Rethinking Economics movement has allowed us to answer this question. When envisioning a comprehensive economics education, we believe that studying economics with a purpose should be at the heart of our learning journey.
To some, this may seem glaringly obvious. After all, Adam Smith wrote the Wealth of Nations not to promote a dogmatic theory–but to solve inefficiencies that emerged from the prevailing mercantilist system. Similarly, contemporary economics must address the most pertinent social problems of our time – issues that are complex, but could be solved by applying combinations of the theories we learn. Isn’t this the purpose of learning economics in the first place?
Economics as a discipline has the potential to address critical issues such as climate change, inequality, migration crises, and development. By instead limiting our study of economics primarily to mathematical equations, abstract models – and assumptions, which are undeniably important, but not sufficient – we restrict the solution-oriented application of economics that is fundamental to any social science.
‘But why is this practical and solution-oriented economics needed at the undergraduate level?’, one might ask. The answer lies on our university’s course page for the BSc Economics programme: ‘Our graduates are employed in areas including management, consultancy, accountancy, banking and public policy.’ This means that,economics students go into high-impact careers upon graduation. It is the knowledge of real-world issues and a solution-oriented mindset that empowers them to use the technical skills acquired within the course, making progressive change through their respective fields. Whilst mathematical foundations and models are useful and necessary, we must reinforce the purpose of studying these through knowledge and application of empirical problems and solutions.
Indeed, universities are making strides in the right direction, albeit with some room for improvement. For instance, during a comprehensive review of our university’s description of its economics curriculum, we encountered promising phrases: ‘Rigorous foundation in economic theories and quantitative tools’, ‘Opportunities to consider real-world problems’, ‘Innovative curriculum’ and ‘Evidence-based economic analysis’. It seems that universities truly wish to set students up for success, a sentiment across various local rethinking economics groups. While their heart is in the right place, delving deeper reveals a surprising disconnect. Despite our initial optimism, no university could stand tall and claim a seamless alignment between the curriculum’s promise and its delivery.
Whilst UCL’s efforts in blending research with theoretical depth are commendable, the broader revelation was more sobering. The curriculum largely neglects alternative economic theories, such as Marxian, Feminist or Ecological economics. Though elective courses often address applied economics, core modules remain predominantly theoretical. Environmental issues and the climate crisis are largely overlooked, often framed as negative externalities. Furthermore, qualitative research methods are largely absent, creating a disconnect with other social sciences. Reports from other local groups echo similar omissions in their curricula, emphasising the widespread nature of this issue and highlighting the need for change.
Discovering these gaps in our economic education has not dampened our spirits; rather, it has sharpened our resolve. This disparity between theory and application underscores not a failure but an opportunity, to evolve the curriculum, ensuring that as students of economics we are adept at not only building models but also well equipped to tackle the pressing global challenges of our times head-on.
UCL Rethinking Economics 