Tackling the "Crisis of Conformity" in mainstream economics

We are building the profile of economic pluralism
to challenge the monopoly of mainstream economics
by co-creating an accreditation scheme to establish a common identity for a pluralist approach to teaching economics.

Please contribute to the discussion of what is required for teaching to be considered pluralist.

Your voice matters.

Why we are doing this

10 Years after the Crash revealed the limitations in economics,  there has been minimal change…

The Institute for New Economic thinking have dubbed this a ‘Crisis of Conformity’ based on their research.  As a result students around the world leave economics programs with a belief that there is only one way of thinking about economics. This group think pervades policy, politics and the media and stifles policy reform.

….as the neo-classical monopoly prevents such change

Most economists lack awareness of or competency in any school of thought outside neo-classical economics. These economists control top economics departments and effectively define economics. They are unlikely to change anytime soon.

Outside mainstream economics departments, pluralist programs are developing but lack a common identity or ‘brand’….

There is a wide range of innovative teaching in economics that recognises different approaches to thinking about economics – see here more on what this might mean. This teaching is often outside even economics departments in a range of other disciplines and interdisciplinary centres – see here. Hence they lack a common identity.

…while there is a growing demand for new thinking in the context of the political, economic and environmental crises we face

As well as the student movement, there are also a range of high-profile actors in policy, finance and business, who recognize that new thinking is required to address the current crises – see our supporters so far here and become one too.

For more explanation of our approach see our blog here…….

How we are doing this

We are facilitating a 2 phase international online dialogue

  • Phase I is developing the broad principles and process on criteria, evidence and governance.
  • Phase II will be used to develop detailed processes and practicalities.

We aim to open the system for accreditation in mid 2020.

You can see more detail about the co-creation process here.

We have used an online platform to establish high-level consensus, shared google docs and blogs to work through the detail, and Zoom meetings to discuss controversial issues.

Progress so far in Phase I

We have co-created the broad principles and criteria for teaching economics from a pluralist perspective – see here. We are currently seeking endorsement for these from academic associations and other stakeholders. So far Reteaching Economics, the Association for Heterodox Economics and the UK & Ireland Principles for Responsible Management Education Regional Chapter have provided endorsement and we expect to get endorsement from others over the coming months.

We are currently looking for comments on our approach to assessment, compliance and learning here and on governance here. Please add your thoughts.