Kate Raworth
Araging debate about economics has kicked off after Howard Reed suggested in Prospect’s May issue that we need to “rip it up and start again.” Fierce resistance has come from academics who insist that such critics ignore what economists really do. My concern lies not with what economists do—many do excellent and innovative research—but with what economists teach, especially in introductory courses. Most people who study economics only study a little before becoming politicians, journalists, civil servants, executives, lawyers and community leaders. That makes the most basic course— Economics 101—the most influential one. It frames the economic narrative in boardrooms, in editorial meetings, in parliamentary debates, and in public discourse.