Lin See Yan: Has economics teaching failed? No. Could it be done better? Of course.
ECONOMICS is about life – about making the world a better place to live; about making life better. So, very much like medicine, economics is a practical discipline, especially macroeconomics – invented by Lord Keynes in response to the Great Depression. It figures out what’s going on and wrong in an economy, and how to put it right.
Like Queen Elizabeth II, who famously asked in November 2008 why no one saw the 2007 crisis coming, most have grown increasingly sceptical of the economist’s ability to explain and predict developments, let alone offer sound policy solutions.
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