Economics Methodology and the Financial Crisis: A RE – Examination

Abstract

This paper focuses on the vigorous campaigns for a paradigm shift in economics teachings and practices following the global financial crisis of 2007 to 2008. It examines the various issues raised by the proponents of real world economics, especially complaints of the Cambridge-27 Students, the French Students, among others. It draws attention to the inability of economics in solving the real world economic problems due to the current method of teaching and practice of economics. This paper is skewed towards the need to re-design university economics curriculum that would make the teaching of economics to be more relevant and realistic in solving problems of our economic system which are complex, evolving, and unpredictable.