Subjects such as public finance, corporate finance, banking theory, risk management and management accounting are all largely based on the neoclassical approach. Most recent appointed professors have started their work with ideas based on a neoclassical fundament and its methodological preferences. Neoclassical economic thinking is not bad in itself. It has brought much good, even. However, now the downside of neoclassical theory has occurred. Failing financial markets have plunged the global economy into crisis. It is, therefore, high time for a debate on economic concepts as taught in universities and business schools. Are students really trained to think critically about economic theory and the consequences when economic theories are put into practice?
|Publication status||Published - 12 Jan 2010|
- economic crises
- neoclassical school
- public finance
- economic models