The 2008 financial crisis and economic pedagogy

The global financial crisis of 2008 surprised most people, especially economists. Indeed, the financial crisis had a more devastating effect than simply creating the most significant global economic crisis since the Great Depression of the 1930s: It rocked the epicentre of the economics profession. More specifically it revealed the fault lines in the training and pedagogy of contemporary economists, exposing significant deficiencies in contemporary preparation and training for future economists. This article will describe and analyse the errors and omissions in the academic training of economists and propose specific remedies and solutions towards enhancing the efficacy of the economics curriculum. There is need for a new and more comprehensive curriculum for economics training that is congruent with the new global economy of the 21st century.