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Cicero’s Children: The Worth of the History of Economic Thought for Business Students

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  • Alex Millmow

Abstract

The Global Financial Crisis is likely to exert some impact upon the prevailing economic and political philosophy. The big question for economic and business instructors is to ponder whether it will lead to any significant changes in economic and business syllabus at Australian universities. The teaching of mainstream economics is durable and usually resistant to change. Yet the crisis has certainly caused rumblings in the teaching of first‐year economics. There is certainly a great curiosity among the young about what went wrong. Moreover, they wish to know why neoliberalism has failed and why state intervention is resurgent. Young minds must be perplexed about the rapid revision of agenda from containing inflation in 2008 to coping with recession in 2009. This paper argues that an introductory course in the history of economic ideas could help tell them why.

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  • Alex Millmow, 2009. "Cicero’s Children: The Worth of the History of Economic Thought for Business Students," Economic Papers, The Economic Society of Australia, vol. 28(4), pages 355-365, December.
    • Handle: RePEc:bla:econpa:v:28:y:2009:i:4:p:355-365
    DOI: 10.1111/j.1759-3441.2010.00042.x
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    1. Malcolm Anderson & Richard Blandy, 1992. "What Australian Economics Professors Think," Australian Economic Review, The University of Melbourne, Melbourne Institute of Applied Economic and Social Research, vol. 25(4), pages 17-40, October.
    2. Heinz Kurz, 2006. "Whither the history of economic thought? Going nowhere rather slowly?," The European Journal of the History of Economic Thought, Taylor & Francis Journals, vol. 13(4), pages 463-488.
    3. David H. Dean & Robert C. Dolan, 2001. "Liberal Arts or Business: Does the Location of the Economics Department Alter the Major?," The Journal of Economic Education, Taylor & Francis Journals, vol. 32(1), pages 18-35, January.
    4. Ian W. McLean & Martin P. Shanahan, 2007. "Australasian Economic History: Research Challenges And Big Questions," Australian Economic History Review, Economic History Society of Australia and New Zealand, vol. 47(3), pages 300-315, November.
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