Are the students revolting, or is it economics?

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Main­stream econ­o­mists have long ignored the dynam­ics of pri­vate debt, mon­ey and banks to their detri­ment. Now more than ever, a real­is­tic and non-ortho­dox approach to eco­nom­ics is need­ed.

Last week I made my first over­seas trip on which I ticked the box ‘Aus­tralian res­i­dent depart­ing per­ma­nent­ly’. It’s giv­en me cause to reflect on my career as an aca­d­e­m­ic econ­o­mist (and part-time jour­nal­ist) in Aus­tralia.

This week, I com­menced a new role as Head of the School of Eco­nom­ics, His­to­ry and Pol­i­ticsat Kingston Uni­ver­si­ty, Lon­don, 41 years after my life as an econ­o­mist began in 1973. That’s not when my PhD was approved, nor when I got my first aca­d­e­m­ic job, but the date on which I par­tic­i­pat­ed in the stu­dent revolt over the teach­ing of eco­nom­ics in a dis­pute that led to the for­ma­tion of the Depart­ment of Polit­i­cal Econ­o­my at Syd­ney Uni­ver­si­ty in 1975.

This dis­pute has always been tagged with a left-wing brush. Australia’s cur­rent Prime Min­is­ter Tony Abbott, when he was Pres­i­dent of the Stu­dents Rep­re­sen­ta­tive Coun­cil at Syd­ney Uni­ver­si­ty in 1979, sup­port­ed cut­backs to Uni­ver­si­ty fund­ing on the grounds that they would force Uni­ver­si­ties to stop run­ning cours­es like polit­i­cal econ­o­my:

Abbott: “Quite frankly I think that these cours­es are not only triv­ial, but they are attempts by unscrupu­lous aca­d­e­mics to impose sim­plis­tic ide­o­log­i­cal solu­tions upon stu­dents, as it were to make stu­dents the can­non fod­der for their own pri­vate ver­sions of the rev­o­lu­tion. And I think that if there were fur­ther cuts to the edu­ca­tion bud­get well then we would cer­tain­ly see the Uni­ver­si­ties crack­ing down on that sort of course. The fact that they can offer that sort of course is to me proof that there is room for fur­ther cuts.”

Inter­view­er: “You also sug­gest cut­ting out polit­i­cal econ­o­my?”

 Abbott: “That’s right” (Tony Abbott, Uni­ver­si­ty of New Eng­land radio inter­view 1979)

Click here to read the rest of this post. (PS: this post had to be edit­ed for length on Busi­ness Spec­ta­tor. I will post the extend­ed ver­sion here next week)

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About Steve Keen

I am Professor of Economics and Head of Economics, History and Politics at Kingston University London, and a long time critic of conventional economic thought. As well as attacking mainstream thought in Debunking Economics, I am also developing an alternative dynamic approach to economic modelling. The key issue I am tackling here is the prospect for a debt-deflation on the back of the enormous private debts accumulated globally, and our very low rate of inflation.