The College Foundation of the University of Virginia’s Post

This is what economics now does. It tells the young and susceptible and the old and vulnerable that economic life has no content of power and politics because the firm is safely subordinate to the market and to the state and for this reason it is safely at the command of the consumer and citizen. Such an economics is not neutral. It is the influential and invaluable ally of those whose exercise of power depends on an acquiescent public...Neoclassical economics...sees the unmanaged sovereignty of the consumer, the ultimate sovereignty of the citizen, and the subordination of the firm to the market as the three legs of a tripod on which it stands. These are what exclude the role of power in the system. Economics, so long as it is thus taught, becomes, however unconsciously, a part of an arrangement by which the citizen or student is kept from seeing how he is, or will be, governed. This does not mean that economics now becomes a branch of political science. That is a prospect by which we would rightly be repelled. Political science is also the captive of its stereotypes—including that of citizen control of the state. Also while economics cherishes thought, at least in principle, political science regularly accords reverence to the man who knows only what has been done before. Economics does not become a part of political science. But politics does—and must—become a part of economics. The men who guide the modern corporation, including the financial, legal, technical, advertising, and other sacerdotal authorities in corporate function, are the most respectable, affluent, and prestigious members of the national community. They are the Establishment. Their interest tends to become the public interest. It is an interest that even some economists find comfortable and rewarding to avow. "Foucault points out that there are constantly shifting boundaries which police what can be said within a specific discipline. Within a discipline, there are propositions recognised as true or false and beyond a discipline, there is an endless field of ideas which are utterly forbidden." https://lnkd.in/dXhbdXVz

 Safia Manaj teaches you Public Finance, she is likely providing you with crucial insights into how governments manage their finances, including taxation, public expenditure, and budgeting. Public Finance is a vital area of economics that affects every aspect of society, and having an expert like her guiding you through it is invaluable. She might emphasize the importance of fiscal policies, government interventions in the economy, and the role of public finance in achieving economic stability and growth. Her teaching could involve real-world examples, case studies, and discussions on contemporary issues like taxation reform, debt management, and the economics of public goods. What makes her special could be her ability to connect theoretical concepts to current events, making the subject more relevant and engaging. Additionally, her dedication to ensuring that students understand the complexities of public finance could inspire you to think critically about economic policies and their impact on society. #Economics #EconomicGrowth #Economy #Macroeconomics #Microeconomics #Finance #PublicFinance #FiscalPolicy #MonetaryPolicy #SupplyAndDemand #GlobalEconomy #EconomicTheory #MarketEconomics #DevelopmentEconomics #BehavioralEconomics #EconomicPolicy #EconomicDevelopment #Inflation #Deflation #GDP #Recession #InterestRates #Investment #Taxation #GovernmentSpending #BudgetDeficit #Debt #Trade #InternationalTrade #TradePolicy #EconomicCrisis #FinancialMarkets #StockMarket #EconomicIndicators #LaborEconomics #Employment #Unemployment #WealthInequality #IncomeInequality #EconomicEquality #EconomicJustice #EconomicSustainability #GreenEconomics #CircularEconomy #Capitalism #Socialism #MixedEconomy #FreeMarket #EconomicGrowth #UrbanEconomics #RuralEconomics #RegionalEconomics #ConsumerBehavior #ProducerBehavior #EconomicModeling #Econometrics #QuantitativeEconomics #GameTheory #NashEquilibrium #OpportunityCost #ComparativeAdvantage #UtilityMaximization #CostBenefitAnalysis #MarketFailure #PublicGoods #Externalities #WelfareEconomics #HumanCapital #NaturalResourcesEconomics #EnvironmentalEconomics #EnergyEconomics #HealthEconomics #EducationEconomics #Urbanization #Globalization #DigitalEconomy #CryptoEconomics #BlockchainEconomics #TechEconomics #SharingEconomy #KnowledgeEconomy #InnovationEconomy #BehavioralFinance #FinancialInclusion #PovertyEconomics #SocialEconomics #DemographicEconomics #AgingPopulation #YouthUnemployment #AgriculturalEconomics #FoodEconomics #TransportEconomics #TourismEconomics #CreativeEconomy #CulturalEconomics #InstitutionalEconomics #HistoryOfEconomics #ClassicalEconomics #KeynesianEconomics #NeoclassicalEconomics

As a Master's student in Applied Economics, I came across an enlightening article by Angus Deaton called "Rethinking My Economics." It challenges our understanding of markets, emphasizing the importance of power dynamics in setting prices and wages, and how these influence inequality within capitalism. Deaton calls for a revival of ethics and philosophy in economics, urging us to think beyond income-based utilitarianism and consider what truly constitutes human well-being. This perspective is crucial for us as future economists, as it shapes how we approach economic efficiency, social justice, sustainability, and individual liberty. This article is not just an academic read; it's a call to action for economists to introspect and adapt. As we delve deeper into our studies, we should be inspired to contribute to an economic paradigm that values both efficiency and equity. #RethinkingEconomics Check out Deaton's article below:

I took the time to read "Rethinking Economics or Rethinking My Economics?" by Angus Deaton, published in the IMF's Finance & Development Magazine, https://lnkd.in/dEWRNbcy, and he clearly states what every young person is feeling about the state of the economy. Angus Deaton's Central Arguments • Economics Successes, Yet Shortcomings: Deaton acknowledges that economics has made significant theoretical and empirical contributions to our understanding of the world. Yet, he argues the field is facing disarray, particularly due to its failure to predict the financial crisis and its potential role in exacerbating it. • Importance of Changing Views: He believes economists should be open to questioning assumptions and changing their opinions as circumstances evolve. • Overemphasis on Markets: Deaton suggests economists overstressed the virtues of free and competitive markets, along with technological innovation. This led to downplaying the role of power in influencing things like price and wage setting, where technology develops, and even altering the very rules of economic systems. • Inequality and Power: Without a focus on power dynamics, Deaton contends it becomes impossible to fully understand the complexities of inequality and ethics within modern capitalism. An increased focus on market efficiency has inadvertently become a free license to plunder. Free market capitalism is not the solution to the worlds problems.

Happy Econ Ed Month Week Three! See below for some great economics recommendations. Website of the Week: Best Economics Websites and Apps for Students! From Common Sense Media, these games and sites help break down how the U.S. economy -- and its budgets -- work. There's a heavy emphasis on systems thinking, showing students that economics affects just about everything (for better and worse) from policy to people. On this list you'll find videos that break down the most difficult concepts, games that feature tough ethical decisions, and lessons that highlight how the economy is connected to poverty and social justice. https://lnkd.in/gkGa9czf Webinar of the Week: "What's Driving Food and Housing Inflation?" Date: Wednesday, Oct. 23 Time: 4-5:30 p.m. CT | 3-4:30 p.m. MT Educators are invited to join the Federal Reserve Bank of Kansas City for timely updates on the drivers behind food and housing inflation, as well as how these areas of our economy have impacted other sectors, such as labor, wages, and more. Economists will take us behind the scenes to explore the latest research and data. There will also be a panel discussion to address your questions. There is no cost to attend, but registration is required. https://lnkd.in/gSdrNw5H And For Our Younger Economists… Website of the Week: Economics from PBS Learning Media! Investigate how the supply and demand for goods and resources are globally intertwined with videos, lesson plans, and interactive games in Economics. Preview a lesson on personal finance using a video on "Digging Out of Debt," practice running a start-up business with an interactive game, or initiate a classroom debate over the use of vouchers for private schools using a pre-developed lesson plan. The Federal Reserve Bank (the Fed), entrepreneurship, and mercantilism are also explored in Economics. https://lnkd.in/gWfpACYN Council for Economic Education California Council on Economic Education

Bachelor of Arts in Economics courses help students to understand every aspect of their lives. On the one hand, Economists study the cost of living, taxation, interest rates, and wealth management while on the other, they examine data to create economic forecasting and predictions. Economists are highly valued due to their capacity to utilize logical and data analysis to explore a wide spectrum of human activities. Utilizing this data, they can leverage their knowledge of the material world to promote economic sustainability. Hence, a high-flying future niche can be carved out with hard work. Live your dreams! Follow your passion! Click the link or Scan the QR Code to sail through streams of achievements and know how to conquer the peak of success! https://shorturl.at/Fp8qp Dr Neha kumari #Economics #BachelorOfArts #Economists #CostOfLiving #Taxation #InterestRates #WealthManagement #DataAnalysis #EconomicForecasting #EconomicSustainability #MRBlogs #ManavRachna #Success #Future

The International Monetary Fund dedicated its Finance & Development issue of march 2024 to Rethinking Economics: How Economics must change. The economists that contributed to this march 2024 issue, provide a sobering account of a discipline in disarray and, I would say, to some extent in a collective delusion. There is plenty of room for more pluralism in Economics teaching.   I highlight some passages of articles from Angus Deaton, Jayati Ghosh and Diane Coyle   Angus Deaton -  "Our emphasis on the virtues of free, competitive markets and exogenous technical change can distract us from the importance of power in setting prices and wages, in choosing the direction of technical change, and in influencing politics to change the rules of the game."   "We are technocrats who focus on efficiency. (...) When pressed, we usually fall back on an income-based utilitarianism. We often equate well-being to money or consumption, missing much of what matters to people. In current economic thinking, individuals matter much more than relationships between people in families or in communities."   "After economists on the left bought into Chicago’s deference to markets—”we are all Friedmanites now”—social justice became subservient to markets and a concern with distribution was overruled by attention to the average, often nonsensically described as the “national interest.”   Jayati Ghosh "The original sin could be the exclusion of the concept of power from the discourse, which effectively reinforces existing power structures and imbalances. Underlying conditions are swept aside or covered up, such as the greater power of capital compared with workers; unsustainable exploitation of nature; differential treatment of workers through social labor market segmentation; the private abuse of market power and rent-seeking behavior; the use of political power to push private economic interests within and between nations; and the distributive impacts of fiscal and monetary policies."   Diane Coyle “In the middle decades of the 21st century, nature will be the binding constraint. Economists must make a major effort to develop natural capital statistics, devise new ways of measuring the social cost of nature’s services, and above all integrate the analysis of the human economy and nature in a meaningful way rather than relegating the issue to isolated “externalities.”

Why should you explore the fascinating world of economics? Whether driven by family influence, your surroundings, or friends, majoring in economics opens up endless possibilities studying economics enriches your knowledge and equips you with valuable insights for everyday life. Find out more reasons below 👇 https://lnkd.in/dHHhaD3j

Bachelor of Arts in Economics courses help students to understand every aspect of their lives. On the one hand, Economists study the cost of living, taxation, interest rates, and wealth management while on the other, they examine data to create economic forecasting and predictions. Economists are highly valued due to their capacity to utilize logical and data analysis to explore a wide spectrum of human activities. Utilizing this data, they can leverage their knowledge of the material world to promote economic sustainability. Hence, a high-flying future niche can be carved out with hard work. Live your dreams! Follow your passion! Click the link or Scan the QR Code to sail through streams of achievements and know how to conquer the peak of success! https://shorturl.at/Fp8qp Dr Neha kumari #Economics #BachelorOfArts #Economists #CostOfLiving #Taxation #InterestRates #WealthManagement #DataAnalysis #EconomicForecasting #EconomicSustainability #MRBlogs #ManavRachna #Success #Future