The Guardian, June 20, 2018: What happens when ordinary people learn economics?
Up till 2008, someone like O’Connor would have been told over and over that if she’d failed to get ahead it was her fault, not the system’s. She’d just not followed the rules. Then came the financial crisis, which turned into a crisis of economics.
When the Queen famously asked why no economist saw the crash coming, she cut to the heart of the matter: perhaps those who wrote the economy’s laws and policed their observance weren’t so qualified after all. And while some practitioners claim that theirs is a semi-science, all prescriptions to revive the economy – from George Osborne’s historic austerity to the hundreds of billions doled out to asset-owners by the Bank of England – underline how it’s fundamentally political. By the time Michael Gove remarked in the Brexit campaign that “people in this country have had enough of experts”, he was picking a squelchy-soft target.
One of the biggest battles over economics kicked off just up the road from this community centre. At the University of Manchester in 2013, economics undergraduates – tired of memorising abstract models while the eurozone burned – linked up with students from around the world to demand their economics curriculum be changed. Nothing beyond the orthodoxy of free-market economics was being taught; no conflicting global developments, nothing of its critics such as Keynes or Marx, despite their contemporary relevance. Thus began an epic, and epically imbalanced, fight of a bunch of teenagers taking on the very professors marking their exam papers.
