The impact of the Financial Crisis 2008 on How We Teach Economics
The world financial system was brought to a standstill in 2008. The consequences of the subsequent recession are being felt until today. Financial crisis affected not only the whole economies, but also reshaped the economics as discipline and more importantly changed the way the economics is taught in the post-crisis environment. Based on the semi-structured interviews conducted with experienced lecturers in economics at one of the largest Universities in the South-East England; this paper attempts to address the question, how substantial these changes are at the University level. The study reveals that changes were introduced at the limited scale, and were conducted spontaneously, rather than institutionally. It also argues that a substantial change of approach in economic pedagogy at both – lecturing and textbook – levels is deemed necessary by economics teachers. At the same time business orientated profile of the universities and insufficient funding are seen as the main obstacles to reshaping the economics pedagogy in the aftermath of the recent financial crisis.