How to Teach Austrian Economics in the Current Political Atmosphere
Since retiring from Frostburg State University in Maryland, I have reflected not only on my more than three decades of teaching college economics in numerous places, but also on how to best teach economics. This is important, as millions of students in college and high school take economics yet all too often are presented a false or misleading picture of what economics really is.
The so-called comeback of Keynesian economics during the 2008 meltdown and its aftermath, along with the rise of progressive economists like Paul Krugman and Thomas Piketty, has caused untold damage. People are being told that raw state power is the key to a successful economy, and politicians are anxiously putting those theories into practice.
Moreover, academic economics is being further corrupted by hard-left politics, whose invasion of the academy exploded after the death of George Floyd two years ago. It no longer matters what one does in the classroom as long one’s politics are in line with the political officers in university administration with the official title of Director of Diversity and Inclusion. Any deviation from the standard narrative is not tolerated. Higher education has become a totalitarian minefield.
So, how does one teach economics in this brave new world in which political narratives are treasured above the truth? Is it even possible anymore?
The short answer is yes, but I do not know how long it will be before that no longer is the case. First, we must remember that future economics professors will be doing their doctoral studies at institutions that openly claim free markets are racist and worse, and students that believe otherwise will either be denied admission to graduate school or dismissed from their programs should their free-market viewpoints be exposed.
While market-oriented programs still exist, they will be under fire from le
Article from Mises Wire