| Abstract: |
This paper is a prepublication version of a submission to the International
Review of Economics Education. It outlines a code of conduct for economics, in
the form of a pluralist benchmark for Quality Assurance in economics
education. This is a necessary corrective to the publicly-recognised failure
of economics in the face of the 2008 crisis, which Colander et al (2009 term
its “systemic failure”. This systemic failure is analysed as a consequence of
the regulatory capture of the academic profession of economics, arising from
and institutionalised by its present peer ranking procedures. Pluralism is the
necessary antidote. It affords two decisive benefits: it produces good
economics and better economists. The paper is part of a broad consultation on
teaching in economics, organised by the UK-based Association for Heterodox
Economists (AHE). It argues that a pluralist subject benchmark, derived from a
pluralist code of conduct, is a prerequisite for the reform of the profession.
Critical, pluralistic and independent thinking should be the primary
requirement good economic practice, and pecific provisions should be made to
recognise, promote, defend and guarantee this good practice in teaching and
assessment alike. Systemic failure requires a systemic solution. The paper
explains how the built-in tendency of the economic profession to select for
conformity has led to its regulatory capture. Existing UK benchmarks have
substituted peer-ranking – the appointment of judges selected for comformity –
for collaborative peer review – the pluralistic integration of the strengths
of the academic community. This past practice has become institutionalised at
every level. The profoundly non-scientific practice of simply reproducing a
politically acceptable consensus has thereby replaced the independent and
critical pursuit of knowledge as the primary peer-recognised hallmark of
quality. Tomorrow’s economists need to be defended against the systemic
failure of the economics of today. This requires a conscious regulatory
intervention – benchmarking for pluralism. |