I began studying economics at night school in Leeds in the 1950s and continued, at various institutions, as an external student of London University. Our courses were broadly, but not uncritically, Keynesian. We abjured fancy equations and sprinkled our essays with phrases like “a tendency to” and “pressure towards” this or that as a consequence of some other event. As a teacher I have tried to keep reasonably up to date, and learned in the early 70s, for example, to regard most monetarist nonsense as the fantasies of “Friedmaniacs”. With this background, and aware of the influence on our leaders of Oxford’s PPE (philosophy, politics and economics) course, I have often wondered what on earth they taught them. Andy Beckett’s article (The degree that runs Britain, 23 February) gives the answer. PPE graduates are “intellectually flexible”. Or, to put it another way, they sway with the wind. And the winds of monetarism and arrogant attempts to make human behaviours as subject to mathematical predictions as the laws of physics, have captured economics academia for the past 40 years. Conservative, Labour and, to our eternal shame, Liberal Democrats have been equally culpable, as the damage done to the bottom 20% in this country, and to 80% of the population of Greece, so clearly demonstrates. Continue reading...
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