Harvard Students stage walk-out on Greg Mankiw

[Beet]

On Nov. 2nd, a group of students in Harvard University Ec10, the introductory economics class taught by Greg Mankiw, staged a walk-out. In an open letter, the students lambasted Greg’s course and his textbook for “espous[ing] a specific – and limited – view of economics that we believe perpetuates problematic and inefficient systems of economic inequality in our society today…..There is no justification for presenting Adam Smith’s economic theories as more fundamental or basic than, for example, Keynesian theory.”
...
something is shifting out there, and we ignore it at our peril.
...
Right now the general public views the economics profession with a large measure of distrust and in some cases outright contempt. Students are entering the worst job market in well over a generation, without much prospect of improvement.  Many of them have seen their parents’ lives turned upside down by financial troubles.  They face being members of the first generation in American history with a lower standard of living than their parents.

http://ineteconomics.org/blog/inet/robin-wells-we-are-greg-mankiw%E2%80%A6-or-not

[Gustaf]

Wow. There is definitely a shift away from supply-side economics in my generation (at least that's my impression).

I have a favourable impression of Mankiw though, so I kind of feel for him here.

[opebo]

Encouraging!

[ag]

So, let us get is straight. The students worked out on one of the world's major neo-Keynesians ))

[InsaneTrollLogic]

I think why liberalism is considered a bigger classic than the work of Keynes is because of Smith's status as a member of the first  generations of the enlightenment. Somehow the dead white guys who lived between 1725 and 1825 AD were the smartest people that have or ever will live.

[ag]

I think why liberalism is considered a bigger classic than the work of Keynes is because of Smith's status as a member of the first  generations of the enlightenment. Somehow the dead white guys who lived between 1725 and 1825 AD were the smartest people that have or ever will live.

Considering, that both methodologically and ideologically Smith is a lot closer to Marx than Keynes is, whereas Keynes is a lot closer to modern economics than either of the two, I don't see what's your problem?

[Beet]

So, let us get is straight. The students worked out on one of the world's major neo-Keynesians ))

That's true. They weren't protesting his body of work as an economist, just the curriculum of Harvard's version of 'Econ 101' which sounds like almost the same as taught in any introductory undergraduate econ course across the US.

[realisticidealist]

We talked about this in my intm macro class as we use Mankiw's book for the course. I really don't get why they did this. It seems like they were simply protesting basic intro econ stuff for no particularly good reason. Besides, Mankiw (while I think Bernanke's rendition of the Solow Model is better, I'm not walking out!) seems to be fairly decent--that is, there are way more deserving economists you could do this to. Just reeks of Harvard elitism to me.

[ag]

So, let us get is straight. The students worked out on one of the world's major neo-Keynesians ))

That's true. They weren't protesting his body of work as an economist, just the curriculum of Harvard's version of 'Econ 101' which sounds like almost the same as taught in any introductory undergraduate econ course across the US.

Well, the reason they were not protesting his research is because they knew nothing about it. Nor, it seems, did they know much about the subject matter of the course at hand. It was a protest against modern economics in general: which is a lot easier to sustain if you don't know anything about it.

[Beet]

So, let us get is straight. The students worked out on one of the world's major neo-Keynesians ))

That's true. They weren't protesting his body of work as an economist, just the curriculum of Harvard's version of 'Econ 101' which sounds like almost the same as taught in any introductory undergraduate econ course across the US.

Well, the reason they were not protesting his research is because they knew nothing about it. Nor, it seems, did they know much about the subject matter of the course at hand. It was a protest against modern economics in general: which is a lot easier to sustain if you don't know anything about it.

Oh right, dismiss them as ignoramuses, from your perch as a professor. But they are right that academic economics is taught in a very narrow way. I think what they do know is that what they are being taught does not speak to them, to questions that they are hungry and curious about. That does not seem to me to be a way to attract the brightest into a field that badly needs it, at the age when they are deciding what to do with their life.

[ag]

I think, if anything, there is an oversupply of smart students doing economics as undergraduates. So, if a few of them choose to do Comparative Literature instead, I will only be thrilled.

And I don't really want to call them ignoramuses. They are just kids, acting like kids do. Not that much different, really, from my 8-year-old.

[Gustaf]

I think, if anything, there is an oversupply of smart students doing economics as undergraduates. So, if a few of them choose to do Comparative Literature instead, I will only be thrilled.

And I don't really want to call them ignoramuses. They are just kids, acting like kids do. Not that much different, really, from my 8-year-old.

You think that we (or they, to be less presumptous) are driving down your wage?

[InsaneTrollLogic]

I think why liberalism is considered a bigger classic than the work of Keynes is because of Smith's status as a member of the first  generations of the enlightenment. Somehow the dead white guys who lived between 1725 and 1825 AD were the smartest people that have or ever will live.

Considering, that both methodologically and ideologically Smith is a lot closer to Marx than Keynes is, whereas Keynes is a lot closer to modern economics than either of the two, I don't see what's your problem?

Well, this really wasn't about ideology. It was really about a tenancy to give the decade among friends perhaps more credit than it was due. Democrats need to stop doing this, too...and I do understand that all Keynes basically believed was-

- Sometimes the economy may establish a subnormal price equilibrium between the demand, supply, goods and services

- The state can create a more optimal equilibrium through government spending that artificially raises prices and demand.

[ag]

I think, if anything, there is an oversupply of smart students doing economics as undergraduates. So, if a few of them choose to do Comparative Literature instead, I will only be thrilled.

And I don't really want to call them ignoramuses. They are just kids, acting like kids do. Not that much different, really, from my 8-year-old.

You think that we (or they, to be less presumptous) are driving down your wage?

Nah. Few econ majors go on to do Ph.D in econ.

[ag]

I think why liberalism is considered a bigger classic than the work of Keynes is because of Smith's status as a member of the first  generations of the enlightenment. Somehow the dead white guys who lived between 1725 and 1825 AD were the smartest people that have or ever will live.

Considering, that both methodologically and ideologically Smith is a lot closer to Marx than Keynes is, whereas Keynes is a lot closer to modern economics than either of the two, I don't see what's your problem?

Well, this really wasn't about ideology. It was really about a tenancy to give the decade among friends perhaps more credit than it was due. Democrats need to stop doing this, too...and I do understand that all Keynes basically believed was-

- Sometimes the economy may establish a subnormal price equilibrium between the demand, supply, goods and services

- The state can create a more optimal equilibrium through government spending that artificially raises prices and demand.

I am awfully sorry, but I can't seem to understand a word you are saying.

[King]

None of this will result in anything as the 'economists' who run this country will be bank tellers and "businessmen" that give the maximum donation to the winning candidates' campaigns.

[scoopa]

Funny. They're probably all Austrians or Marxists. And even in their case it's sort of a stretch. I used Mankiws manual and I have no idea why would anyone contest its content. I really doubt that this would have happened if Mankiw wasn't a more or less prominent republican. Someone should ask them what exactly they want to be taken out of the manual/curriculum and with what they'd want to replace it. I bet it'd be some sort of nonsensical and irrelevant (from an economic perspective) social sciences stuff.

[Gustaf]

I think, if anything, there is an oversupply of smart students doing economics as undergraduates. So, if a few of them choose to do Comparative Literature instead, I will only be thrilled.

And I don't really want to call them ignoramuses. They are just kids, acting like kids do. Not that much different, really, from my 8-year-old.

You think that we (or they, to be less presumptous) are driving down your wage?

Nah. Few econ majors go on to do Ph.D in econ.

You don't think more econ majors would lead to more Ph.D students? Or at least a higher quality of Ph.D students?

(I'd think the more appropriate counter would be that it would take a long time for them to affect you... )

[Wonkish1]

Wow these kids are stupid!

They walked out on one of the most famous Neo-Keynesians in the world because he wasn't offering enough Keynesian enough for them. I mean this is the guy that actually recommended that FFR should go negative(that is crazy stupid Keynesian right there).

Greg Mankiw's intro books that are used all over the country are Keynesian books. They believe in the validity of the Philips Curve(which is the only model in modern American history to be 100% completely torn to shreds by events), it teaches government stimulus models, and its pretty dovish on monetary policy and that is just the intro to Macro book.

[Insula Dei]

Obviously they were protesting the lack of marxist economical theory in their course.

[Chairman Wow]

You don't think more econ majors would lead to more Ph.D students? Or at least a higher quality of Ph.D students?

(I'd think the more appropriate counter would be that it would take a long time for them to affect you... )

Undergrad Econ in the US is hardly preparatory for econ grad school (Hell, US master programs are not very good preparation for PHDs). You would better off with a degree in Mathematics, Computer science, or even physics, and just take up to intermediate theory.

As to the student's they are just upset that their opinion is not as equally valid as their Professor when it comes to the underpinnings of basic theoretical economic models.

[Χahar]

I thought when I saw the thread title that they had walked out on Jim Pankiw. That would have been entertaining.

[Sibboleth]

I think, if anything, there is an oversupply of smart students doing economics as undergraduates. So, if a few of them choose to do Comparative Literature instead, I will only be thrilled.

Wrong sort of minds for that, surely?

[True Federalist]

So, let us get is straight. The students worked out on one of the world's major neo-Keynesians ))

That's true. They weren't protesting his body of work as an economist, just the curriculum of Harvard's version of 'Econ 101' which sounds like almost the same as taught in any introductory undergraduate econ course across the US.

Considering how expensive Harvard is, students there have a perfect right to be upset at being overcharged for a course they could have taken elsewhere with the same content.

[Politico]

Here's a startling idea: If you do not like a good/service, do not buy it! Why in the world would these students pay top dollar for Mankiw's class only to do what they have done? Why not use those funds to pay for another class that is more suitable for their interests?

Oh, wait, I forgot: Mommy and daddy are paying for everything, so it's all just a big joke at this stage. Woe is me, the Harvard kid who has everything handed to them. What a laugh...