Teaching of Economics Gets an Overdue Overhaul

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Universalism in Economic Education

According to the paper, universalism is the belief in the nature of fundamental, immutable, and factual realities that govern our world. As a result, it should be present in all and regularly exercised. Economic education has been tainted with allegations of injustice, and the best way to reclaim the field's glory is to practice universalism by giving everybody a shot. According to the principle of universalism, all is equal and should be given equal opportunities.

Economic Anthropology and its Scope

Economic anthropology seeks to understand human economic activity within the contexts of culture and geography. It investigates how items are produced, distributed, and consumed. Objects can be finished products or labor. It also delves into less visible objects like concepts and names. Economic anthropology studies economic processes and how they affect human lives. Formalists view economies as undeveloped forms of modern capitalism and argue that humans are rational, and their behavior can only be explained using a rational approach.

Economic Behavior and Cultural Influence

The urge to increase profit is universal and rational. Substantivists, on the other hand, analyze economies based on culture as a way of forming systems that shape human behavior. Economic behavior depends on culture and is arranged by domestic groups. Intrinsic values represent tangible values of objects, while extrinsic values represent external factors that affect intrinsic values. Intrinsic value belongs to the actual nature of an object, while extrinsic values are not part of the actual nature and operate from the outside.

Positive and Normative Approaches in Economics

A positive approach looks at facts about the economy or a situation, while a normative approach examines overlook facts and relies on values (Finance and Economics 2017, p.8). The latter relies on judgment and values to make economic decisions. A positive approach analyzes cause and effect relationships, while a normative approach uses value judgment.


Finance and Economics (2017) Teaching economics gets an overdue overhaul

November 09, 2022



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