Rethinking Economic History Archives - RV University

Economic Studies: Rethinking the Fundamentals: Part 2

Posted on March 3, 2022 by ankesh

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Why is it important to rethink economic studies? And what are the changes needed for economics studies in the future?

In the first blog post from the series, “Economic Studies: History: Part 1”, we discussed the history of economic studies and key elements that influenced the economic development of India and the world. Here is the 2nd blog post from the series that will give you insights on why there is a need to rethink the fundamentals of economic studies.


Economics is one of the most important subjects in the world. The economy of a country is what shapes its social, economic and political systems, and without it, the system would be nothing more than a randomly ordered set of production processes.

Economic studies is one of the most popular programmes for students to take, but with an outdated curriculum, it will just not provide the right skill sets to thrive in a career relating to economics.

The Problem in Economic studies. What is missing?

Why does academia need to rethink the future of economics?

We need to start at grassroot levels in order to create a much more prepared environment for the economic sector. Schools and colleges are where we should begin this new progression. We need to build a new curriculum because we can’t rely on old methods to understand and analyze our future; we need a new approach to economics, in which we will integrate knowledge from other fields like sociology, psychology and anthropology.

The traditional economic theory based on the idea of scarcity and scarcity of resources, is increasingly irrelevant. New realities require rethinking the way we look at economics that goes beyond a single-minded focus on material goods. The insights that emerge in the new economic paradigm are very different from what many of us have learned.

Why use Interdisciplinary Teaching methods while teaching Economics?

The idea of interdisciplinary teaching is to have people study economics from perspectives not typically studied in economics courses. For example, if you are studying economic theory, you might want to also cover the literature on cognitive psychology. Similarly, if you are studying environmental economics, it would be important to understand what behavioral ecology has to say about the way habits work in humans.

What are the benefits of rethinking economic studies?

There are many benefits. The first is that it would be easier for economists to plan the future if they have a better understanding of how the economy evolved in the past. Secondly, it would allow them to be more effective when it comes to economic policies. And thirdly, it would make future economists more prepared for drastic changes and they will be well equipped to recover a drowning economy by taking the most effective steps necessary in that particular situation.


Economics is a constantly changing field; economics theory and policy must be constantly adapting to the changing needs of the people. One way to do this is for universities to create new economic curricula to cater to the needs of the current century. This will enable graduates to be ready for a career in a constantly evolving economy. The world is going through a period of rapid change, and there are immense opportunities for economists, their colleagues in other social sciences, and policymakers alike to bring about a revolution in approach to economic studies.

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