The demand side

“I DON’T care who writes a nation’s laws, or crafts its advanced treatises, if I can write its economics textbooks.” So said Paul Samuelson, an American economist who more than achieved his aim by producing a bestseller. But debate swirls around the teaching of the dismal science—nowhere more so than in Britain.

When the financial crisis hit in 2007-08, many economics students found themselves ill-equipped to think about what had gone wrong in the economy or how to fix it. Although researchers in top universities had studied financial panics, their work had not filtered down to the lecture theatre. Undergraduate courses focused on drier stuff, imparting a core of basic material that had not changed much for decades.