They're teaching economics wrong – full interview with Ha-Joon Chang

Educational Approaches in Economics

The discussion highlights the shortcomings of traditional economics education, particularly its reliance on heavily mathematical models that often overlook real-world issues. The guest recalls his experience in South Korea, where he was exposed to abstract economic theories, while significant economic changes were happening outside the classroom. This disconnect between theoretical mathematics and practical economic reality is critiqued, as students often leave university without insights into vital topics like inequality and housing crises. The need for a more pluralistic approach to economics education that includes diverse theoretical perspectives is emphasized, advocating for teaching methods that engage with real-world economics.

Rapid Economic Change and Social Inequality

The guest reflects on growing up in South Korea during an economic boom, characterized by rapid industrialization and urbanization that created wealth but also deepened inequalities. While the economy was expanding, living conditions for many, particularly factory workers, remained dire, revealing the duality of growth and suffering. The contrast between rising GDP and poor working conditions is used to illustrate the dangers of prioritizing growth without addressing social welfare and equity. The conversation draws parallels between past experiences in South Korea and current urban developments in places like London, raising concerns about repeating historical mistakes.

Economic Narrative and Political Power

A significant point made is that economic discourse has become an exclusive language, often excluding ordinary citizens from essential discussions about wealth distribution and political power. The guest highlights how the language of economics can serve to justify current inequalities, much like historical theological justifications for societal conditions. By framing discussions in a technical manner, those in power maintain control over the narrative, hindering democratic participation in economic debates. This domination of economic discourse illustrates a broader trend of marginalizing voices advocating for equity and sustainability in economic policy.

The Path Toward Change

The dialogue emphasizes hope and action in the face of rising inequality and deteriorating living standards. Through the lens of historical progress, the conversation suggests that significant societal changes are achievable, although challenging. The necessity for proactive measures, such as increased economic literacy and advocacy for equitable policies, is underscored as vital for fostering understanding and mobilizing public support. Ultimately, the guest calls for a collective effort to reshape economic narratives, facilitating a more inclusive discourse around equality and social justice in the economy.

Garys Economics

They're teaching economics wrong – full interview with Ha-Joon Chang

Episode guests

Podcast summary created with Snipd AI

Quick takeaways

Deep dives

Educational Approaches in Economics

Rapid Economic Change and Social Inequality

Economic Narrative and Political Power

The Path Toward Change

Remember Everything You Learn from Podcasts