Do economists’ ideas change the ways the economic world works?
While the conventional view is that ideas create policy change and economic change follows on - it is just not that simple. We can see what is involved by looking at major changes - such as the reconstruction of post-war economies, post-colonial economic development planning, or switching from capitalist to socialist systems. Designing such new kinds of worlds required new ways of thinking about how the economic world could work involving imagination and cognitive work, and new kinds of economic measurements and accounting systems to deliver that change. Economic ideas are ‘performative’ - meaning that they do change the ways economies work - but not on their own.
Who is the resource aimed at?
This video is likely to be suitable for KS5 students.
How can the resource be used?
As part of a wider discussion about economics and its impact - the perfect introduction to those who haven't already studied the discipline, or for those considering taking it further.
How does the resource link to the curriculum?
Links to careers and economics.
How long will the activity take?
The video lasts for around 90 minutes.