Abstract
The Global Financial Crisis is likely to exert some impact upon the prevailing economic and political philosophy. The big question for economic and business instructors is to ponder whether it will lead to any significant changes in economic and business syllabus at Australian universities. The teaching of mainstream economics is durable and usually resistant to change. Yet the crisis has certainly caused rumblings in the teaching of first‐year economics. There is certainly a great curiosity among the young about what went wrong. Moreover, they wish to know why neoliberalism has failed and why state intervention is resurgent. Young minds must be perplexed about the rapid revision of agenda from containing inflation in 2008 to coping with recession in 2009. This paper argues that an introductory course in the history of economic ideas could help tell them why.
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