Rethinking the economics curriculum: strengths and weaknesses of the CORE Econ project

Abstract

The Global Financial Crisis of 2007–2008 exposed the economics profession’s limited ability to forecast or effectively use the theoretical frameworks being taught in universities to explain it. This failure resulted in a widespread distrust in the profession and sparked a wave of student protests worldwide, demanding improvements to the mainstream economics curriculum. In response, a group of academics led by Sam Bowles and Wendy Carlin initiated the CORE Econ project in 2013, aiming to develop a new benchmark for teaching introductory economics. Within a year, the team released a freely available online eBook called The Economy, marking the beginning of a growing and ongoing project. This paper traces the evolution of the CORE Econ project over the years, highlighting its primary advantages and criticisms that might be levelled against it. Regardless of one’s stance as a supporter or sceptic, it is evident that the CORE Econ approach has had a profound impact, leaving a lasting mark on the publishing and economics education landscape.