The Bank of England put out this breathy press release yesterday:
The related information is here. The claim is that:
Economics is currently offered as an A Level subject at just over half of non-selective state schools in England, compared with 90% of selective schools and 82% of independent schools.
This partly reflects a shortage of qualified economics teachers – made worse by very low levels of new teachers choosing to specialise in the subject.
As a result, this new training programme, to allow existing teachers to add economics to their portfolios, is being offered.
They obviously do not anticipate a risk. The small print says:
The teacher training programme will launch in autumn 2025 and run for one academic year. The first year it will only be open to applicants from qualified teachers working in state-funded schools in North-West England. There will be 25 places available. The cohort will be expanded to 50 places in year two, with applications also open to teachers working in state schools in Yorkshire and North-East England. In year three there will be 100 places available with applications open to any teacher working in a UK state school.
That, however, does not allay my fears.
Firstly, as with other recent forays by the Bank of England into education (the ridiculous quiz series, and its 2022 book on economics that has obviously had no impact on state education on economics education despite being sent free of charge to all state schools), I do not expect this to work.
Second, I don't expect it to work because sixth-form economics education is about teaching fairy tales in a manner akin to indoctrination with the sole aim of passing an exam, and not imparting any useful education at all. Any teacher worthy of the name will realise that teaching the following jingoistic nonsense is a waste of time:
- People are rational
- Markets are fair and open to all
- There is perfect competition
- The result is that markets deliver optimal economic outcomes
- Anything the government does makes things worse than they might otherwise be
- Small government that does not seek to alter market outcomes is, therefore, optimal.
Private schools might want to teach this propaganda, but why would anyone want to do so in a state school?
If the Bank of England really wanted to advance economics education, it would have worked on an economics curriculum that reflected the real world. They have not. But that's because they would rather not have people know that the economic theory used by the Bank, the government, most universities, and major private sector institutions is a work of fantasy unrelated to reality, solely designed to keep the vast majority of people in the UK in servitude. And it is this theory that is being taught in sixth forms. No wonder the A-level is so unpopular.
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Was it Manchester where circa 2010 the students rebelled at being taught the same stuff as pre-Financial crisis? They did get some support from around the world as I recall. I assume they were not successful.
There is still a movement in response – so not quite true.
Good. Let’s hope it improves.
They’re still trying –
https://post-crasheconomics.com/wp-content/uploads/2024/05/Is-Economics-Education-Fit-for-the-21st-Century-2024.pdf
Bullet point 5 is rather ironic considering this is a government partnership.
That is a sad thing to read. I consider myself fortunate that when I opted to take Economics as one of my A-levels back in the late 80s that our small group (five students as I recall) had a teacher that taught us about MMT alongside more ‘traditional’ theory.
This is a real bug-bear of mine that people are fed such economic drivel by politicians, the mass media and various talking heads. Prime example of this occurred yesterday afternoon while chatting to one of my neighbours (lady in her mid 60s) who was asking about my voting intentions for today and politics in general. When I stated that central government doesn’t amass tax revenues to fund its expenditure (we were discussing the NHS) like a home-owner might save to replace a roof, her reaction was outright incredulity – a reaction that I’ve witnessed many times to this. I was informed that ‘money isn’t just created’ quite forcibly. People have been fed this nonsense that government can ‘run out of money’ or ‘max out the nation’s credit card’ so much that they simply cannot imagine these claims to be untrue. The notion also seems to set some pretty hard limits on what most of the electorate believe can be achieved in terms of funding public services and what many are willing to deem as acceptable action (or inaction) from ministers.
That little chat with my neighbour reminded me of an article that I read a few years ago written by John McDonnell (I think published in Jacobin or Tribune) where he made a case against MMT. It was pretty banal stuff until I reached a few lines at the end of a paragraph buried about two-thirds of the way through the article. Those few lines were (I think) the actual message from JM (the rest was filler) where he stated that even if MMT did accurately describe how a modern economy functions anyone attempting to educate the public that this was the case would be committing political suicide. I have first hand experience of the kind of resistance people are likely to put up against these (new to them) descriptions but I also think that JMs article was something of a cop-out too.
JM did cop out.
There was a reason I did not work for him when offered the job.
Our mainstream media have a lot to answer for. They massively constrain our politicians. I remember an MP (maybe David Willets?) explaining that it was also political suicide to run any proper trials with a control group: if the proposed innovation succeeds the cry will be ‘why was the roll-out not country-wide?’ and if it failed the reporting will be ‘why was money wasted on this failure?’ There is no political up-side for sensible research. The press just love to dump on politicians!
Note 5 of their press release says:
The teacher training programme will launch in autumn 2025 and run for one academic year. The first year it will only be open to applicants from qualified teachers working in state-funded schools in North-West England. There will be 25 places available. The cohort will be expanded to 50 places in year two, with applications also open to teachers working in state schools in Yorkshire and North-East England. In year three there will be 100 places available with applications open to any teacher working in a UK state school.
So it really is only for one year, with a vague dream about extension. Do they even read and think about their own guff?
It would be a positive initiative if they could teach the history of economic thought- Smith, Ricardo, Marx, Keynes etc etc – in the context of what was going on in the real world at the time, from the corn laws, the 1929 crash, the new deal, post WWII consensus etc etc .
The perfect market hypothesis could then be set in context – it could be enlightening in the sense of showing how each of its tenets differs from the real world.
Adam Smith was a political economist – not just an ‘economist’ in todays sense – very conscious of the danger of monopoly etc
There are still some political economy degrees.
It is taught in context. A significant part of the A-level syllabus is dedicated to a critique of free market economics. This necessitates building the idealised competitive model, examining its claims for efficiency, then dismantling it brick by brick. You paint a caricature of how the subject has been taught in schools. It’s still possibly taught like this in universities, but the A-level syllabus hasn’t been like this for 50 years.
The last time I looked at it all the materials suggsted it was exactly as I noted.
Where is this altermtuve curriculum? Might you post a link to it and materials used?
Thanks for the synopsis of fantasy explaining the nonsense and so how the wool is being pulled over our eyes.
My son is doing economics A level at a state college. Brilliant teachers who tell the truth about the fantasy, he loves it because he understands the relevance of economics to our lives and the implications if people are kept ignorant.
What universities still teach real economics, not soul destroying years of theoretic economic calculations based on a fantasy world?
None
Oh no! That’s terrible. ):
So more brainwashed recruits are trained every year!
We need 21st Century economists, not status quo!
Are there any universities better than others? (is there any hope…)
Economics is pretty universally dire
It’s a form of mind control, when I talk to people about this they can’t believe it…..!
Thank God for you and FtF – truth to power 🙂
“In 2011, economics students at Harvard University walked out of their class with Professor Mankiw in protest of how biased and manipulative it was. Mankiw’s textbooks were and still are amongst the most common books used across the world. [..]
“This event helped to inspire economics students in other countries who would form groups to demand changes to their curricula for similar reasons to the students of Harvard, like the Post Crash Economics Society based at the University of Manchester, UK.”
Source: https://www.rethinkeconomics.org/
See also: https://post-crasheconomics.com/our-story
Spot on Richard, and great that you are influentially pointing this out. Here is a list of books and a career built on teaching and researching ethical accounting and finance http://www.atulkshah.co.uk – and a new book coming out ‘Organic Finance’ which transforms the entire science, according to Martin Palmer, BBC Broadcaster and author of over 20 books https://atulkshah.co.uk/2025/03/17/organic-finance-book-testimonials/
None of your criticisms of economics are actually relevant to how economics is actually taught:
Understanding the simplifying assumptions (just as in any discipline) is important, but doesn’t invalidate the overall points.
Perhaps you need to actually appreciate what is being taught rather than simply criticise imperfect assumptions and then pretend that means that nothing is valid or useful?
So you can teach a subject on the basis of absurd assumptions, chosen to achieve a particular outcome, but despite that the precriptions – which are contrary to known experience – are valid? And let’s be clear, at A level the answer has to fit the making grid, so how on earth does your comment make sense?
I should add, I was a professor of international political economy. I do know soemthing about how this is taught.
What are the equivalent simplifying assumptions in other disciplines which affect our lives- assumptions such as we are all rational and equal?
Please share.
Certainly not health, medicine or psychology, because it’s clearly not true, bonkers and dangerous.
The question is, what other discipline acumen’s it can model the whole economy on the basis of a single representative person?
I seem to remember “weightless strings” and “frictionless pulleys” in Physics.
Richard
I came across this article and I’m glad you have commented on it.
I strongly think that you and many others who all share similar concerns (i.e. Gary Stevenson, S Kelton, D Blanchflower, Ha Joon Chang, S Keen, Ludovic Phalippou……I am sure that you and others can come up with many other names) can and must come up with an alternative syllabus for A-Level Economics (come to think of it GCSE as well) in which the assumptions above are not taught at all and the other prevailing/mainstream economic theories/ideologies/schools of thought are seriously challenged and presented as being deeply flawed and hugely harmful/ineffective in terms of growing prosperity for all.
If you guys don’t do this then who will? The BoE and other institutions that are framing the education of economics for the next generation must be stopped.
With all due respect, I feel that it is your duty and responsibility. Alongside a course on money, political economy and writing a book, I urge you to discuss/gather feedback and responses on developing a syllabus for GCSE/A-Level Economics that is based on the real world and actualities. I assume that the existing material for such an exercise is already out there (the volumes of academic papers, essays, works, books, studies, etc etc) and you must have a wide network of academics, educators that you can lean on for lots of support and help in coordinating, gathering stuff etc etc.
The neoliberalism mainstream have educated the current and even the forseeable future crop of leaders, politicians, (e.g. Unix of Oxford – PPE) thinkers and have fooled the general public into believing the economic myths/lies which all start and are engrained in schools/colleges/universities and economic courses around the world over.
I am in my late 40s now and I studied, Economics GCSE and at A-Level during the mid-late 1990s. I went onto study and BSc Economics (Hons) at City University (class of 99). Given this background, I think you would have a pretty good idea of the textbooks and other nonsense stuff that I was taught over the years. I had no choice but to learn it in order to get through the examination. As a result, I feel so cheated and completely deflated and in despair. It was all a massive waste of time, effort and resources, none of it applies to my everyday life and the current state of the world. I genuinely feel that my generation and cohort were sold a great lie and we became so blind-sided into group think. Not saying that there were no alternative voices or dissenting views, of course there were and some teachers, professors, lecturers and others tried extremely hard to fight and go against the neoliberal philosophies/thinking which was all based on evidence and robust analysis, however they were just labelled as idealist/non-conformists, outright weirdos and just plain daft.
I genuinely feel that I belong to a generation that is living on a daily basis with the disastrous consequences of the damage stemming from the economic theories/equations/algorithms/statistical modelling/assumptions that I was taught and mis-sold. I see, witness, experience in my life and that of many who are all struggling and did not envisage that we would be living in times like this.
So I wholeheartedly appeal to you and others to do something urgently. With AI and who knows what the future holds in terms of learning/education and knowledge etc it has to be a top priority of people like you.
I have a 7 year old son and 3 yr old daughter and sincerely hope and pray that if/when they come to study for their GCSE’s/A-Levels etc (or whatever the equivalent is in the future with AI) that they are really well versed in real-world economics. I am not exaggerating when I say that their lives will depend on it and they’re overall well being will be framed by their understanding of economics in all its forms. They need to know how value is created, the importance of walkabout (reference to D Blanchflower and Gary Stevenson) and seeking input from the masses, what factors need to be taken into account when pricing assets/things, how governments fund expenditure, role of tax, facts about money, how markets actually run and work and how they cause ruin etc etc…I could go on and on.
Finally, the recent of article by Simon Jenkins and discussion on Linkedin about youth centres outlines an example of the huge cost and absolute disaster caused by underfunding public sector youth services that can be directly attributed to the education of economics and how it has been and is still being taught in schools/ colleges/ universities all over of the UK and world and which has just simply prevailed and has not yet been replaced by something else.
Youth centres may seem tame fare for politicians. But I’ve seen firsthand how they cut crime
https://www.theguardian.com/commentisfree/2025/apr/25/britain-youth-centres-politics-crime
‘The Cinderellas left to the discretion of local councils include rubbish collection, libraries, care of the elderly and youth clubs. Since the sums spent on these functions are not ordained by central government, they were butchered by austerity after 2010. They have never recovered. The collapse of NHS hospitals has been partly attributed to the failure of the care sector. Some 800 libraries have closed. Youth clubs have suffered the worst, with two-thirds vanishing’
https://www.linkedin.com/posts/irfan-shah-93ba0314_youthclubs-youthwork-sustainability-activity-7317145305643184128-maWJ?utm_source=share&utm_medium=member_desktop&rcm=ACoAAALh4o8BtKgR7-PJIrPXoBnRLcFd3sJNAD0
How can young people have stability when those working with them don’t.
Youth Hubs/Centres/Clubs: it’s frustrating that we only talk about new initiatives, policies, strategies & youth violence like that’s the only issue facing YP 2day. Can we find ways 2 help sustain the work youth Hubs/Centres/Clubs already do. hashtag#youthclubs hashtag#youthwork hashtag#Sustainability
Anyone frustrated with the lack of support for ongoing youth work including general staffing, facility running costs, core costs in general and long term funding to secure the best staff.
Don’t take me wrong, it would be great to fund everything but there needs to be an effort to help sustain existing youth work which can range from a project open once a week for 2 hours to those open all the time with out time restrictions. The rising energy bills, insurance and general running costs is hitting the sector hard.
This isn’t new, we have faced these challenges for a long time and way before my 20 years in this field.
Would love to form a task force to work with local and national funders including government to just look at sustainability of youth work, add sponsors, corporate and businesses to that. Lots going on but I think this is vital and needs to be a stand alone task, not added to a wider range of youth work promises/statergies/asks.
Many thanks for this.
I get your concern.
I have been working in this in accounting. More to come on that, soon. There is progress there.
But economics is a bigger demand, but I hear you.
Browsing the academic bookshop in Manchester last week I found no books on the economics shelves which present alternatives to neoliberalism. No sign, for example, of Stephanie Kelton’s The Deficit Myth.
An acquaintance who was active in the Manchester Post Crash Economy movement informs me that the curiculum has not changed much.
Mankiw rules – OK!
Thank you Richard
I recently had an exchange with someone on my bluesky account
I had left a link to your blog and he commented with “why bother with theoretical ideas when we live in the real world”
I replied that “MMT is not theoretical it’s a description of how money circulates in a modern Fiat economy”, plus a couple of links to some books.
He then replied
“Wasting yours and other people’s time on reading obscure economic ideas will not help this government overturn 14 of Tory destruction”.
So I asked him to explain how we financed the 1st and 2nd world wars, given the ammount of people who became directly employed by the government plus the ammount of people recruited into the armed services. Added to that was the cost of raw materials etc etc.
Plus 2 links to a historical document showing how first world war bonds went unsold.
72 hours later and still no reply.
It’s not the first time that I have used the financing of WW1 & WW2 to push home the fact that government’s do not tax and spend, it’s the other way round.
Good work! I like it.
Might an heterodox approach to the teaching of history, as early as the primary school phase, facilitate exploration of the so important and exciting subject/information area of Socio-Economics?
As a primary phase supply teacher, sharing some history concerning armed conflict with students, I was impressed by being told, by one pupil, with the voluble agreement of many of his colleagues, that war was often a form of theft.
Their regular teacher was always determined to go beyond the imposed constraints of the National Curriculum when she was of the professional opinion that it would benefit her students.
That year she and her class scored more highly in the S. A. T. tests than any other school in the County.
Might “Dominant Groups vs. Marginalized Groups”, which is a fundamental matter throughout history, connect validly with Socio-Economics??
https://www.studocu.com/en-us/messages/question/10459435/how-have-dominant-groups-throughout-history-benefited-in-ways-marginalized-groups-did-not
I like that…..
Ha! I ripped into the BoE’s book when it came out in the Mint Magazine:
“Two economists from the Bank of England have written a book that is humorous and persuasive. Their answers to their ten questions are re-assuring – just as a fraudster might be when asked by his wife if he is having an affair, and the truth is yes, and it’s about to cause bankruptcy and shame.
Behind their calm words and amusing stories are critical truths they appear loath to acknowledge. The seriousness of the climate crisis, the biodiversity crisis, the affordable housing crisis, the cost of living crisis, the global food crisis, and the crisis of democracy – by their telling, there’s nothing to worry about. Economics has it all handled,”. https://www.themintmagazine.com/the-bank-of-englands-deceptive-guide-to-economics/
Thanks Guy.
It’s shit (that’s a technical term).
I am doing my bit here, trying to educate about how the economy works via bed-time tales. The language is adult but the story is at child level. I must admit most of what I put in the story I got from Richard but I might have got it wrong. Do correct me!
https://www.patreon.com/posts/monetary-economy-127223941?utm_medium=clipboard_copy&utm_source=copyLink&utm_campaign=postshare_creator&utm_content=join_link
I would question bits of it. It could be refined. But it’s a good start. I would encourage you to keep going. I have not got time to edit. If anyone has, let Stephen know.
“In year three there will be 100 places available with applications open to any teacher working in a UK state school”.
Pardon my pedantry, but is the Bank of England actually trying to foist this on Scottish schools when Education is devolved under Holyrood control, or is it the endless conflation of England with UK and simply demonstrates how little the BoE understand of the constitutional realities of the UK?
Don’t know, is my answer
I actually think A Level Economics is very broad and arouses interest in studying the subject at University for young people who are commercially minded and even public spirited. The huge problem comes when they go to University. Here, they are betrayed completely and utterly, especially in the prestigious Universities. Remember Uni of Manchester was home of the student rebellion, and still hasnt changed after twenty years. No-one is talking about this betrayal of young people whose hopes and dreams are aroused and then smashed. Many Universities profit a lot from their economics degree programmes at undergraduate level. On a wider note, I know British universities have an empire mindset, and overseas students subsidise them in the billions. The economics discipline is still empire hidden by equations. At they very least, we can help students to beware their futures. You are welcome to my new book launch which tries to rebuild the science from the ground up. https://www.citystgeorges.ac.uk/news-and-events/events/2025/june/transforming-global-finance-science-and-education
Thanks
Coincidentally I came across this job advert in Linkedin.
Given all the comments above, should anyone on here know of a suitable candidate pls feel free to pass this on.
https://www.linkedin.com/jobs/view/head-of-economics-at-the-urswick-school-hackney-4216361891/?originalSubdomain=uk
The Urswick School Hackney
Head of Economics
About the job
PLEASE APPLY USING THE SCHOOL’S APPLICATION FORM WHICH CAN BE FOUND ON OUR WEBSITE – https://www.theurswickschool.co.uk/161/vacancies/careers/1114/head-of-economics
Core Purposes
To ensure high quality teaching of Economics (AS and A Level).
To monitor standards and raise achievement.
To promote the Christian ethos of The Urswick School within the context of a multi faith community.
Responsibilities: Teacher
To teach KS5 and teach KS3 and KS4 if timetabled to do so.
Act as a Form Tutor/Co Tutor and be a member of the Sixth Form tutor team.
Carry out share of supervisory duties in accordance with published rotas.
To take an accurate register at the start or near to the start of every lesson.
Set and mark classwork and homework and keep appropriate records in line with school policy.
Monitor, evaluate and report on the work of all students taught using school systems.
Attend Parental Engagement events as directed.
Responsibilities: Teacher of Economics
Promote the Sixth Form in general and the study of Economics through attendance at Sixth Form Open Evening and other events linked to Post 16 Transition.
To set and mark mock examinations and other assessments as required.
To prepare for the potential introduction of GCSE Economics in the future.
Attend meetings of Sixth Form teachers as required.
Report regularly on standards in Economics and analyse mocks, other assessments and exam results for SLT and the Governing Body as required.
Responsibilities: Head of Department
To establish a ‘vision’ for the department in partnership with your line manager. To establish a Curriculum Plan for the delivery of Economics.
To lead and manage the department with responsibility for securing high quality learning and teaching within the subject area.
To ensure schemes of work are high quality, meet the requirements of the National Curriculum and appropriate exam syllabus.
To write a Subject Improvement Plan each year and to review the previous year’s plan. To maintain a subject handbook and other relevant documentation.
To analyse the department’s exam results and other assessment data and report on standards to the Headteacher/SLT/Line Manager.
To manage the budget for Economics.
To support the induction of ECTs, GTPs and BTs within the department. To ensure staff are offered appropriate CPD. To lead some departmental CPD.
To ensure Rewards and Sanctions are used by within the department in accordance with school policy.
To ensure appropriate cover work is set in case of absence and support supply teachers and other staff covering lessons within your department.
Personal and Professional Characteristics
A strong commitment to comprehensive education within a diverse inner-city environment, including the development of a de-colonised, anti-racist curriculum.
A willingness to support and promote the ethos of a Church of England school within the context of a multi faith school community.
The proven ability to work in teams and partnerships with staff and students alike.
Excellent communication skills.
Have high expectations of yourself and others within the school community, as reflected in our ‘Believe and Achieve’ mission statement.
The ability to inspire the trust and confidence of staff, students and parents.
Be proactive and self motivating.
A readiness to innovate.
A proven commitment to developing your own professional learning.
The ability to operate effectively both as a team leader and team member.
Experience
Qualified Teacher Status and/or other relevant professional qualifications.
Successful teaching experience post 16. Experience of teaching KS3 –KS4 would be an advantage.
Experience of working with young people, parents and the wider community.
Knowledge, Skills and Aptitudes
Excellent subject knowledge.
An up to date knowledge about successful Learning and Teaching within the secondary school context.
Appropriate ICT skills.
An understanding of how student performance data can be used in order to bring about improvement in standards.
The ability to work closely with fellow professionals in bringing about improvement.
Selection Criteria
Qualified Teacher Status.
Ability to teach classes of all ability ranges and differentiate materials where appropriate.
Willingness to contribute to curriculum development within the department.
To be knowledgeable about the National Curriculum and exam syllabuses and be able to use it as a working document in the planning of lessons and for assessment.
Ability to help in preparation of materials and resources according to the requirements of the National Curriculum.
To have an understanding of the needs of students for whom English is an additional language.
To have a working knowledge of and a commitment to the School’s Equal Opportunities Policy.
To be able to regularly evaluate classroom practice and adapt as necessary to ensure effective delivery of the National Curriculum.
To have an understanding of the pastoral needs of students from diverse backgrounds.
Willingness to be a form tutor or co-tutor and take part in the School’s PSHCE programme, which is mainly delivered via ‘drop down’ days. (Note: we refer to tutors as Urswick Parents or Co-Parents)
Willingness to support the Christian ethos of the School.
Willingness to support the development of literacy and numeracy throughout the School.
Christianity, essential
Economics, peripheral
I certainly don’t teach pie-in-the-sky economics.
In the Netherlands we bevin much earlier, from 12 years old. They learn the basics such as:
– What is money
– What is the economic cycle
– Tasks of and levels of government
– What do banks do
Etc etc
After a year we move into markets and the environmental impact of economies.
By the time they get to UK A level age, if they carry on with economics as a subject they’re expected to espouse abstract thinking and compose models based on various external factors.
That does not happen in an economics degree in the UK
Hi everyone!
A teacher friend pointed me to your post. I completely agree with you that this Bank of England / Uni Manchester initiative isn’t solving anything. Until the curriculum is transformed, this and other ‘outreach’ measures from the Bank of England and RES will simply spread degenerative economic ideologies to more people. Enough is enough.
But help is on the way! We’ve been working a new economics curriculum and are finding footholds in the Francis Review to get reform of the economics courses. Many of the ideas we include in our syllabus, specifications and book (for two years of instruction in Regenerative Economics!) are making their way into discussions of the new national curriculum in England. And we are giving feedback to the national economics curriculum review in the Netherlands and the International Baccalaureate. Scotland has just approached us for a provocation for their business/econ curriculum reviewers too.
You can find everything about the project here: https://www.regenerativeeconomics.earth/home
It’s a work in progress 4.5/7 topics + one on systems thinking are already published online, with a creative commons license for anyone to use.
Please pass this along to anyone who might be interested. Thanks!
I will read later
Thank you