On the Directions of Economic Education after Financial CRISIS: What to and How to Teach

Abstract

Economics, which has failed to predict and resolve the 2008 financial crisis, has faced much criticism. Especially, skeptical voices on the core assumptions of economics: economic rationality (Homo economicus) and the auton-omous mechanism and stability of the market, have been raised. Also, it has been criticized of focusing only on mathematical models and overlooking the complexity and uncertainty of reality. Secondary school economic education aims to cultivate economic citizenship that can make rational decision based on economic knowledge in reality. Therefore, economics plays a very important role in economic education in terms of being its core content; economics having faced much criticism, economic education also has to set a new direction after the financial crisis. Having recognized these problems, this study aims to discuss what economic education after the financial crisis should be and how it could be taught. First is to introduce pluralism, which insists to depart from mainstream economics monoism and to deal with minor economic issues. Students will be able to develop critical thinking skills while learning a variety of compet-ing economic theories and analyzing and interpreting the real economy based on them. Second is to start a full-fledged discussion on bringing economic ethics into classroom. The necessity of eco-nomic ethics has long been discussed, but it is not being handled in the actual education field due to various problems. Because financial crisis is closely related to ethical issues such as human greed and injustice, it is neces-sary to fully attempt to discuss economic ethics at school. Finally, such changes in the content area of economic education inevitably lead to changes in the teaching method. The existing lecture-based education is not adequate for class based on pluralistic theories and has diffi-culties on addressing economic ethics related to affective attitude properly. Therefore, it is necessary to break from lecture-based education that focuses on transferring economic knowledge and to introduce various learning methods such as discussion, cooperative learning, and project-based learning. In face of criticism of economics, secondary school economic education centered on economic knowledge also faced new challenges. In order not to suffer repeated economic crises, it is necessary to prepare for the future based on reflection on past failures. The best way is to educate students. In a society where complexity and uncertainties are prevalent, to raise stu-dents into economic entities that can make rational decisions based on various information, classroom economic education should be improved. I hope that more concerns and discussions on the contents and methods of economic education will be actively pursued.