Prior to 2008 much of the profession was triumphant in its success in achieving economic stability.
The period leading up to 2008 was known as the great moderation, characterised by low inflation, strong growth and low unemployment. This period has been followed by the most significant economic event since the great depression. This event has seen increasing doubt over the old consensus and the reincarnation of Keynesian economics.
Just as the era of stagflation in the 1970s saw the decline of Keynesian economics, the current crisis has challenged many of the neoclassical assumptions taught in introductory courses.
The current syllabus introduces students to the concept of supply and demand, the role of government, the benefits of trade, the contrast between perfect competition and monopolies as well as basic macroeconomics.
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