“Renewing economics” (May 17) made an interesting read. Though the study of economics is a must to run a business or the national economy efficiently, the author is right in saying that not many educational institutions teach it as a dynamic and much-needed discipline. Even in key courses like MBA or Commerce, its study in India is treated like an adjunct to the main learning process. Neither is it taught well, nor do the students understand its importance in decision making. How many MBAs who can quote chapter and verse from Philip Kotler can recall Adam Smith’s division of labour, leave aside theories of John Maynard Keynes?
Even as the usage of economics is spreading with full-fledged disciplines like Behavioural Economics or Happiness Economics being taught, its appeal and correct application are lacking. As the writer says, interest could be revived by revisiting Keynes.
Y G Chouksey, Pune