A critique of macroeconomics curriculum in India

Rajesh Bhattacharya and Anirban Mukherjee

International Journal of Pluralism and Economics Education, 2013, vol. 4, issue 4, 352-370

Abstract: In this paper, we review the macroeconomics curriculum dominantly used in Indian universities and suggest its radical overhaul. The macroeconomics taught in Indian universities is based on the theoretical structure used to discuss the macroeconomics of the developed countries and which do not address the stylised macroeconomic facts of India. Given the status of contemporary macroeconomics as a theoretical space for grounding policy debates, we argue that we need a relevant macroeconomics curriculum that take into account the institutional features of the Indian economy. In this context, we contrast neoclassical, Keynesian and Marxist approaches to the twin problems of accumulation and subsistence, which we identify as the main policy objectives. We argue for a more pluralistic approach to teaching of macroeconomics.

Keywords: macroeconomics curriculum; business cycles; economic growth; subsistence; accumulation; dualism; India; economics education; higher education; pluralism; neoclassical approach; Keynesian approach; Marxist approach. (search for similar items in EconPapers)
Date: 2013
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