Did the Global Financial Crisis Have any Impact on Economics Degree Enrolments?*

Abstract

The Great Depression is famous for enticing a whole generation of young men and women into studying economics especially in Britain and America and even in this country. What then of the great financial turbulence caused by the subprime crisis? Did it provoke an increase in student interest in economics? Or perhaps the relatively milder traverse Australia has enjoyed over the past three years has meant that student interest was not ignited by what was happening overseas. This paper scrutinises the latest enrolment data for Australia and the other Anglophone countries to ascertain whether there has been any marked increase in economics degree enrolments.

Is Academic Economics Withering in Australia?

“…Conversely, it may be the case that we should have expected a pick-up in student numbers, as apparently occurred in some other countries, as a result of the GFC. Millmow and Tuck (2011) indicate that the latter did not happen. Perhaps of greater importance is the negative way that economics is often portrayed in the media.…”

The Narrowing of the Australian University Economics Curriculum: An Analysis of the Problem and a Proposed Solution

“…However, it is not a wholly isolated example. This increase outperforms the national 21.3 per cent increase in all undergraduate enrolments in economics that Millmow and Tuck (2011) document for the period 2005 In addition, a study that the author conducted of social science students at La Trobe University in November 2012 found that, of the 156 students who participated in an online survey, over half (52.3 per cent) indicated that economics was a subject they wished they knew more about, with 83 per cent clearly indicating that they were more likely to enrol in subjects in economics if they were taught from a social science (political economy) perspective from within a social sciences faculty. Argyrous found that most of these units were taught outside economics departments and faculties of business.…”

Factors that Determine the Decline in University Student Enrolments in Economics in Australia: An Empirical Investigation

“…One could expect to see renewed interest amongst students in economics in these countries, driven by a combination of curiosity and fear for the future (Freedman & Blair, ). However, because the current crisis has affected the above countries in a more painful way than Australia, Australian students’ interest has not been stimulated by what was happening overseas (Millmow & Tuck, ). Therefore, a fruitful strategy from the Australian instructors in economics could be the presentation and teaching of the consequences of the global financial crisis, based on the problems and concerns of the Australian economy.…”

“…These results are not presented here but are available upon request. way than Australia, Australian students' interest has not been stimulated by what was happening overseas (Millmow & Tuck, 2011). Therefore, a fruitful strategy from the Australian instructors in economics could be the presentation and teaching of the consequences of the global financial crisis, based on the problems and concerns of the Australian economy.…”