Teaching Economics as Political Economy

In the 20th century, especially post-World War II, economics transformed significantly, increasingly mimicking the "hard" sciences like physics and chemistry. This shift involved a greater reliance on mathematical tools and axiomatic methods, overshadowing the discipline's philosophical and political economy roots. As a result, economics education evolved. This trend raises concerns about the content and methods of teaching economics. Many problems have been identified, and various solutions proposed. What we suggest here is not only to change the teaching of economics, by using more philosophical notions, but also the type of economics that is taught. This chapter proposes viewing economics as a social philosophy, rooted in the discipline's classical origins with thinkers like David Hume and Adam Smith. This perspective encourages a multidimensional approach, integrating social, historical, and ethical considerations. By returning to these philosophical roots, economics education can foster critical examination of theories and their societal implications, enhancing the discipline's relevance and comprehensibility.