ECONOMICS IN EDUCATION

Hawera Star, Volume LII, 19 November 1932, Page 11

ECONOMICS IN EDUCATION

Place in Business Training

pBOFESSOR LIONEL ROBBINS, Professor of Economies in London University, recently spoke on ‘‘The Place.of Economics in the Teaching of Business.” By common consent, ho said, economics was capable of affording an excellent general education, but the question was whether beyond that it had any specific implications relevant to the professional training for business. It was possible to .make exaggerated claims in that respect. Many things now said in the name of economics were suc-h as to make an economist blush for the reputation of his craft. Economics ■could not tell business men what specific goods were likely to be demanded in the market. Nor could it lay down in advance the “best” forms of business organisation. But it could be claimed that in the framing of general business policy, a knowledge of general

economics might be useful. Economics made it possible to anticipate more accurately the remoter effects of given changes in the economic system.

The financing of industrial enterprise and the framing of buying policies during times of monetary instability were particular examples of cases where, a sound knowledge of economics might be helpful. Even there, however, care must lie taken not to put the claim too high. Economics could not claim to provide quantitative predictions; at best its anticipations were qualitative. If economics was to be taught at all it must- be taught thoroughly, for a water-ed-down economics for the use of commerce students• only/was not only useless, it was often positively misleading. Unless schools of- business were prepared to take economics seriously they had better leave it alone.