Why Rethink economics? Economics in higher education institutions can be uncritical of the status quo, detached from the contemporary structures and economic flows of the real-world economy, and very narrow in terms of the scope offered in curriculums. The textbook economics might lean more to neo-liberal economics ignoring other prominent thinkers and scholars (e.g. Economics is a social science study of how economic actors allocate their limited resources: textbook definition). A lack of diversity in this economics results in economic education that fails to address critical issues of the contemporary world. These would include, climate change, racial discrimination and exploitation, inequality, and global health crisis.
How about we start exploring the economy as an embedded economy? This would mean we completely change our assumptions of the economy as only between markets and states, and assume that an economy embeds green earth, society, and commons. This would be a completely different assumption in terms of the social construct. Although this economics does not solve all the contemporary socio-economic challenges, it starts a different interdisciplinary approach to the economy which sets us in the right trajectory to solve challenges proactively through policy. Surely, a different perspective of the economy can uplift and transform many African economies that are developing.
Rethinking Economics For Africa (REFA) is a group of student chapters across higher education institutions in South Africa. These group of students convene to explore different parts of the moving economy and study economics on a pluralist behaviour. Interestingly, these student chapters are not only limited to economics degree students, rather, every faculty member student is welcomed to explore the discipline of economics. This generates a room conversation that has an element of interdisciplinary formulating an interdisciplinary approach to what we call the economy. These groups of students would in the long term be economic scholars that approach the economy different.
Equally imperative is the political economy, especially for South Africa (SA). The economics of maximising profit at the cost of human dignity does not assist the scholarship of economics to solve deep societal challenges. Any policy that fails to understand the characteristics of SA’s economic structure fails in its attempt to achieve its maximum potential. These characteristics would broadly include the mineral energy complex (MEC) in the political economy, migrant labour and uneven spatial developments, inequality and economic exclusion, and public service access.
Governments are crucial actors in the economy, but a trend of corruption and public mismanagement has been in African countries for some time since independence. Some governments developed the “Big man” syndrome and failed to pave the path of democratic consolidation in African economies. This depicts a terrible picture of African states. A picture with failed governance, corruption, and growth stagnant economies. The current generation of students must realize this status quo of their land birth and formulate an approach to go about transforming the economy and society.
So where do we start?
Conversations can create awareness and further generate interest. They are various mediums that can be utilized by the youth to converse on societal issues and the world they live in. These mediums include, radio, social media pages and platforms, podcasts, and student chapter like REFA. If the current generation of students can meet in spaces outside the classroom and interrogate the world that evolves around them, a better conscious society would be the offspring. Imperatively, our conversations should have substance and have us act only as catalysts of action and transformation.
The African liberation path is not only limited to political demonstrations and positions. Creative talent like poetry, music, writing, sports, and film have also been part of the liberation struggle. The current youth generation must not miss the power of creative talent. Alternative ways of creating awareness involves the use of our own creative talent. Perhaps, we can learn more on this method using Hugh Masekela “Stimela” melody advocating for the black labour exploitation in Sub-Saharan Africa. We might as well learn more on the work of literature by Toni Morrison, or the philosophical writings of Dr Nkrumah, Steve Biko, and Charlotte Maxeke. Searching for our creative talents and utilizing them to spark meaningful conversations and awareness should be one of the priorities in the liberation agenda.
Developing an elastic thinking and pluralist approach to scholarships is another way to embark on the journey of transformation. Elastic thinking permits the conscious mind to grapple with information and exploit that information to generate new thought. A pluralist approach appreciates the various thoughts in the field and encourages unconventional ways of thinking and looking. These are thinking skills which can perhaps develop in students and drive the rethinking process of what we learn, how do we learn it, and is the knowing of what we learn important to solve contemporary socio-economic issues.
Rethinking Economics For Africa is a clarion call that emanates from young voices. A call to revisit curriculums to broaden teaching to solve contemporary real-world issues. It’s a conscious thinking of African economies and their state, and how can we solve African problems as Africans. A lot of work rests in the shoulders of this generation. Should we ignore and perish, or interrogate and reform?
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