Teaching of Economics in the New Paradigm

Economics as a course traditionally provided theoretical and technical material supported by logical thinking. In the changing modern world, students of economics are confronted with newer concepts, techniques and detailed analysis. They have to master indifference maps, revealed preferences, kinked demand curve, cross elasticity, marginal propensity to consume liquidity preference, model building, sampling error linear programming, game theory, input-output matrices. In the existing system of higher education, we give degrees and better grades to the students who depend exclusively on their memory and have not learned how to think. Mere gathering of not knowledge but information and lack of ability to think and analyze is the result of traditional way of teaching economics. Teaching of economics should result in building clear conceptual framework so as to enable students to apply this in practice to solve various problems both at micro and macro levels, building analytical skills and communication skills.