About Us

We, The Post-Crash Economics Society, are a group of economics students at The University of Manchester. It is our belief that the content of the economics syllabus and teaching methods could and should be seriously rethought.

The Report

We have published a Report outlining what is wrong with economics education at the University of Manchester and in the UK. It includes a foreword by the director for Financial Stability at the Bank of England, Andrew Haldane.

Contact Us

If you want to join our mailing list, if you have any questions about upcoming events and lectures, schools of thought, what we’re working on or, if you have any suggestions for speakers you would like to see at our events or anything else please get in touch and we will endeavour to get back to you as soon as possible.

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Latest from our Blog

PCES Event: Can People’s QE Fix Britain?

Last week, PCES hosted a panel debate on Jeremy Corybn’s proposed ‘People’s QE’ (PQE), which would see the Bank of England (BoE) create money electronically and use it to fund public projects such as infrastructure spending, or possibly send cheques to peoples’ homes, in an effort to stimulate the economy. Speaking on the panel were Frances Coppola, former financier and well-known blogger; James Meadway of the New Economics Foundation (NEF); and Chris Giles of the Financial Times (FT). The full talk is available in the embedded video below: Giles opened with a brief but interesting discussion of PCES in general, saying that he believes orthodoxy should always be open to challenges – even if the alternatives aren’t necessarily better. Leading on from this he said he welcomed these kinds of debates about ‘unorthodox’ monetary policy, but thought that PQE was not a good proposal. He argued that Corbyn and other PQE adherents such as Richard Murphy had not made it clear exactly when PQE would be needed – in recessions or as a permanent policy – and he argued that they PQE conflated a number of different issues such as the need for stimulus in a recession; the need for improvement in Britain’s infrastructure; BoE independence; and the debate over unorthodox monetary policy. He finished by pointing out that in many ways conventional QE had achieved many of the goals of PQE, allowing the government to finance its deficits with BoE-created money. Coppola agreed with many of Giles’ points, although she stressed that conventional QE hadn’t been benign and could have been carried out better, since the BoE admitted that it has benefited the wealthiest, asset-owning...

12 Questions Every Economics Student Should Ask About Their Education

PCES have put together 12 questions that we think every economics student should be able to at least have a go at answering (and ‘no’ doesn’t count as an answer!). We think these get to the heart of the shortcomings of undergraduate economics education: a lack of real world understanding; a lack of pluralism or even awareness of different schools of thought; a lack of critical engagement with the material and a lack of interdisciplinary knowledge. If you are an economics student reading this, we’d love to hear your answers to these questions! 1. Do I have a good idea of how, in practice, banks, firms and government organisations such as the Bank of England work? 2. If tomorrow my boss sent me some data on oil markets and asked me to produce a report on global demand and supply for oil, would I have at least a half-decent idea of where to start? 3. Am I confident in communicating my economic knowledge to different groups such as the public, academics and policymakers, both in written form and verbally? 4. Am I able to offer a solid, perhaps theoretical interpretation of major historical events such as the Great Depression or 2008 crash? 5. Actually, do I even know the historical details of these events? 6. Have I been shown a real world situation to which a theory I have learned can be applied? Which evidence was presented to support this? 7. Has my curriculum made any mention of theories such as endogenous money, cost plus pricing or the financial instability hypothesis, all heterodox theories which have a good degree of empirical...

Guest Post: Economics Has Lost its Way

This is a guest post by Simon Ogus, founder and CEO of DSGAsia, a firm which provides independent Asian economic and political analysis. He has a PhD in economics  from SOAS and has been researching the economies and markets of the Asian region since the mid-1980s. Albert Einstein, a proper physicist if ever there was one, and certainly no social scientist with a bad case of physics envy, once remarked that: “Not everything that can be counted counts, and not everything that counts can be counted.” One might have thought that after decade upon decade of one-in-ten-thousand-year events occurring, ahem, rather more regularly than every ten millennia, the economics profession might be willing to display just a little more humility in questioning its increasingly quantitative foundations. But, then again, as Upton Sinclair wrote in “The Jungle”: “It is difficult to get a man to understand something, when his salary depends on his not understanding it.” The idea that the Queen raised that nobody saw the crash coming is, frankly, self-serving humbug from an academic, bureaucratic and conflicted private sector analytical cabal for whom such a claim is extremely convenient from a backside-covering perspective. Plenty of analysts did point out the madness of what was happening (or more accurately was being allowed to happen) but the more independently-minded were largely shouted down and accused of being cranks that just did not understand the beauty of the newest manifestations of finance. Après la deluge, the revisionist claim has been that, “apparently,” it was not that the models were wrong, but just that they just needed to be perfected; analogous to arguing that...