The RBA report revealed that only 10 % of university students listed economics from 1999 to 2023 as universities.
When Australia is working on economic uncertainty, concerns are raising concerns.
The latest report by the Australian Reserve Bank (RBA) “Where did all economics students go?” Between 1999 and 2023, the 12th graders listed the economics course in the university’s preference. It is clear that it is only about 10 %.
Even more impressive, only 1 % of all students are actually registered in economics degrees.
In contrast, arts and social sciences, science and mathematics, commercial and finance, medicine and health were very popular.
Economics has one of the lowest conversion rates from taste to registration. Only 18 % of students who like economics courses have studied it. This was compared with 40 % for business and finance.
The report was written by RBA’s public education economist, EMMA CHOW, and was released on January 30.
Why does economics lose the ground?
Economist at the University of New South Wales (UNSW) and Professor Gigi Foster believes that economics registration can be turned back to the change of the 1990s curriculum.
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Business research and the introduction of laws fascinated students who might have chosen economics.
“There seem to be some controversy that began in the 90’s,” she told the Epoch Times.
“If you say you want to be a lawyer or businessman in a dinner party, people will understand immediately, but if you want to be an economist, it is so clear what it means. there is no.”
The lack of a qualified high school economics teacher is another major concern.
“Many teachers have never studied economics on their own,” Foster said. “Because they teach the themes that they don’t fully understand, it will be difficult to attract students.”
Saul Eslake, an independent economist, points out the employment market as another factor.
“Economicists don’t have as many jobs as before. Non -financial companies prefer to rely on banks and consulting companies for economic insights without hiring internal economists,” he said.
Eslake added that the merger between financial institutions has also reduced the number of roles that can be used, and the cost reduction measures have led to many banks completely eliminating the economic sector.
ESLAKE also speculates that the increase in discipline dependence on mathematics may have stopped students.
“I know that economics is too mathematical and is separated from the real world problem. I do not have survey data to support this, but I believe it plays a role.” He said.
Beyond the classroom, misunderstandings about economics in Australia continue.
“Many people think that economics is to maximize profits, prioritize money over people, or in the league with large companies,” Foster said. “That is the last thing of economics.”
Eslake provides another perspective and suggests that economist’s specialty may have been impaired due to the unpredictable financial crisis from 2007 to 2008.
Registration of gender gap
The RBA report emphasizes gender gaps. The number of female students who studied economics in the 12th year is less than men who can include economics courses in universities.
Instead, they showed stronger interest in art, social sciences, medicine and health, and law.
However, this gap is not more noticeable than the STEM field such as engineering.
Despite the consistent of male students in the ATAR score, female students continue to register for economics at a lower rate.
Interestingly, those who opt -out of economics often had a higher ATAR than a male student who chose to study it.
Foster believes that his career motive plays a role.
“The boys may be considered a way to become a businessman or market analyst who succeeded in economics, but girls often give priority to careers that have a social impact.” I said.
“If you want to attract more women to economics, you need to emphasize how to use it to make the world better.”
Can the economist and the government reversing the decline?
Experts are actively working on promoting economics education.
“I have launched a comprehensive economic education consortium on UNSW, operated an Australian and Australian economics Olympiad, and is involved in rewriting the curriculum of university economics,” Foster said. “I will also talk at public events to make economics more accessible and excite.”
An important initiative to deal with this issue is the Australian Economist Meeting, which will be held in Sydney in the next July. This event includes economics teachers and students in an easy -to -understand manner and exploring better educational methods.
In terms of policy, Foster believes that the government should allow the government to play a greater role in forming a high school curriculum.
“I’ve been trying to enter the room for more than 10 years, but it’s a closed store. I need to incorporate serious and detailed opinions from the economist to improve the subject’s teaching.”
Experts also suggest that the government should play an aggressive role in promoting more clear understanding of economics. Leave it to institutions such as RBA and UNSW and proposed to educate the general public about discipline using its own resources.
The RBA report recommends that the STEM -style advocacy is adopted, effectively integrating economics with other degrees, and improving the general perception of the subject, which helps registration.
“Raising the number and diversity of economics is important for the long -term health of discipline. Also, improving economic literacy, improving the quality of public talks, and future policy proprietors and business leaders. There are great public benefits, such as making decision -making decisions based on more information, “concludes the conclusion.
It is a sign of recovery, but there are some issues.
The Ministry of Education of the Victorian Dynasty emphasized the positive trend of the number of registrations.
“Registering VCE ECONOMICS has been steadily increasing every year in the past five years, and has reached 3,783 in 2019 to 2024,” Spokesman told EPOCH TIMES.
However, the RBA report warns that while the number has improved, it is much lower than the historical level.
The declining economic education for decades has left an economic literacy gap, affecting not only future policy proprieters, but also everyday Australians to navigate economic decisions.
Experts argue that more expensive reforms are needed, including better curriculum design, improving teachers training, and more powerful advocacy to access economics more and more attractive.
Without sustainable efforts, the risk of the subject continued to be alienated in an era where economic understanding was more important than ever.
