A group of economics students under the moniker ‘Rethinking Economic Malta’ is pressuring the University’s Department of Economics to rethink the way banking is taught to undergraduates.
In an open letter to department head Philip von Brockdorff, the students warned that the syllabus is flawed and contradictory and called for a revamp to ensure that classroom theory is kept in line with real-world banking practices.
In particular, they warned that the study-unit places heavy emphasis on the money multiplier approach, even though it has been criticised in detail by the Bank of England and the Bundesbank.
“As a result, economics students in Malta are being taught flawed and inaccurate information on the role banks play in our economies,” they wrote. “This has major implications considering that many local economics graduates go on to become important leaders and policy-makers in local financial institutions.”
“Since it is in the best interest of economics students and the Department of Economics to regularly update the curriculum, Rethinking Economics Malta will be asking the department to hold discussions with them to make sure that the economic theory being taught is in line with modern and international research.”