Scrapping unloved USC would not be a wise move

The nature of economics and the approach of many economists have changed subtly over the past decade.

The change in approach was forced on the profession and the subject due to its abject failure to provide a proper theoretical framework in the run-up to and, more particularly, in the aftermath of the ‘great recession’, which commenced in 2008.

The mathematical or sophisticated model-based approach to economic analysis has been found sorely lacking, and much more attention is now being focused on behavioural economics.