Media Release

October 30 2009

UniSA explores the truth behind economics

Newspaper stack with headline reading "Tough Times" Optimistic faith in economists and economics has left society flailing post the global financial crisis (GFC).

According to Professor Barbara Pocock, the GFC has left us with income and status inequalities and an inability to combine work and caring responsibilities.

Economist and Director of UniSA’s Centre for Work+Life, Professor Pocock, will discuss how the preoccupations and misapplications of economics in the 21st century have contributed to these problems at a free public lecture at UniSA.

The booked out public lecture on Tuesday 3rd November is part of UniSA’s Gift of Knowledge lecture series.

Prof Pocock will contend that economics has reigned supreme in government and public life for the past century which has led to big mistakes, including a narrow focus on economic outcomes, rather than happiness and equality.

“In the context of the global financial crisis in particular, economic theory has a lot of explaining to do,” she says.

“These failures impose very significant social costs, and if we are not careful, they will impose other very significant costs to the quality of our lives - in terms of the environment and social cohesion in particular.”

Prof Pocock believes excessive arrogance, ignorance and operating in an ethical vacuum has led to major mistakes by Australia’s economists.

The lecture will explore the weaknesses and limitations of economics as currently practiced, considering the implications of some of this for how we live, work and care for each other, and how we create sustainable lives.

Event details:
The uses and misuses of economics: reflections of a recovering economist
13th Gift of Knowledge lecture for 2009
Tuesday 3rd November, 5pm
Hawke Building, UniSA City West Campus
Fully booked. Registration for this event has closed.