Facilitating Economic Development Through the Reform of Economic Instruction

Economic development in many ways depends on the level of human capital in the national economy, including that of economists. Market reforms in the former Soviet Bloc urged drastic changes in economic curriculum necessary to prepare the next generation of economic leaders. This paper states that the reform of economic instruction in the Former Soviet Union should focus on both learning and action. The incorporation of mathematical methods into the new economic curriculum will occur based on close cooperation among mathematicians and economists. The new economic instruction will have an interdisciplinary character and a multidisciplinary setting. There are several second order organizational changes that need to be made. Bachelor and Master’s Degrees should replace the five-year degree. Changes in the curriculum should include separation of core courses and electives including those from other majors, detail-oriented content of the courses, a decreased number of classes per semester and increased time for each class. Faculty retraining should be coordinated both within and between the universities. Financial incentives should be created to encourage the instructors to participate in retraining, to change the content and method of the instruction, and to work effectively in the classroom.