Harvard Student Walk Out In Support Of Occupy Wall Street

About 70 Harvard students showed their disapproval of an introductory economics course by walking out of class last week.

In an open letter to their professor, Greg Mankiw, the students explained that their actions were driven in part by a desire to show solidarity with the Occupy Wall Street movement.

The letter explains:

A legitimate academic study of economics must include a critical discussion of both the benefits and flaws of different economic simplifying models. As your class does not include primary sources and rarely features articles from academic journals, we have very little access to alternative approaches to economics. [...] Harvard graduates play major roles in the financial institutions and in shaping public policy around the world. If Harvard fails to equip its students with a broad and critical understanding of economics, their actions are likely to harm the global financial system. The last five years of economic turmoil have been proof enough of this.

On his blog, Mankiw notes that the students' actions are ironic because the class topic for the day was income distribution and the growing gap between the top one percent and the bottom 99 percent.

Mankiw was the chairman of the Council of Economic Advisers under President George W. Bush. He is now an advisor on the Mitt Romney campaign.

The Nation points out that Mankiw has been critical of the Occupy movement. In a post on Oct. 26, he writes, "Here is a fact that you might not have heard from the Occupy Wall Street crowd: The incomes at the top of the income distribution have fallen substantially over the past few years."

Comments

[anders1020]

09:09 AM on 11/21/2011

Well, isn't that sad. Poor 0.01%, they are making less money. In 1992 the USA had 10 billionaires, now it's 400. In 1992 the richest had 12 billion Dollars. How much is it now?
Where was Mr. Mankiw during the last crisis? He did not foresee it? Such a knowledgeable, intelligent economist should have known better. Now HE wants to be part of the solution? His credibility is about 0.01% by now.

[Reikoku Jaken]

12:35 AM on 11/09/2011

Courageous and intellectually honest. Who would have thought that the 21st century ushers in a generation of young adults who actually care about whether or not they are being educated or inculcated.

When I applied to Upenn, Cornell, and NYU as a non-traditional Business major I was shot down for the program and (strangely) offered a slot in either Economics, Adult Ed, or Liberal Arts & sciences. My SAT combo was far above the 75th percentile, my GPA was 3.8, and my work experience in managing student funds for 2 years all spoke for themselves. Yet the elite business schools did not want to touch me for the undergrad even though I put out an 80 page thesis on Capitalism and the factors which shaped it.

These kids see that they are being molded. Good for them. I did not see it until half-way through my thesis. Their standing up against intellectual dishonesty at a top school encourages me. Go HARVARD.

I'll see you guys in 2 years ;)

[teabagmetos]

06:19 PM on 11/08/2011

Nice they think that now, lets see if they feel the same way ten years from now.

[edejan]

02:11 PM on 11/08/2011

Congrats to these students! Economists trained by this school have destroyed the global economy. Maybe it's time they start rewriting their courses to incorporate the actual real-world results of the failed methods they teach.

[jman7]

01:50 PM on 11/08/2011

harvard students are not the leaders of the world. they are the source fo the problem

[Dham4201]

01:46 PM on 11/08/2011

ivy league people are destroying our planet and killing our people

[bluejjberry]

01:30 PM on 11/08/2011

Neither Harvard or G20 Summit can fix the economy until they realize there are missing pages in their textbooks. They can-not connect the dots because some of the dots are missing to fix the economy . My frugal lifestyle will never improve if i help them, i have the missing dots. Elected officials, Harvard, and greedy bankers have the power and money but are unapproachable. One missing dot is "IF I DON'T LIKE YOU,I DON'T WANT YOUR CAN OF BEANS" There are more dots but first you have to know your beans.Thank you & have a nice day !!

[The Right is Wrong]

12:40 PM on 11/08/2011

He says "Here is a fact that you might not have heard from the Occupy Wall Street crowd: The incomes at the top of the income distribution have fallen substantially over the past few years."

Oh yeah? Cite your sources Mr Professor!

What the f*** kind of teacher are you? Oh, a Bagger!

Class dismissed!

[filakia004]

11:53 AM on 11/08/2011

bravo to the students. here's another fact you wont hear from a gop econ professor:

in the last 3 years, 78 corporations had at least one year where they paid no federal income tax at all, while 30 corporations paid not a dime over the entire three years. Those 30 corporations paid nothing, even though they made $160 billion in profits over that period

[Reikoku Jaken]

12:59 PM on 11/08/2011

Not a bad point though we would still need to know what sort of job growth those companies pushed in terms relevant to U.S. tax revenues. If the jobs created with that 160B displaced enough government expenditure in transfer payments for welfare and unemployment to match the company's tax liability otherwise - then there was no economic loss.

If they did not however, then we need to address the broken tax structure.

[filakia004]

01:32 PM on 11/08/2011

jobs are being sent overseas while companies hoard the profits

[Reikoku Jaken]

09:50 AM on 11/08/2011

Higher academia is rife with intellectual dishonesty. Our system has basically gone from educating (somewhat) to indoctrinating young people on whom we depend to make pragmatic choices. Where are the case studies on the enclosure movements and their impact on urbanization, the maritime commerce industry wages, urban growth, interest rates across the significant cities of the time (Antwerp, London, Goa, Paris, Lisbon, Madrid)

Where is the study on currency itself? We are still taught that money, even though sardonically referred to as a "tool of exchange" has a value in and of itself without elaborating on the subject of real value of money much beyond the topics of inflation, deflation, and central banking.

Where is the study on central banking itself? Its history, its successes and failings, and its moral hazards.

Its not there. These kids seem to understand that. Good for them.

[rocks4aliving]

09:14 AM on 11/08/2011

OWS.... IT'S BETTER TO BE PISSED OFF.... THEN PISSED ON.

[tumorimmunologist]

11:49 AM on 11/08/2011

I don't usually comment on grammar but... you just said it is better to be pissed off and afterward be pissed on. I would rather be pissed off THAN be pissed on personally, but to each his own.

(I couldn't resist, sorry.)

[frankdlu]

07:08 AM on 11/08/2011

How many of them are getting grants or monies from the taxpayers....If there is a problem you think needs fixing...get out in the world and fix it....Intelligently...if you are capable of that...I'll bet the parents are proud....

[Reikoku Jaken]

09:44 AM on 11/08/2011

They should be considering these students are absolutely correct. Economic courses are taught as if the "invisible hand" was the only relevant and accurate force in human socio-political systems. Most teachers don't bother teaching about the way inflation and price stickiness impacts the poor, the fact that the state has an interest in maintaining an underclass, and how the income distribution affects small and medium sized businesses.

Moral Hazard is entirely ignored in favor of blase menu listing of the various regulations introduced between 1930 and 1964, many of which have since been circumvented.

These kids have gumption. Mankiw should seriously think about that, the system is producing young adults who have a conscience. I think Marx warned about this.

[mahhala]

09:56 AM on 11/08/2011

This post shows far too much ignorance for it to be by someone who has actually experienced a freethinking tertiary education. The source of funds for their education should play no part in what they study or how they are taught or how they may question the instructors ... we do not want robots we need critical thinkers..

[Simon Woodward]

06:44 AM on 11/08/2011

As an academic, I am more impressed with the point they make about a lack of credible referencing to academic papers - without that it is all political spin. Wait - that's what is his job is anyway.

[Reikoku Jaken]

09:45 AM on 11/08/2011

Ditto.

Its funny too when you read books on economics. Apparently not many of the authors bother with actually reading Mun, Petty, Cantillion, Quesnay, Locke, and Smith.

[Eric Shin]

06:32 AM on 11/08/2011

Great idea Einsteins at Harvard. Walk out of class, get a failing grade and then you can legitimately join Occupy Wall Street as no one will want to hire a bunch of hypocritical ingrates.

[Reikoku Jaken]

09:45 AM on 11/08/2011

Never been to college eh? It shows.

[Kalie]

10:19 AM on 11/08/2011

A failing grade cuz you walk out of one class? I dont think so. The teacher should be pulled for conflict of interest and replaced.

[Patti OPinion]

06:06 AM on 11/08/2011

I think some of the posters are being a little harsh on the students. Youth and idealism have prevailed throughout history without regard to financial wealth or the lack there of. Additionally, universities professors are notorious for presenting one sided ideas whether they be liberal views or conservative. A true educator inspires students and ignites curiosity to expand knowledge beyond textbooks. Perhaps Mankiw is a true educator because he inspired his students to take action. Hopefully he has enough wisdom to not fail the students.