MARK COLVIN: One of the few economists who predicted the global financial crisis may find himself out of a job. The University of Western Sydney is planning to abolish its bachelor of economics program, and get rid of most of the staff who currently teach it. And the cuts to its School of Business goes even deeper.
Business reporter Michael Janda has more.
MICHAEL JANDA: They call it the dismal science but it's the future of economics that looks dismal in Australia right now. Sydney University's business school jettisoned its economics discipline into the Faculty of Arts two years ago.
And now the University of Western Sydney is looking to get rid of economics altogether. Arguably UWS's most publicly prominent academic is economics professor, Steve Keen.
STEVE KEEN: I've had hedge funds funding me I've had the Institute for New Economic Thought funding me, I've got an international profile and I find it ridiculous that the university is simply deciding, oh well, let's let all that go. And of course a major source of decent publicity for Western Sydney has been my activities in the last five years.
MICHAEL JANDA: In its formal change proposal, UWS says it will cut 29 full-time positions. The university has told staff the change is needed because business school enrolments have fallen markedly over the past two years, and look set to fall sharply again.
Associate Professor Brian Pinkstone teaches economics at UWS. He places much of the blame for falling student numbers on a change to Federal Government policy that encouraged greater competition for students between universities and resulted in lower entry requirements.
BRIAN PINKSTONE: Large universities like the University of Sydney and New South Wales have dramatically lowered their ATAR (Australian tertiary admission rank) cut-off entry points. And that this year particularly has had a big effect in dragging students away from making UWS as a first preference.
MICHAEL JANDA: Professor Pinkstone is concerned that the loss of economics from UWS may reduce career options for young people from Western Sydney.
BRIAN PINKSTONE: We take in students with relatively low ATARs and they end up with the best outcomes in the university in terms of employment prospects. And our best students are going to our honours program where every year, one, two or three might get into the Reserve Bank or Federal Treasury, State Treasury etcetera.
MICHAEL JANDA: One of those prospective honours students is Alison Lim. She learnt about the university's proposal second-hand.
ALISON LIM: When I first heard about it I was quite in shock and I didn't quite believe it. And I had to call up the honours coordinator for confirmation.
MICHAEL JANDA: UWS now looks likely to keep economics honours for next year. But beyond that, there won't be much economics left.
Professor Pinkstone again.
BRIAN PINKSTONE: We'd end up with a situation where there was only one economic subject which would be introductory economic principles.
MICHAEL JANDA: And many in the business community are worried about the long-term impact of cutting back economics in business degrees.
Andrea Staines is a non-executive director of ASX 200-listed company QR National, and several other smaller firms. She says economics gives business leaders a broader view.
ANDREA STAINES: Business degrees are becoming just very focused on the here and now. And on sort of the first or second jobs that the student would take out of university. And what is missing is the broader skill set.
MICHAEL JANDA: UWS management met with staff this afternoon as part of formal consultation around the proposal.
MARK COLVIN: Michael Janda.
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