Manchester University bosses came under fire from angry economics students after they scrapped a groundbreaking course that examined the effects of the 2008 banking crash. In an escalation of the crisis gripping university economics departments, the course leaders cancelled the Bubbles, Panics and Crashes module developed to answer protests at the dominance of orthodox free-market teaching. Students said the U-turn undermined the credibility of senior staff who promised reforms and meant the department was actively obstructing debate over the causes of the financial crash and why economists failed to see it coming. Read more >>
In this cartoon by Kipper Williams from The Guardian a group of students from the "Post-Crash Economics Society" have just learned about the axing of their course in the newspaper. One of them comments, "None of us saw that coming." The joke is that economists didn't see the 2008 financial crash coming either, so not much has changed in the world of economics.
To axe (or scrap) a service, system, etc. means to get rid of it or to reduce the money spent on it by a large amount. • Other less profitable services are to be axed later this year.