PhD Research on Making Economic Education Future-Proof

How do we prepare Finance & Control students for a world that is becoming increasingly complex, sustainability-driven and critical? That is the central question in the PhD research of Theo de Joode, lecturer at The Hague University of Applied Sciences. Since 2022, he has been conducting research into the integration of sustainability within higher professional economic education.

Theo has observed the same tension for many years. “I have been teaching in economic education for more than twelve years. What strikes me is that the content hardly changes, while the world around us has changed completely. Businesses are facing stricter legislation, growing societal pressure and new expectations regarding responsible business conduct. Yet education still largely relies on traditional economic models.”

Sustainability Legislation and Regulation 

With funding from the Dutch Research Council (NWO), Theo is conducting a five-year research project. A key component is the analysis of European sustainability legislation and regulation. Between 2014 and 2023, more than 20,000 rules were developed. These range from binding legislation to so-called soft regulation, such as guidelines and agreements that often later evolve into formal laws. Increasingly, these rules affect core business processes, including procurement, production, marketing and sales.

Beyond Profit

In addition to the legal dimension, Theo examined societal expectations through a media study. He identified ten clear expectations, including environmentally responsible production, fair pricing, broader accountability of directors and reduced dependence on international supply chains. According to Theo, the message is clear: “Society expects more from companies than simply generating profit. They are expected to contribute to solutions for climate change, inequality and sustainability. Yet we see too little of that narrative reflected in economic education.”

A Different Worldview

The research shows that higher professional economic education still relies heavily on neoclassical economic theory. This worldview assumes that individuals act rationally and efficiently to satisfy their needs, and that businesses primarily focus on profit maximisation and shareholder value. “That model no longer fits the current time and leaves little room for themes such as sustainability and social impact,” Theo explains. “The emphasis remains on efficiency and short-term returns.” Theo did’nt observe this not only in the Netherlands, but also abroad. Theo analysed nearly one hundred critiques of international business schools,  all pointing in the same direction: education does not sufficiently connect with political and societal challenges and trains students within a particular, and often narrow, worldview.

Students Want More Sustainability

Research among students produced notable results. Three main groups emerged. A small group is satisfied with the current curriculum. A second group would like to see greater attention given to ethics, people and diversity. The largest group believes sustainability receives far too little attention. “That surprised me,” Theo says. “There is often the assumption that students in economic programmes are primarily interested in earning money and building their careers, while many also value sustainability and societal impact.” He sees a significant opportunity here for education. “Students may already be further ahead than we sometimes think. Education is lagging behind what they consider important.”

A New Programme Profile

The ultimate goal of this PhD research is to develop a new programme profile for the Finance & Control degree programme. Not only adjustments, but a fundamental revision, based on alternative worldviews, human and business perspectives. “We need to move away from the idea that there is only one way to think about economics,” Theo states. “I want to demonstrate that multiple perspectives are possible: for example, businesses as societal actors, people as relational beings and the economy as a means rather than an end.”

Broader Professional Fields

The new profile will make economic education future-proof and better aligned with political and societal developments. It will also open up broader professional fields for graduates, including roles at the intersection of finance, sustainability, risk management and societal impact. Theo hopes his work will not remain confined to theory. “My ambition is for this profile to be adopted nationally by all Finance & Control degree programmes. There are even opportunities internationally.”

Practical Impact

The PhD research runs until 2027 and is supervised by The Hague University of Applied Sciences (research group New Finance), Vrije Universiteit Amsterdam and Nyenrode Business University. Theo does not only provide a lovely theoretical story. He intends to support universities of applied sciences in implementing concrete proposals for relevant professional fields, intended learning outcomes and module descriptions. His motivation is clear: “If we continue to educate students for the economy of yesterday, we are doing them a disservice. Sustainability should be a fundamental precondition for economic education. The only question is how quickly and how seriously education will shape that integration.”

Would you like to know more about this PhD research? Please visit the project page or contact Theo de Joode .