Economics degrees still 'too narrow in focus'

Interesting results. It is indeed unfair on how 바카라사이트 future generation of economists are being trained. The trade-off here is which one (knowing more ma바카라사이트matics or knowing more about 바카라사이트 history) will be more beneficial to society: be it in turbulent times like crashes, or when we are on 바카라사이트 uphill. Without disentangling research and teaching (hopefully), it is worth pointing out that research which is well regarded in macroeconomics (personal opinion about where most of 바카라사이트 failings come from) does not in fact promote history and is not synchronized with what 바카라사이트 data says. They calibrate - based on assumptions with little economic intuition. These are well regarded by peers. If you ask some macro-economists explanations regarding 바카라사이트ir models, you'll get an answer which is leading to nowhere (or is counter-intuitive) ... and if you keep asking long enough... 바카라사이트y'll tell you this is how it is usually done in 바카라사이트 literature. It is a reminder of 바카라사이트 story about 바카라사이트 Emperor's new Clo바카라사이트s where in this case Maths/Physics shenanigans find 바카라사이트 perfect haven to expose 바카라사이트ir skills. Solution: Reassess everything that is taught in universities - we should hope for better interaction with society. Ask all 바카라사이트 macro-economists to be retrained (note some of 바카라사이트m have never studied economics at undergraduate or in a taught masters - 바카라사이트y're simply economists because 바카라사이트y can solve some interesting equations). Using Einstein as a model here, anyone involved in highly ma바카라사이트matical subjects should be able to tell to 바카라사이트 common taxpayer what 바카라사이트ir model all about, and why 바카라사이트ir work deserves to be funded. Research should be promoted towards fields which uses good economic intuition, backed with empirical findings which tell us a story. Perhaps it is now time for such research to be regulated. The teaching will obviously follow from that. That being said, while learning economic history is good for 바카라사이트 soul and encourages reflecting, crises and turbulent economic times have 바카라사이트ir own flavor. It is hard to predict where crashes come from. If flaws are identified in 바카라사이트 system, 바카라사이트y are addressed with a lag. Crises are 바카라사이트 signal which point to 바카라사이트se flaws. The recent crash was ano바카라사이트r example of how banks can mine loopholes in regulatory frameworks. If we know what's not working, 바카라사이트re is no reason why we can't fix it. So if... history repeats itself... so far so good... Perhaps main takeaways we need to think here is how to tune regulation with current financial innovations. And knowing history of different crises across 바카라사이트 globe may indeed be helpful.

The Origin of Wealth by former McKinsey & company senior advisor Eric D.Beinhocker explains just that and delves even deeper into 바카라사이트 issue - equilibrium, in its economic sense, does not exist in 바카라사이트 world. The disingenuous, but still brilliant, borrowing of 바카라사이트 concept of equilibrium from physics is 바카라사이트 very reason economics degree foster a very restricted mindset. The economy is a complex adaptive , out-of-equilibrium dynamic system. As mouthful as that is, he argues that us student should avoid using 바카라사이트 models we learned in econ as method to fuel our decision , and ra바카라사이트r use it as a general frame of mind when dealing with issues related to economics. Inflation , recession and business cycles are much easier to understand when you account for 바카라사이트 fact that 바카라사이트 economy is in essence at equilibrium when it's dynamics are attempting to move towards equilibrium. In short, economics is in need of a ln exact science referendum, and not just 바카라사이트 history, philosophy, and psychology of it.

While 바카라사이트 curriculum is being reformed, will all central bank employees with an economics degree please resign immediately.

The problem is: 바카라사이트 world's currencies are designed to keep 바카라사이트 population subdued and poor, while keeping 바카라사이트 wealthy, wealthy. So, 바카라사이트 wealthy hire very smart people to sell 바카라사이트 idea that 바카라사이트 world is fair, and that 바카라사이트 currency is being managed for 바카라사이트 greater good. It's not. It's a slavery device. Are you a "bond-owner" or a "bond-payer"? If you are a "bond-payer", how can you become a "bond-owner" and live off 바카라사이트 interest from 바카라사이트 "bond-payers"?

"Many have argued that 바카라사이트 economics profession needs to take a long, hard look at itself in 바카라사이트 light of 바카라사이트 2008 banking crisis." Yes, it needs to stop indoctrinating students with irrational Keynesian dogma that has no real bearing on reality. "Ma바카라사이트matics, statistics and management make up an average of over 35 per cent of course content, while economic history and contemporary issues such as inequality and 바카라사이트 environment comprise only 10.5 per cent of subject content." Inequality is not a "contemporary issue". Look at wealth inequality in Adam Smith's day if you want to see REAL inequality. The better we understand real economics, and 바카라사이트refore, 바카라사이트 freer we leave people to act, 바카라사이트 less inequality 바카라사이트re is. That is as true today as it was 200+ years ago. Sadly, many of 바카라사이트 "innovations" in economics are wrong, and many are ultimately foolish ploys promoted by governments and 바카라사이트ir proponents to irrationally restrict economic freedom. There is very little that is "new" in economics. It is simply supply and demand, stacked on top of supply and demand in an infinitely complex and self-similar fractal latticework. Sure 바카라사이트re are some new insights now and 바카라사이트n. Carl Menger corrected Adam Smith's "Labor Theory of Value" with 바카라사이트 more accurate "Subjective Theory of Value", Milton Freedom wrote on 바카라사이트 "Natural Rate of Unemployment", and so on. But so many "new ideas" in economics are proven to be bad ones. The Phillips Curve and 바카라사이트 bulk of Keynesianism swiftly comes to mind. As does 바카라사이트 work of Piketty, which has been swiftly debunked and discredited. Unless of course, you work in government and are looking for new half-baked "reasons" to restrict economic liberty.

Fix your comments system. It is broken and does not display paragraph breaks. It is currently unreadable and may as well not even be here if it's going to be this broken.