CLASSROOMS have had computers for decades, but in the past few years the buzz about “education technology” (or edtech) has become persistent, especially in...
Radziah Adam's insight:
"Why buy a digital maths textbook when you can use an online course free?"
"Why spend four expensive years at a middle-ranking university when you can take Ivy League classes for little or nothing?"
"...better internet access, more “digitally native” teachers and the need for lifelong education in a rapidly changing economy. These trends, he says, will put more technology in the classroom in 2014 and beyond."
Economists were seduced by physics because it made their claims seem more scientific. Their belief was in the concept of equilibrium, in which it would be im...
Radziah Adam's insight:
"Equilibrium not in the physical sense but in special economic sense in which you reach a point at which the prices are fixed such that market forces fix the prices such that you maximize the happiness of the consumers and maximize the profits of the firms. And in so called equilibrium nobody can become happier or more profitable without somebody else becoming less happy or less profitable. ...And if you're in equilibrium you can't do better."
Would the ordinary person regard how economics students are educated as a significant political issue? Probably not, but the way economics students are educated has much wider implications for society than is commonly imagined.
"We are taught to memorise and regurgitate neoclassical economic theories and models. ...The financial crisis represents the ultimate failure of this education system and of the academic discipline as a whole. Economics education is dominated by neoclassical economics, which tries to understand the economy through modelling individual agents. Firms, consumers and politicians face clear choices under conditions of scarcity, and must allocate their resources in order to satisfy their preferences. Different agents meet through a market, where the mathematical formulae that characterise their behaviour interact to produce an "equilibrium"."
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