Why the world is due a revolution in economics education

Economic thinking governs much of our world. But the discipline’s teaching is stuck in the past. Centred around antiquated 19th-century models built on Newtonian physics, economics treats humans as atomic particles, rather than as social beings. While academic research often manages to transcend this simplicity, undergraduate education does not – and the influence of these simplified ideas is carried by graduates as they go on to work in politics, media, business and the civil service. Economists such as myself tend to speak in tightly coded jargon and mathematical models. We speak of “economic…

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STARD gets Ford backing for new World RX car

Manfred Stohl’s STARD World Rallycross team is developing a new Ford Fiesta ST Supercar with support from Ford Performance for 2019. The Vienna-based Austrian firm announced last month that it had retained Latvian driver Janis Baumanisfor a third season, and while it had run a Fiesta Mk7 since entering the series, is now creating a Supercar based on the newest Mk8 iteration of Ford’s hatchback. “For 2019 we took the decision to develop a completely new car, which also gave us the chance to choose a new platform,” said STARD CEO…

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As world economy stumbles into 2019, eyes turn to China

Ten years after China helped stave off the threat of a global depression with a huge stimulus plan, investors are looking once again towards Beijing as the world economy heads for a slowdown, or worse, in 2019. Booming China has accounted for about a third of the growth in the global economy in recent years. So recent signs that it is losing momentum is unsettling when the U.S. boom, turbo-charged by President Donald Trump’s tax cuts of 2017, seems to have peaked and Europe’s heavyweights are stalling. China’s slowdown is…

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NASA’s New Horizon spacecraft zips past most distant world known to mankind

A NASA spacecraft on Tuesday flew past the most distant world ever studied by humankind, Ultima Thule, a frozen relic of the early solar system that could reveal how planets formed. “Go New Horizons!” said lead scientist Alan Stern as a crowd cheered at the Johns Hopkins Applied Physics Laboratory in Maryland to mark the moment at 12:33 am (0533 GMT) when the New Horizons spacecraft aimed its cameras at the space rock four billion miles (6.4 billion kilometers) away. “Never before has a spacecraft explored something so far away.”…

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Quick Take | Gandhi family critic, Raghuram Rajan fan: How CEA Krishnamurthy sees the world

Much has been made of the support given to demonetisation by Krishnamurthy Subramanian, the government’s new Chief Economic Advisor. To be sure, he did write in his columns that demonetisation was a revolutionary act and that the poor were not the worst affected. He had disparaging things to say about the policies of the Gandhi dynasty, just before the elections to the Uttar Pradesh state assembly. He also wrote about the rise of crime in Uttar Pradesh under Mayawati and the Samajwadi Party, again just before the elections there. But…

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