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Teaching and Learning to change the Landscape of Economics.

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Presentation on theme: "Teaching and Learning to change the Landscape of Economics."— Presentation transcript:

1 Teaching and Learning to change the Landscape of Economics

2 Presentation How did we get here and why are we here? Why do we need change? Goals Initial thoughts Techniques Main Concepts

3 How did we get here and why are we here?  The financial crisis had taught a generation of economists many valuable lessons  However, we are not here to correct the financial crisis  A general understanding that change is needed  There is a growing concern gathering pace about over past performances of the traditional economist  Provide a platform to teach new concepts, techniques and methodologies to enhance change and develop economics fit for the new millennium  Fuse the relationship between practitioners and academics

4 Why do we need change?  Economics needs to be more forward thinking  Analyses and examinations have generally been conducted retrospectively  Commentary has often been based on ‘gut feelings’ from previous cycles  Let computers do the work and not out-dated thought processes  We must never be in this financial position again

5 Aims and Goals  Establish well-rounded economists fit to convey accurate and relevant information  Benefit from state-of-the-art technology and new concepts  Bridge the gap and fuse the relationship between economists and academics  Avoid oversights from the past  Develop economists into creative thinkers ready to develop new ideas  Regain confidence from their profession and build/retain clients  Become front-runners in economics

6 Initial thoughts  Models usually uses past data to determine future outcomes  People want real-time information  Development of forecasting in real-time has advanced and has been adopted as the future of economics  Modelling economic shocks in real-time is a new concept as people wish to know how real-time shocks affect economies  Economics should be concerned with analysing the immediate future  This analysis gives rise to a more accurate measurement for the longer term

7 Techniques  Models have been built and tested by the best professional developers  These have been proven to be successful  Technology uses state-of-the-art software  Results tabulated with exceptional statistical information

8 Main Concepts  Real-Time Economic Forecasting and Forecasting Economic Shocks  Alternative Macroeconomic Modelling Techniques  Behavioural Economics  Money Supply and Liquidity  Modelling Uncertainty

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