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Teaching and Learning to change the Landscape of Economics

Teaching and Learning to change the Landscape of Economics. Presentation How did we get here and why are we here? Why do we need change? Goals Initial thoughts Techniques Main Concepts. How did we get here and why are we here?

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Teaching and Learning to change the Landscape of Economics

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  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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