Economics of the Real World. Bretton Woods Conference April 9, 2011
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1 Economics of the Real World Bretton Woods Conference April 9, 2011
2 Credo The central idea of our reform is to reconnect the teaching of economics with the workings of the actual economy, and to begin that reconnection at the very beginning with the undergraduate curriculum.
3 From Ely to Samuelson
4 From Historico-institutional to Mathematico-statistical
5 From Broad Understanding to Focused Policy Advice
6 Previous Reform Attempts Official (AEA) initiatives Siegfried et al, The Status and Prospects of the Economics Major 1991 Colander and McGoldrick, Educating Economists 2010 Individual initiatives Task Force: Hoover, DeLong, Ziliak Technical Consultants: Goodwin, Colander, Reardon, Cowen/Tabarrok, Bodie Business School initiatives Rukstad, Macroeconomic Decision Making in the World Economy 1992 Moss, Concise Guide to Macroeconomics: What Managers, Executives and Students Need to Know 2007
7 Reform and Resistance in the American University Non-vocational, non-professional ideal Resistance to accounting, management, finance Disinterested neutral research for policy Resistance to political economy, history, hermeneutics Socialization for citizenship (general ed) Resistance to heterodoxy (esp. Marx)
8 Opportunity Knocks! External Events End of Cold War, Global Financial Crisis, Educational Technology Print on demand Web 2.0 INET: No Legacy Costs Website as Virtual University
9 Empirical Visualization
10 Analytical Visualization
11 Modular system, modular strategy General Education Very Short Introduction Core Curriculum Economic Reasoning Anthology Case Study/Issue Module Field Courses Field Discourse Anthologies
12 Idea I: The Social Framework, a VSI 1. Preliminaries --T accounts --Sources and Uses 2. Firms and Households 3. From Firms to GDP 4. Banks 5. From Banks to Flow of Funds
13 Idea II: Anthology of Economic Reasoning 1. Data 2. Facts 3. Models 4. Disputation 5. Advocacy 6. Imagination 7. Reflection
14 Idea III: Impact Issue Module 1. Impact Video 2. Linked INET Video 3. Contextualization 4. Related Questions 5. External Links 6. Comments
15 Idea III: Impact Issue Module 1. Impact Video!! 2. Linked INET Video 3. Contextualization 4. Related Questions 5. External Links 6. Comments
16 Idea IV: Anthology of Field Discourse Young, Allyn Commerce: The Marketplace of the World. Treynor, Jack L Economics of the Dealer Function. Wojnilower, Albert Financial Change in the United States. Mehrling, Perry The Vision of Hyman Minsky. Dunbar, Charles F The Check System. Mundell, Robert A Reconsideration of the Twentieth Century. Baba, N., F. Packer, and T. Nagano The spillover of money market turbulence to FX swap and cross-currency swap markets. Hicks, John Chapters 5-7 in A Market Theory of Money. Pozsar, Zoltan, Tobias Adrian, Adam Ashcraft, and Hayley Boesky Shadow Banking. Adrian, Tobias and Hyun Song Shin Money, Liquidity, and Monetary Policy. Mehrling, Perry The Global Credit Crisis and Policy Response. Schumpeter, Joseph A Chapters 2-3 in The Theory of Economic Development.
17 Idea IV: Anthology of Field Discourse Young, Allyn Commerce: The Marketplace of the World. Treynor, Jack L Economics of the Dealer Function. Wojnilower, Albert Financial Change in the United States. Mehrling, Perry The Vision of Hyman Minsky. Dunbar, Charles F The Check System. Mundell, Robert A Reconsideration of the Twentieth Century. Baba, N., F. Packer, and T. Nagano The spillover of money market turbulence to FX swap and cross-currency swap markets. Hicks, John Chapters 5-7 in A Market Theory of Money. Pozsar, Zoltan, Tobias Adrian, Adam Ashcraft, and Hayley Boesky Shadow Banking. Adrian, Tobias and Hyun Song Shin Money, Liquidity, and Monetary Policy. Mehrling, Perry The Global Credit Crisis and Policy Response. Schumpeter, Joseph A Chapters 2-3 in The Theory of Economic Development.
18 Idea IV: Anthology of Field Discourse Young, Allyn Commerce: The Marketplace of the World. Treynor, Jack L Economics of the Dealer Function. Wojnilower, Albert Financial Change in the United States. Mehrling, Perry The Vision of Hyman Minsky. Dunbar, Charles F The Check System. Mundell, Robert A Reconsideration of the Twentieth Century. Baba, N., F. Packer, and T. Nagano The spillover of money market turbulence to FX swap and cross-currency swap markets. Hicks, John Chapters 5-7 in A Market Theory of Money. Pozsar, Zoltan, Tobias Adrian, Adam Ashcraft, and Hayley Boesky Shadow Banking. Adrian, Tobias and Hyun Song Shin Money, Liquidity, and Monetary Policy. Mehrling, Perry The Global Credit Crisis and Policy Response. Schumpeter, Joseph A Chapters 2-3 in The Theory of Economic Development.
19 Idea IV: Anthology of Field Discourse Young, Allyn Commerce: The Marketplace of the World. Treynor, Jack L Economics of the Dealer Function. Wojnilower, Albert Financial Change in the United States. Mehrling, Perry The Vision of Hyman Minsky. Dunbar, Charles F The Check System. Mundell, Robert A Reconsideration of the Twentieth Century. Baba, N., F. Packer, and T. Nagano The spillover of money market turbulence to FX swap and cross-currency swap markets. Hicks, John Chapters 5-7 in A Market Theory of Money. Pozsar, Zoltan, Tobias Adrian, Adam Ashcraft, and Hayley Boesky Shadow Banking. Adrian, Tobias and Hyun Song Shin Money, Liquidity, and Monetary Policy. Mehrling, Perry The Global Credit Crisis and Policy Response. Schumpeter, Joseph A Chapters 2-3 in The Theory of Economic Development.
20 Further Steps New Courses History of Economic Thought Economic History Political Economy New Teachers Summer training courses, as HET Task Force Graduate training courses, as EH Task Force
21 Beyond US/UK Expanding Task Force, Consultant Panel Europe Emerging Economies Developing Economies Adapting Content Adapting Delivery
22 INET as Virtual University Director s Interview Blogs Issue modules
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