Reforming Academic Economics

The video discusses the importance of economics education and its detachment from real-world applications over the past decades. It suggests a new approach to teaching economics by focusing on real-world knowledge and basic economic problems before introducing techniques. The video also addresses theoretical issues in economics, such as the distinction between calculable risk and fundamental uncertainty, and the need to re-examine human motivation theories. Finally, it emphasizes the importance of making economics relevant to motivate students and prevent loss of interest.

What is the significance of understanding the difference between calculable risk and fundamental uncertainty in economics?

How can the relevance of economics be communicated to students effectively?

What challenges do students face when learning abstract economic theories?