The modern economy – what students should be learning.

Here is an interesting article from the New York Times. Gregory Mankiw – Harvard Economics Professor – outlines what is required to understand and be prepared for the modern economy. He comes up with 4 main areas of learning:

Learn some economics – As the economist Joan Robinson once noted, one purpose of studying economics is to avoid being fooled by economists.
Learn some statistics – One thing the modern computer age has given everyone is data
Learn some finance – Americans are increasingly in charge of their own financial future
Learn some psychology – A bit of psychology is a useful antidote to an excess of classical economics. It reveals flaws in human rationality, including your own.
Ignore advice as you see fit – The one certain thing about the future is that it is far from certain. I don’t know what emerging industries will be attracting college graduates four years from now, and neither does anyone else.

Maybe all of this can explain the graph on the left. Click here for the full article from The New York Times.

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