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How a new economics syllabus is preparing students for the real-world economy

Critics of the old model of economics teaching are right. But there’s an alternative: and it’s already being taught to undergraduates worldwide

By Wendy Carlin   June 2018

Could they both be right, the “rip it up” critics of economics, who—like Howard Reed in last month’s Prospect—claim that Econ. 101 is broken, and the economists fighting back—such as Diane Coyle on Prospect online—who point to the solid research the profession is doing to address pressing social problems?

The textbook model is definitely broken. In it, economic actors are amoral and self-interested, perfectly competitive market prices equate supply to demand implementing “optimal” outcomes,…

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