"Don't Study Economics" Top Economist Warns Students

Introduction

This tutorial is based on insights from Dr. Steve Keen, a prominent economist known for his critique of mainstream economic theories. In this guide, we will explore why Dr. Keen advises against traditional economic study and how his alternative perspectives can provide a deeper understanding of economic dynamics. This is particularly relevant for professionals in engineering, finance, and IT who seek to grasp the complexities of economic systems.

Step 1: Understand the Limitations of Mainstream Economics

• Recognize the Critique: Dr. Keen argues that mainstream economics often fails to account for financial instability and the realities of economic behavior. Understanding these limitations is crucial.
• Explore Alternative Theories: Familiarize yourself with economic theories that emphasize real-world applications, such as behavioral economics and complex systems theory.

Step 2: Engage with Practical Economics

• Apply Real-World Scenarios: Rather than focusing solely on abstract models, apply economic concepts to real-world situations. This could involve analyzing economic crises or studying market behaviors in your field.
• Utilize Software Tools: Consider using tools like the Minsky software, developed by Dr. Keen, which models financial crises and helps visualize economic dynamics.

Step 3: Seek Comprehensive Learning Resources

• Download Educational Materials: Take advantage of resources like Dr. Keen's 'Funny Money' book bundle, which can provide insightful perspectives on economics.
• Enroll in Specialized Programs: Consider programs that break down economic principles into digestible content, such as the seven-week course offered by Dr. Keen.

Step 4: Collaborate with Diverse Professionals

• Network with Peers: Engage with engineers, finance professionals, and IT experts to discuss economic impacts in their respective fields. Diverse viewpoints can enrich your understanding.
• Participate in Discussions: Join forums or groups focused on economic analysis to exchange ideas and challenge conventional thinking.

Conclusion

By moving away from traditional economic studies and embracing a more practical, critical approach, you can gain valuable insights into the economic forces shaping our world. Consider leveraging alternative learning resources, engaging with professionals in related fields, and applying economic concepts to real-world scenarios to enhance your understanding. Explore Dr. Keen’s materials and methodologies to better equip yourself for the complexities of modern economics.