Teaching real-world economics to undergraduates | FT World
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► Subscribe to the Financial Times on YouTube: http://bit.ly/FTimeSubs FT's Mark Vandevelde talks to Ferdinando Giugliano about how some universities have started to teach economics courses based on lessons learnt after the financial crisis. ► FT World News: http://bit.ly/1Exp0iJ ► FirstFT : http://bit.ly/1TK237l For more video content from the Financial Times, visit http://www.FT.com/video Twitter https://twitter.com/ftvideo Facebook https://www.facebook.com/financialtimes
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The key to teaching real-world economics is simple: revert to the three factor model developed by Smith, Turgot, Mill and other political ecnonomists. Treat land (i.e., nature) as the source of all material wealth, yielding rents based on various forms of locational advantage. This analysis requires normative analysis of the laws that secure and protect rent, wages and interest to the factors of production.
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Some universities have started to teach economics courses based on lessons learnt after the financial crisis.
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