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Chuck Sims's avatar

"Most of the lessons students remember lack practical applications." Depends on what you mean by "practical". If say, economics teaches analytical thinking skills then regardless if students remember that the marginal revenue curve is twice the slope of a linear demand curve for a monopolist, is that "practical"? If econometrics at least causes you to be initially skeptical of popular reports on empirical studies, even if do not remember what heteroskedasticity is, is that "practical"?

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Kevin's avatar

It would be more useful to have laws about what does work. Obviously I have learned many things in my life that I can successfully apply. What was the secret there?

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