What do you do if your economic knowledge is outdated?

Start reading newspapers again the old-school way. Newspapers that focus on more op-eds and quality news than the ones that are tossed in everyday criminal drama and politics. Restarting the habit of reading the news especially opinions and editorials would help you refresh your economic knowledge relate the cause and effect and answer the whys happening in life.

Whenever I discover that my economic knowledge isn't quite up to date, I dive into a dynamic cycle of renewal. I begin by consulting the latest resources, engaging in vibrant online economic debates, and seeking insights from established experts. This approach not only rejuvenates my understanding but also sharpens my analytical skills, ensuring that my decisions are always backed by the freshest perspectives and data. Embracing continuous learning transforms challenges into opportunities to excel.

To update and refresh your economic knowledge, self-assess your current understanding, commit to continuous learning, enroll in formal education programs, attend seminars and workshops, join professional associations, seek mentorship, use online resources, engage in practical application, stay informed about economic trends, and continually evaluate and reflect on your learning progress. By doing so, you can stay relevant, informed, and effective in your professional endeavors, ensuring your economic knowledge remains relevant and effective.

Start by following reputable economics blogs, podcasts, and social media accounts of leading economists and academic institutions. Participate in online forums and discussion groups dedicated to economics, where you can ask questions, share insights, and learn from others. Consider enrolling in online courses or subscribing to platforms offering updated economic content and resources. Actively engage in online debates and discussions, using them as opportunities to test and refine your understanding while learning from diverse perspectives. Embrace continuous learning by staying curious, adaptable, and open to new ideas, leveraging the wealth of information available online to enhance your economic knowledge and expertise.

I believe that with the increasing teaching and administrative workloads demanded by universities, it is easy to get caught up and lose touch to the latest updates in the field. This is why one needs to set clear priority of staying up to date by attending at least one top notch conference or economic forum to get the much needed exposure to thought provoking ideas.

Engage with professionals in economics, finance, and related fields through industry events, conferences, and online forums. Participating in discussions and exchanging ideas with peers and experts can provide fresh perspectives and updates on the latest economic developments. Seek out mentorship opportunities with individuals knowledgeable in contemporary economic theory and practice to enhance your understanding. Additionally, consider enrolling in courses, workshops, or seminars to upgrade your skills and knowledge base. Leveraging networking opportunities not only helps you stay informed but also builds valuable relationships that can lead to collaborative learning and potential career opportunities in the economic landscape.

Basic economic concepts, like supply and demand, won’t be outdated. But I do see a large amount of conservative theorists having difficulty adapting their “common knowledge” economic laws and variables to new, dynamic and tech-powered financial systems like crypto. The best thing to do is to never stop being curious about learning what’s at the forefront of your industry. And, regardless of your personal opinions about it, seek to understand how it works and why it creates an incentive for some people.

Continuous learning has been a part of my education. That includes both academic programs and Industry organizations. I can't emphasize enough how important that is. 1) Multiple disciplines are windows on alternative ways to analyze and model a difficult problem. Much of the professional world is stuck in their particular silos. 2) The growth areas in all professions are coming together with Artificial Intelligence and Machine Learning. I regularly view the use of these technologies in chemical engineering and quantitative financial modeling. Valuation Risk & Strategy are tied together in ways that are profound. 3) It is important to stop and consider what parts apply to you, and avoid the irrational exuberance.