Last week a number of our second year economics students went on a DMU Global trip to Paris.
The highlight of the trip was a visit to the OECD Headquarters. Students were given a tour of the Chateau de la Muette before a talk on the role of the OECD. Then we had a talk from William Hynes who is Head of the New Approaches to Economic Challenges Unit (NAEC). Professor Hynes discussed the challenges currently facing the economics profession and the need for a fundamental paradigm shift. This new approach should ditch the old reliance on rationality and equilibrium analysis and focus more on the new tools being developed in mathematics, physics and biology to study complex systems. Insights can also be gained from AI and big data.
Students had chance for lunch at the OECD and to enjoy the spring sunshine in the Chateau gardens. Then we headed off for a walk down the Champs Elysees to do a bit of economic naturalism. Students were asked to compare prices along the Champs Elysees and nearby streets, think how consumers would react to such prices and why firms would want to locate in this area. The next day students were free to enjoy the delights of Paris.