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The Economics of Learning (Part 1)

Jul 05, 2019

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The Economics of Learning

 
Some of you might know that I have a degree in Economics and as such tend to look at the world in a slightly different way - one that focuses on the choices people/business make and the incentives driving those choices.
 
We are taught in economics 101, that there are four factors of production (Land, Labour, Enterprise and Capital) and that these are finite - there is only so much going around, and ultimately people/business make decisions based on how to get the most out of their factors.
 
When we relate this to your learning you are the Labour, and unless you can invent cloning (cue reference to the film Multiplicity) you are limited with this factor. Land refers to the resources that you have available to you - our recordings, mocks, books etc. Capital is your equipment so if you have a computer running on Windows 95, maybe think about an upgrade. And finally, we have Enterprise: your ideas and your drive.
 
In combination your four factor of 'learning' are formidable, but are you maximising them?
 
We recognise that it is near impossible to get more out of Labour and Capital, but are you getting the most out of your Enterprise and Land/Resources? Are you registering your books online? Are you making the most of your tests/mocks - that is: do them, learn from them, do them again and repeat the process?
 
To me it ultimately boils down to incentives. What is your incentive/drive to study rather than anything else? If you can harness this, then the economics of learning fall into place.
 
James


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