Education should teach us how to think, says Dr. Raghuram Rajan, Advisor – Krea University

NEW DELHI, MARCH 29: Former Governor of the Reserve Bank of India, global thinker, educationist and one of the leading economists in the world, Dr. Raghuram Rajan interacted with high school students in a live webinar organized by Krea University, a young university pioneering the art of Interwoven Learning in India. Hundreds of students registered from 30 cities across India and abroad and participated in the online interaction.

Education, he said, should become experiential in nature, enabling students to not just consume information, but also use it effectively in the real world. Such an approach, called ‘interwoven learning’ by Krea, interweaves various academic disciplines and breaks the silos between the classroom and the real world – thereby training students for an increasingly complex, diverse and dynamic world.

The conversation centered on “Economics for the 21st Century and the significance of new universities like Krea ”. Dr. Rajan expressed the need for an inter-disciplinary approach where economics integrates with history, politics, psychology, sociology and emerging fields like data-science to better understand and solve real-world problems.

During question time, students asked questions covering a wide range of topics such as automation, AI, inflation vs deflation, cryptocurrencies, monetary policy, trade policy, education policy and the need for new institutions like Krea.

When asked about ‘ethics in economic decision-making’, Dr. Rajan replied that ethics comes into play in any decision-making, as one can never assume there aren’t costs to a decision. “A cost-benefit analysis is not possible unless everybody is treated equally, and every decision will have to be analyzed with how it interacts with philosophy, ethics and morality” he said. And education at the undergraduate level should equip one with these considerations in decision-making.

When asked to what extent the current economics education and understanding will become obsolete, Dr. Rajan stressed that since both knowledge and practice are forever changing, a good education system should make us flexible.

Dr. Rajan expressed hope that Krea University will serve as a catalyst in our education system, fostering debate and dialogue on critical issues.