Word: kranton
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This theory has been brought to the fore by the groundbreaking new book, Identity Economics, by economists George Akerlof and Rachel Kranton. The two begin their investigation of students’ incentives with the traditional economic model in which students weigh the monetary costs and benefits of education. Then, however, they look at the social categories common in a school. There are “insiders” are often the jocks or high achievers who are very involved in school life. There are also “outsiders,” the “burnouts?...
...schools include more resources and teacher training programs, and both of those can be beneficial solutions. Yet identity economics shows us that a school’s culture can be just as important, if not more so, in contributing to the success of its students. Akerlof and Kranton explain how many schools that have bucked the trend and succeeded where others have not have done so because of a cohesive culture where teachers and students feel united for a common mission or purpose. There are few, if any, “outsiders,” because everyone buys into...
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