Measurement and Precision
Daisy discusses the reduction of measurement uncertainty in everyday life, highlighting the limitations of new metrics like quality-adjusted life years and micromorts. Russ shares a thought-provoking quote about the nature of measurement, emphasizing that while precision is desirable, it often falls short in complex areas. The conversation reveals the tension between the quest for precision in economics and the inherent uncertainties of human behavior.In this clip
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EconTalk
Coase, the Rules of the Game, and the Costs of Perfection (with Daisy Christodoulou)
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