Rethinking Economic Models
Explore the limitations of economic models in capturing the complexities of real-world decision-making, as John and John discuss the concept of radical uncertainty and how it challenges the prevailing notion of maximizing expected utility. Discover why these models, while useful in certain contexts, fall short in capturing the vast range of decisions made in government, business, and personal lives.In this clip
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EconTalk
John Kay and Mervyn King on Radical Uncertainty
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