Complexity in Economics
Explore the challenges of quantifying and predicting complex economic systems, as discussed by Russ and Mervyn. They delve into the limitations of applying physics-like models to economics and the need for a nuanced understanding of auxiliary hypotheses in making predictions. Discover why macroeconomic models that assume either complete knowledge or complete ignorance may fall short in capturing the intricacies of the real world.In this clip
From this podcast
EconTalk
John Kay and Mervyn King on Radical Uncertainty
Related Questions