Advice to the Next Generation

The video discusses the importance of focusing on alternative micro-founded macroeconomic approaches, emphasizing the need for statistical work and econometrics. It highlights the significance of reconstructing macroeconomic dynamics based on sound behavioral hypotheses and historical accounts. The discussion also covers the role of institutions in understanding behavioral regularity in economic practices, such as pricing and investment. The video concludes by stressing the importance of balancing deductive and inductive inquiry, advocating for a data-driven approach to better explain the world.

What qualities are suggested for a young person to succeed in economics?

• Creativity and innovation

• Courage, integrity, and curiosity

• Patience and diligence

• Leadership and teamwork

What is emphasized as necessary for reconstructing macroeconomic dynamics?

• Reconstructing historical and formal accounts

• Ignoring historical data

• Focusing solely on microeconomics

• Relying on existing macro models

How can institutions like INET contribute to economic research?

• By reconstructing behavioral regularities

• By promoting international trade

• By focusing on microeconomic policies

• By providing financial support

What balance is suggested between different types of inquiry in economics?

• Prioritizing inductive inquiry over all else

• Ignoring both deductive and inductive methods

• Focusing only on deductive inquiry

• Balancing deductive and inductive inquiry

What is the importance of responding to data in economic research?

• To ignore unexpected results

• To explain the world we see

• To develop new theories

• To confirm existing theories