Bretton Woods, Past and Present: 2. Progress in Economics

Bretton Woods, Past and Present: 2. Progress in Economics

Assessment

Interactive Video

Business, Social Studies

University

Hard

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The transcript discusses the complexity of defining progress in economics, emphasizing the need to understand rather than just predict economic phenomena. It highlights the importance of comparing current and past economic theories, avoiding simplistic assumptions, and learning from historical crises. The speaker critiques the trend of increasing complexity in economic models without practical success and stresses the need for empirical explanations and realistic assumptions.

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7 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a key precondition for progress in economics according to the speaker?

Re-evaluating past progress

Ignoring past progress

Using complex mathematics

Focusing solely on prediction

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why does the speaker emphasize understanding over prediction in economics?

Prediction is easier to achieve

Prediction is more important

Understanding is irrelevant

Understanding is broader than prediction

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the speaker suggest about the use of mathematics in economic theories?

It is irrelevant to economics

It always leads to progress

It complicates theories unnecessarily

It simplifies economic models

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the speaker hope for the future of economic theories?

That they ignore past theories

That they integrate macro and finance

That they become more abstract

That they focus solely on prediction

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the speaker, what should be the criterion for progress in economics?

Focusing on abstract models

Increasing mathematical complexity

Achieving empirical explanations

Using simpler assumptions

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the speaker identify as a problem with economic theories over the last 30 years?

They lack empirical testing

They focus too much on prediction

They have become too simple

They have become too abstract

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the speaker's view on the assumptions used in economic models?

They should be ignored

They should be more complex

They should be more realistic

They should be less realistic