Sheila Dow: The Economics of Uncertainty

The video features an interview with a professor emeritus discussing the role of uncertainty in economic theory, particularly in the context of Keynesian economics. The speaker emphasizes the importance of considering uncertainty in economic structures and decision-making, drawing on interdisciplinary approaches including psychology and philosophy. The discussion also covers the implications for teaching economics, the challenges of regulation and banking, and the need for a cultural shift in banking practices. The speaker advocates for a post-Keynesian approach and highlights the importance of understanding uncertainty in both crisis and non-crisis times.

What is the main focus of the speaker's presentation at the conference?

• The benefits of free markets

• The history of economic thought

• The role of uncertainty in economic structures

• The impact of technology on economics

How does the speaker suggest uncertainty should be integrated into economic theory?

• As a minor consideration

• As a mathematical model

• As a central element

• As a historical footnote

What interdisciplinary approach does the speaker incorporate into economic decision-making?

• Political Science

• Psychology

• Sociology

• Anthropology

According to the speaker, what is a key element in human decision-making?

• Economic optimization

• Pure rationality

• A combination of rationality and emotions

• Emotional reactions

What teaching approach does the speaker advocate for in economics?

• Multiple approaches to account for uncertainty

• A single, unified theory

• Focus on mathematical models

• Strict adherence to classical economics

What is the speaker's preferred economic perspective?

• Monetarist

• Classical

• Neoclassical

• Post-Keynesian

What does the speaker identify as a challenge in current regulatory practices?

• Lack of innovation

• Over-simplification

• Excessive government control

• Complexity and ineffectiveness

What does the speaker suggest is necessary for effective regulation?

• A strong institutional framework

• More complex regulations

• Complete deregulation

• Increased government ownership

What change does the speaker propose for the banking sector?

• Separation of retail banking

• Focus on international expansion

• Complete deregulation

• Increased investment in technology

What is a key issue in banking culture according to the speaker?

• Over-reliance on government support

• Complexity and lack of discipline

• Excessive focus on retail banking

• Lack of innovation