In Defense of Economic Theory

In Defense of Economic Theory

Assessment

Interactive Video

Business

University

Hard

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The video discusses the critique of economics for being too theoretical and not empirical enough. It explores the intersection of philosophy and economics, particularly in modeling and rationality. The evolution of the philosophy of science and its impact on economic methodology is highlighted, along with the specialization within the field. The focus shifts to behavioral economics and its implications for macroeconomics, emphasizing the empirical revolution and data-driven approaches.

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7 questions

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1.

OPEN ENDED QUESTION

3 mins • 1 pt

What is one criticism mentioned about the current state of economics?

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2.

OPEN ENDED QUESTION

3 mins • 1 pt

How does the speaker suggest economics should be approached?

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3.

OPEN ENDED QUESTION

3 mins • 1 pt

What role do assumptions play in economic models according to the text?

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4.

OPEN ENDED QUESTION

3 mins • 1 pt

What is the significance of behavioral economics in the context of rationality?

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5.

OPEN ENDED QUESTION

3 mins • 1 pt

What does the speaker imply about the relationship between philosophy and economics?

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6.

OPEN ENDED QUESTION

3 mins • 1 pt

How has the financial crisis influenced the interest in economic methodology?

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7.

OPEN ENDED QUESTION

3 mins • 1 pt

What technological changes are mentioned that may impact the field of economics?

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