Applying the Right Model

The video discusses the parallels between navigation and economic models, emphasizing the importance of simplification and the skill of selecting appropriate models for specific problems. It highlights John Maynard Keynes' views on model selection and contrasts the deductive methods of physics with the inductive reasoning often required in economics.

What was Max Planck's perspective on studying economics according to Keynes?

What lesson does the speaker suggest we should learn regarding the approach to economics?