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

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.

How does the speaker view the role of prediction in economics?

What does the speaker suggest about the relationship between economic theories and real-world applications?

What lessons does the speaker draw from the economic crises of the past?