Krugman and Stiglitz: What's the Future of Economic Thinking?

The video discusses the need for more empirical work in economics, critiquing the reliance on rational behavior models. It emphasizes the importance of intellectual humility and openness to new ideas, highlighting the limitations of current economic theories. The discussion concludes with reflections on scientific progress and the role of humility in advancing economic thought.

What are the implications of having a long-standing perspective in economics?

How can empirical work change our understanding of fiscal policy?

What does the speaker mean by 'a looser, jointed, more open-minded way' of approaching economics?

In what ways can natural experiments during economic downturns provide valuable data?

How does the speaker view the relationship between economics and empirical evidence?

What critique does the speaker offer regarding the rational expectations theory in economics?

What is the significance of humility in economic theory according to the speaker?