Models and Laws | How & How NOT to Do Economics with Robert Skidelsky

The video explores the philosophical underpinnings of economics, drawing parallels with Plato's allegory of the cave. It questions whether economics can be considered a science, examining the role of models, logic, and testing. The challenges of econometrics and the limitations of economic predictions are discussed, alongside alternative views like postmodernism. The video concludes by questioning the scientific status of economics, highlighting its reliance on human behavior and assumptions.

In what ways does postmodernist economics differ from traditional economic theories?

What role does confidence play in economic storytelling according to the text?

What does the text suggest about the predictive power of economics?

How does the text characterize the assumptions made in economic models?