John Kay: Obliquity and the Indirect Way to Success

The video discusses the concept of obliquity, which suggests that complex goals are often best achieved indirectly. It uses examples like NASA's Messenger spacecraft and economic models to illustrate how indirect approaches can be more effective. The discussion highlights the limitations of economic models compared to the predictable motion of planets. The importance of choosing the right model for specific problems is emphasized, with references to historical figures like John Maynard Keynes. The video also explores the success of James Black in pharmaceuticals, underscoring the idea that profit-oriented companies are not always the most profitable.

What does the author suggest about the ability of economists to model economic systems?

What is the significance of the example of the London tube map in relation to economic models?

What insights does the author provide regarding the historical development of scientific understanding and its application to economics?

How does the author describe the relationship between complex goals and direct pursuit?