Broadening the Field of Economics

The video discusses the limitations of traditional economic models in predicting crises and emphasizes the need for economics to fulfill its social mission by integrating theory with empirical observation. It highlights the importance of understanding real market dynamics, including insights from behavioral finance, and references Keynes' view on the dual talents required in economics: model building and vigilant observation. The video concludes with acknowledgments and appreciation for diverse perspectives.

According to Keynes, what are the two talents that economists should possess?

What is the significance of vigilant observation in the selection of economic models?