John Kay: A Call for Eclecticism (3/5)

The transcript discusses the British monetary orthodoxy and its influence on economic thought, highlighting the need for eclecticism in economics. It critiques the dominance of deductive reasoning and emphasizes the importance of inductive reasoning, as exemplified by Ken Rogoff's work. The discussion extends to the role of empirical knowledge in medicine, drawing parallels with economics and advocating for a balance between theory and observation.

What does the speaker imply about the relationship between theory and data in scientific research?

In what way does the speaker suggest that empirical observations contribute to medical knowledge?