The Upside of Wasteful Speculative Bubbles and the Downside of Efficiency - William Janeway

The video explores decision making under uncertainty, focusing on financial bubbles' significance at micro and macroeconomic levels. It highlights the historical prevalence of bubbles, their role in funding innovation, and the consequences of financial folly. The discussion emphasizes the importance of tolerating waste and inefficiency for economic growth, drawing insights from historical and contemporary economic thought.

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