Rational Expectations Inquisition

The video discusses the inductive approach to feedback, emphasizing less structure and frequent sampling for course corrections. It explores historical astronomy, highlighting Greek philosophers, the Catholic Church, and the shift from geocentric to heliocentric models. The role of Tycho Brahe's data and Kepler's analysis is examined, followed by Galileo's empirical experiments. The video draws parallels between Galileo's telescope and modern economic theories, critiquing the reluctance to accept new evidence.

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