The Importance of Theory

The transcript discusses the importance of theory in academic work, emphasizing the need for consistency and coherence. It highlights the challenges of modifying existing theories and the necessity of maintaining a consistent framework. The speaker uses examples from physics to illustrate how concrete elements can be integrated into theories without contradicting foundational principles. The discussion also touches on different economic frameworks and their modifications, stressing the importance of a holistic approach to theory development.

Why does the speaker believe that a new theory should not be developed by merely addressing defects in the old theory?

• Because old theories are always correct.

• Because new theories should be completely different.

• Because it is easier to start from scratch.

• Because it might lead to inconsistencies.

What is the speaker's view on modifying a theory at the margin?

• It is necessary for all theories.

• It is the best way to develop a theory.

• It should not contradict other established results.

• It is acceptable if it explains new results.

How does the speaker describe the approach of both left and right economic frameworks?

• They avoid any modifications.

• They make inconsistent modifications.

• They make consistent modifications.

• They both create entirely new frameworks.

What does the speaker use as an analogy to explain the introduction of new elements in a theory?

• A ship sailing in the ocean.

• A car driving on a road.

• A golf ball and a table tennis ball in a vacuum.

• A bird flying in the sky.

According to the speaker, what should be the relationship between new elements and foundational principles?

• New elements should replace foundational principles.

• New elements should ignore foundational principles.

• New elements should contradict foundational principles.

• New elements should be consistent with foundational principles.