Krugman and Stiglitz: What's the Future of Economic Thinking?

The video discusses the need for more empirical work in economics, critiquing the reliance on rational behavior models. It emphasizes the importance of intellectual humility and openness to new ideas, highlighting the limitations of current economic theories. The discussion concludes with reflections on scientific progress and the role of humility in advancing economic thought.

What is the main focus of the speaker in the first section?

• The role of technology in economics

• The impact of globalization on markets

• The importance of traditional economic theories

• The need for more empirical work in economics

What does the speaker suggest is necessary for new economic thinking?

• Increased government intervention

• More focus on technology

• Adoption of traditional theories

• Greater openness and questioning of current approaches

What is critiqued in the third section regarding economic theories?

• The narrow focus of rational expectations theory

• The overemphasis on globalization

• The neglect of environmental factors

• The lack of technological integration

What does the speaker compare the progress of economics to in the final section?

• The development of artificial intelligence

• The evolution of political systems

• The advancement of quantum theory

• The growth of global trade

What does the speaker believe is a powerful trait in economics?

• Indifference

• Aggressiveness

• Humility

• Arrogance

What is the speaker's view on the current state of macroeconomics?

• It is immune to reality and acts like a religion

• It is thriving with new evidence

• It is focused on environmental issues

• It is fully evidence-based

What does the speaker suggest about the models taught in economics?

• They are universally accepted

• They are outdated and irrelevant

• They are the only way to understand the world

• They are not the only perspective to consider