Sylvia Nasar: The State of Economics (5/5)

The video explores the concept of economic genius, comparing historical figures like Fisher and Keynes to modern economic practices. It highlights current trends such as game theory and quasi-rationality, and discusses the uncertain practical applications of these ideas. The video also draws parallels between economic strategies and the leadership of explorers like Shackleton. It concludes with acknowledgments and reflections on the vibrant nature of the economics profession.

What is the main focus when comparing historical economic geniuses to current practices?

• The geographical locations of their work

• The impact of their theories on modern technology

• The differences in their educational backgrounds

• The evolution of economic practices over time

Which new area of economics is mentioned as gaining attention in the profession?

• Classical economics

• Game theory

• Behavioral economics

• Environmental economics

What is a key uncertainty about the new ideas in economics?

• Their historical significance

• Their practical applications

• Their theoretical foundations

• Their popularity among students

What investment strategy did Keynes reportedly favor?

• Investing in real estate

• Diversifying across multiple stocks

• Owning one stock per day

• Focusing on bonds

What analogy is used to describe adaptability in challenging situations?

• A ship navigating calm seas

• A bird flying south for the winter

• An explorer like Shackleton

• A farmer planting crops