Optimistic that Within 25 Years Big Changes in How Economics is Done - J Doyne Farmer

The video discusses the evolution of economic theories, emphasizing a shift towards acknowledging real-world complexities while maintaining mathematical simplicity. It highlights the growing interest in understanding happiness within economics, moving beyond traditional models. The integration of behavioralism, complex systems, and simulations is broadening economic tools. The video stresses the need for comprehensive datasets to develop robust economic theories that can accurately predict growth and development.

What is one of the key changes anticipated in the field of economics?

• A focus on serving the welfare of people

• A shift towards more complex mathematical models

• A decrease in the use of technology

• An increase in the number of economic theories

What question are some economists beginning to ask regarding happiness?

• How can we reduce taxes?

• What is the best investment strategy?

• How can we increase GDP?

• What makes people happy?

According to the transcript, what is not a primary focus of conventional economic models?

• Understanding what makes people happy

• Increasing employment

• Maximizing profits

• Reducing inflation

What is suggested as a missing element in the field of economics?

• Better datasets

• More economic theories

• Increased government intervention

• More financial institutions

What could comprehensive datasets potentially reveal about the global economy?

• The most effective tax policies

• The most profitable industries

• The interconnected network of the planet

• The best investment opportunities