Is Economics a Science? | How & How NOT to Do Economics with Robert Skidelsky

The video explores the claim of economics to be a science, focusing on the concept of equilibrium. It discusses the role of mathematics in economics, the importance of equilibrium, and the challenges it faces. The video also examines self-interest as a driving force in market behavior and critiques the current status of equilibrium theory, highlighting the influence of historical cycles and the limitations of equilibrium models.

What role do frictions play in the economic equilibrium theory?

How does the notion of equilibrium affect economic policy according to the text?

What is the status of equilibrium theory in contemporary economics?

How do historical cycles relate to the concept of equilibrium?