Simplicity vs. Complexity in Economic Models

The video discusses Paul Krugman's advocacy for simplicity in economic models, contrasting it with the complexity often found in modern economic theories. It highlights the importance of clear communication in economics, especially for central bankers. The discussion also touches on the challenges faced by central banks in questioning established economic orthodoxy.

What is the significance of the reference to 'contagious secular stagnation' in the context of economic models?

In what way does the speaker view the role of central banks in challenging orthodox economic views?