Macroeconomic Hubris

The video discusses the differences between economic models and planetary models, highlighting the predictability and stability of planetary systems compared to the dynamic and unpredictable nature of economic systems. It emphasizes the limitations of economic models and the hubris of attempting to model them with the same precision as planetary systems.

What are the characteristics of the systems that allow us to predict the motion of planets?

What is the significance of knowing the equations that govern planetary motion?

In what ways do external factors affect economic systems compared to planetary systems?

How does the predictability of planetary motion differ from the predictability of economic systems?

What does the speaker imply about the hubris of those who attempt to model the macro economy?