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\nBretton Woods, Past and Present: 2. Progress in Economics\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nWhen is one theory better than the other? What is progress in economics? \"The Kids\" asked a dozen economists in the halls of the Mount Washington Hotel in Bretton Woods, and we invite you to watch what they said.In 2008, the world...\nWhen is one theory better than the other? What is progress in economics? \"The Kids\" asked a dozen economists in the halls of the Mount Washington Hotel in Bretton Woods, and we invite you to watch what they said.

In 2008, the world avoided making the policy mistakes of the Great Depression. That's progress, says George Akerlof. Anatole Kaletsky tells us what progress is not: to introduce, in the name of rigor, ever more unrealistic assumptions in economics, however mathematically convenient these may be. And James Galbraith compares progress to pornography: it's hard to define, but you recognize it if you ever see it.

We invited these young bloggers -- self-styled as \"The Kids\" -- to attend our annual conference in Bretton Woods last April, and we provided them with a video team. The Kids were playing in the halls of the Mount Washington Hotel, chasing everyone from George Akerlof to Anatole Kaletsky to Brad DeLong to James Galbraith. They produced four videos. The first clip showed a range of opinion on corruption in academia, and the next clip raises the question of what is a good model in economics.
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Resource Details

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Educator Rating
Not yet Rated
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Media Length
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7:42
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Grade
Higher Ed
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Subjects
Social Studies & History
4 more...
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Media Type
Instructional Videos
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Source:
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\nNew Economic Thinking\n\n
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Date
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2011
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Language
English
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Audiences
For Teacher Use
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Usage Permissions
Fine Print: Educational Use
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Concepts

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economics, economists, social science
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Additional Tags

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george akerlof, anatole kaletsky, brad delong, jamie galbraith, ha-joon chang, jean paul fitoussi, philippe aghion, steve ziliak, bretton woods, modeling, assumptions, subprime mortgages, past progress, theory, thought, progress, people, understand, world, define, live, understanding, deal, avoid, deliberately, part, improvement, models
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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Bretton Woods, Past and Present: 2. Progress in Economics\" href=\"/subscription/new\">\"Bretton\n\n
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