Chapter
The Limits of Econometrics
15:24 - 19:25 (04:01)
Economists attempt to build models of the economy that can predict outcomes and inform policy decisions. However, the vast amount of data needed to create an accurate model and the complexity of human behavior make this task incredibly difficult.
Clips
This podcast discusses a book titled "The Pretense of Knowledge" by economist and philosopher Friedrich Hayek, which is a very readable essay on a major challenge of modern life.
15:24 - 16:48 (01:24)
Summary
This podcast discusses a book titled "The Pretense of Knowledge" by economist and philosopher Friedrich Hayek, which is a very readable essay on a major challenge of modern life. It outlines the concept of the limits of knowledge and how it applies to politics and society.
ChapterThe Limits of Econometrics
Episode#613: Russ Roberts on Lessons from F.A. Hayek and Nassim Taleb, Decision-Making Insights from Charles Darwin, The Dangers of Scientism, Wild Problems in Life and the Decisions That Define Us, Learnings from the Talmud, The Role of Prayer, and The Journey to Transcendence
PodcastThe Tim Ferriss Show
This podcast discusses the attempts by economists to build models of the economy that would allow them to manipulate and understand its workings.
16:48 - 19:25 (02:36)
Summary
This podcast discusses the attempts by economists to build models of the economy that would allow them to manipulate and understand its workings. It explores the limitations of such models and the challenges that economists face in trying to accurately represent the complexities of the economy.