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\nSheila Dow: The Economics of Uncertainty\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nWelcome to our video series called \"New Economic Thinking.\" The series will feature dozens of conversations with leading economists on the most important issues facing economics and the global economy today.This episode features Sheila...\nWelcome to our video series called \"New Economic Thinking.\" The series will feature dozens of conversations with leading economists on the most important issues facing economics and the global economy today.

This episode features Sheila Dow speaking about the economics of uncertainty. Studies in psychology, neuroscience, biology, and many of the social sciences have long illustrated that human beings react very different from what economics textbooks tell you to expect when they are operating under conditions of radical uncertainty.

As Dow notes in this interview, individuals cannot know exactly how ignorant they are, as the future is yet to be created. No standard of complete knowledge or complete ignorance exists to provide a reference against which to measure our actual ignorance.

What implication does that have for the study and practice of economics? Watch the interview to find out.
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Resource Details

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Curator Rating
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Educator Rating
Not yet Rated
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Media Length
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13:37
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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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2013
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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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Additional Materials

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\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" href=\"/subscription/new\">Video Transcript\n
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Concepts

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finance, economics, banking, constraints, banks, terms, work
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Additional Tags

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uncertainty, radical uncertainty, keynes, institute for new economic thinking, new economic thinking, sheila dow, rational expectations, rational agent, mainstream economists, institutional structure, retail banking, structure, thing, regulation, crisis, theory, canes, making, change, thought, science, difficult, requires, practices, idea, important, agreeing, talking, focus, talk, sense
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Classroom Considerations

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Video is ad-free
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\n\" data-title=\"Get Full Access\" data-container=\"body\" rel=\"popover\" tabindex=\"0\" aria-label=\"Play video: Sheila Dow: The Economics of Uncertainty\" href=\"/subscription/new\">\"Sheila\n\n
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