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\nBretton Woods, Past and Present: 3. Models in Economics\n

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\n\nPublisher:\n\nInstitute for New Economic Thinking\n\n\n
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\nWhat is a good model 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. Good models are those that pass the test of time, says...\nWhat is a good model 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.

Good models are those that pass the test of time, says Philippe Aghion. Brad DeLong presents what has come to be called Friedman's \"F-Twist\": assumptions don't matter -- a good model is one that predicts well. Wrong, says Anatole Kaletsky, economists ought to model the whole range of human behavior, and doing so requires re-examining the very assumptions on which our models rest. And to George Akerlof, a good model applies to the specific question asked; it corresponds to the problem at hand.

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 showed a range of opinion on corruption in academia, the second tackled the question of what is progress in economics, and last clip deals with economics education.
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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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7:44
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Grade
Higher Ed
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Subjects
Social Studies & History
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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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glasses, time, economics, leads
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Additional Tags

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bretton woods, models, modeling, mathematics, quantitative social science, george akerlof, anatole kaletsky, brad delong, jamie galbraith, ha-joon chang, jean paul fitoussi, philippe aghion, steve ziliak, animal spirits, general theory, good model, make progress, theory, model, story, assumptions, predicts, satisfied, happy, lots, back, context, thoughts, simulation, thought, prediction, completely, lead, world, mind, level, kind
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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: Bretton Woods, Past and Present: 3. Models in Economics\" href=\"/subscription/new\">\"Bretton\n\n
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