The Power of Economics: A Look Back at the Past 20 Episodes - EP221

This episode features highlights from the past 20 episodes. Economics Explored host Gene Tunny plays clips that illustrate key themes like using economics as a scientific framework, considering different perspectives, and remembering the limitations of models. The clips feature discussions on COVID policies, the role of experts, projections of resource depletion, nuclear energy, and the challenges of development economics. Gene hopes listeners find the highlights thought-provoking and looks forward to feedback on improving the podcast in the new year. Don't hesitate to contact us with any questions, comments and suggestions by emailing us at contact@economicsexplored.com or sending a voice message via https://www.speakpipe.com/economicsexplored. What’s covered in EP221Economics and decision-making with a focus on open-mindedness. (0:03)Using experts in decision-making and tolerating dissent. (3:12)COVID-19 modelling and its limitations. (9:34)Economic development, critical thinking, and foreign aid. (12:41)The limitations of economics and the need for interdisciplinary approaches. (19:25)Takeaways 1. Economics is a powerful framework, but we should remember its limitations and consider insights from other disciplines like psychology. 2. We must be open-minded and tolerant of dissenting views when relying on experts to inform policy decisions. 3. Numerical models and projections should be viewed cautiously as they can exaggerate outcomes, given the complexity of real-world systems. 4. It's important to think critically about all options when analyzing issues and not come to them with preconceived notions or biases. 5. Effective policymaking requires understanding incentives, weighing tradeoffs, and considering how people may respond differently based on cultural and social factors.Episodes the highlights are clipped from https://economicsexplored.com/2023/11/09/is-the-american-dream-a-broken-promise-for-latinos-w-dr-paul-rivera-ep213/ https://economicsexplored.com/2023/10/13/private-vs-public-sector-jobs-consulting-scandals-economics-as-an-imperialist-discipline-w-uqppes-ep209/ https://economicsexplored.com/2023/10/06/growth-or-degrowth-w-oliver-hartwich-nz-initiative-ep208/ https://economicsexplored.com/2023/09/14/gigi-foster-estimates-covid-lockdowns-cost-young-people-116x-any-benefits-ep205/ https://economicsexplored.com/2023/08/24/australias-net-zero-transition-successes-challenges-w-andrew-murdoch-arche-energy-ep202/ https://economicsexplored.com/2023/08/19/the-role-of-experts-in-a-democracy-pandemics-monetary-policy-ai-w-peter-kurti-cis-ep201/Links relevant to the conversation Article about the Second Fleet of convicts transported to Australia: https://www.themandarin.com.au/73989-contracts-and-convicts-how-perverse-incentives-created-the-death-fleet/ Thanks to Obsidian Productions for mixing the episode and to the show’s sponsor, Gene’s consultancy business www.adepteconomics.com.au.  Full transcripts are available a few days after the episode is first published at www.economicsexplored.com.