Ep. 482: Two Takes with Michael Covel on Trend Following Radio
Michael Covel's Trend Following
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The Importance of Narrative in Economics
Wendy Carlin is professor of economics at University College London. She says mainstream economics was seduced by the calm that had come over the global economy during the 1990s and 2000s. Minsky's approach is what we call narrative, he was less about maths models and formula than he was about ideas expressed in words. Many of the greats from Adam Smith to John Maynard Keynes to Friedrich Hayek worked like this,. but in recent decades, the economic discipline has become more technical, more mathematical and more model-based.
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