2min chapter

The Joe Walker Podcast cover image

On Radical Uncertainty, "Phantastic Objects", And Blowing Bubbles - David Tuckett

The Joe Walker Podcast

CHAPTER

The Importance of Narrative Economics

You and Shiller broadly agree on the importance of narratives about fundamentals. But you dislike this kind of program of irrationality, which is his driving agenda behind his version of narrative economics. You don't see that these are not exogenous; they're still trying to treat them as essentially exogenous behavior as an exogenous variable. When in fact behavior is endogenous to the entire situation.

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