Episode 234: Errors We Repeat in Economics
Words & Numbers
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Introduction
This week's Words and Numbers is about keyhole surgery. Surgeons use small tubes to extract things from people's bodies that they need to extract. The problem is that the tubes extract by sucking and so get clogged. Researchers have developed a new no clogged tube by observing how a species of parasitic wasp injects its eggs into hosts. This practice of taking design tips from nature has a name, biomimicry. There's a fascinating connection between these examples and economics. Evolution in an economy occurs far faster than in nature because evolution in an economy is guided by more than just random chance.
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