When Prediction Is Not Enough (with Teppo Felin)
EconTalk
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The Power of Belief in Innovation
This chapter examines how biases and beliefs can propel innovation, using historical examples like the Wright brothers to illustrate this concept. It argues that theoretical frameworks are crucial for interpreting data and making predictions, emphasizing the limitations of solely relying on historical information. The chapter also contrasts human creativity and cognitive flexibility with computational systems, underscoring the importance of overcoming conventional thinking to drive significant advancements.
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