

509. Navigating Uncertainty and the Future of Economics feat. Amar Bhidé
Feb 6, 2025
Amar Bhidé, a Professor of Health Policy and Management at Columbia University and author of "Uncertainty and Enterprise," dives into the fascinating nuances of uncertainty in economics. He critiques traditional economic models for overlooking the role of imagination and judgment in decision-making. The conversation also emphasizes the power of storytelling in teaching economics and how a narrative approach can enhance understanding. Bhidé challenges listeners to rethink organizational dynamics, advocating for collective engagement over hierarchical control.
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Understanding Uncertainty
Uncertainty in economics is often overlooked, yet it plays a crucial role in human decision-making. Mainstream theories tend to reduce uncertainty to mere risk, missing complex human experiences.
Encourage Imagination in Decision-Making
Foster an environment where imagination is valued alongside evidence. This will enable better decision-making and innovation in organizations.
Role of the Board
A well-functioning board questions the assumptions and beliefs of the CEO. This process is vital for ensuring that imaginative ideas are plausible and grounded.