Difference between revisions of "Mathematics as a New Way of Thinking (Vimeo Content)"

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|title=Eric Weinstein: What Math and Physics Can Do for New Economic Thinking
|title=Mathematics as a New Way of Thinking
|image=
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|host=[[Eric Weinstein]]
|host=[[Eric Weinstein]]
|guests=
|guests=Edward Frenkel
|length=01:31:26
|length=01:13:27
|releasedate=25 April 2014
|releasedate=17 February 2014
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|link1title=YouTube
|link1title=Vimeo
|link1=[https://www.youtube.com/watch?v=XA22-PeraII Watch]
|link1=[https://www.youtube.com/watch?v=XA22-PeraII Watch]
|link2title=Portal Blog
|link2title=Portal Blog
|link2=[https://theportal.group/the-economics-of-radical-uncertainty/ Read]
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|prev=Towards a Mathematics of New Economic Thinking for Reflexive Markets (Fields Institute Content)
|prev=Towards a Mathematics of New Economic Thinking for Reflexive Markets (Fields Institute Content)
|next=Economic Thinking In A Fallible World (YouTube Content)
|next=The Economics of Radical Uncertainty (YouTube Content)
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'''The Economics of Radical Uncertainty''' was a presentation by [[Eric Weinstein]] and others hosted by the Institute for New Economic Thinking.
'''Mathematics as a New Way of Thinking''' was a presentation by Edward Frenkel at the Speyer Legacy School moderated by [[Eric Weinstein]].
 
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== Description ==
== Description ==
How do human beings truly react when confronted with conditions of genuine "unknown unknowns"? According to Frank Knight, "Uncertainty must be taken in a sense radically distinct from the familiar notion of risk, from which it has never been properly separated...The essential fact is that 'risk' means in some cases a quantity suscep- tible of measurement, while at other times it is something distinctly not of this character; and there are far-reaching and crucial differences in the bearings of the phenomena depending on which of the two is really present and oper- ating...It will appear that a measurable uncertainty, or 'risk' proper, as we shall use the term, is so far different from an unmeasurable one that it is not in effect an uncertainty at all."
Edward Frenkel is a Professor of Mathematics at the University of California, Berkeley. Frenkel's new book, "Love & Math" has been named one of the Best Books of 2013 by both Amazon and iBooks.
 
The economics literature from Knight onward is very good at laying out the propensity of markets to greatly overshoot and undershoot the fundamentals. However, economics does not adequately address the implications of "Knightean" uncertainty, because the discipline finds it hard to model this phenomenon. To get a full measure of this, one has to enter into the realm of psychology and neuroscience. That's where the definition lies. Radical uncertainty, like so much else, is too important to be left to the realm of economics alone.


== Transcript ==
== Transcript ==
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