Merman: We need to get a quick estimate of how many people are actually infected. In the u k, we hd almost no data when we started off this pandemic. I think there's a lot we've a we failed to execute, and it in real time. There're also a bunch of lessons i don't think we've quite learned yet as the role of random testing or extensive testing. He says models can be useful for teaching but they aren't good at making quantitative predictions.
John Kay and Mervyn King talk about their book, Radical Uncertainty, with EconTalk host Russ Roberts. This is a wide-ranging discussion based on the book looking at rationality, decision-making under uncertainty, and the economists' view of the world.