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Radical Uncertainty - Mervyn King
The Joe Walker Podcast
The Importance of Uncertainty in Economics
Economics is much closer to engineering than it is to physics, says John Maynard Keynes. We weren't prepared for the financial crisis and we hadn't made the financial system sufficiently resilient or robust so radical uncertainty is really very important but it's not something that people want to put in economic models. When confronted with particular challenges in the economics fear not to pretend that it's just another sequence of events described by a model and a probability distribution this could be something very different from the past," he adds.
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