Radical Uncertainty - Mervyn King
The Joe Walker Podcast
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How to Distinguish Between Good and Bad Narratives
Economists often put to me which is well you know what do we do in a world of radical uncertainty. Many very abstract models that have been produced are actually very helpful in understanding problems. But they don't produce a precise quantitative description of what will happen. What's important is to distinguish between economics in the work that it does to provide insights and in the way we should be involved in making decisions where we simply confront radical uncertainty about the future. We need to ask the question what is going on here and not resort to spurious precision.
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