Mervin: There's a human urge for certainty. We don't like uncertainty, and you talk in the book quite a bit about that. In some of the estimates would have been 550 thousand, 384, i actually would have been 383 point seven,. But they'd round upt 384, the last digit a. The great danger of this precision is that either politicians as decision makers can defer responsibility on so called experts who provide them with a number. All the experts pretend that they know more than they do to have bigger sayad expand their own influence. And i think this is extremely dangerous, and it means you can often big things.
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.