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The Future Is Totally Uncertain
Two great economists, maynard kanes and frank knight, wrote books explaining the central importance of radical uncertainty. They resisted ways in which people at the turn of he twentieth century had started to talk about everything in probalistic terms. Since then, to say that the future is radically uncertain is a penetrating glimpse of the obvious for most people. But why has it been so hard for the economic profession to internalize this insight?