Radical Uncertainty, with Mervyn King, John Kay and Jesse Norman
Intelligence Squared
Rethinking Risk and Decision-Making
This chapter explores the misconceptions of risk and uncertainty in both public and private sectors, especially highlighted during the banking crisis. The discussion critiques the reliance on 'bogus quantification' and calls for a deeper understanding of decision-making beyond technical analyses, using infrastructure projects like the Edinburgh Tram as key examples. It emphasizes the importance of embracing uncertainty and protecting community identities amidst globalization, advocating for a more holistic approach to complex economic challenges.
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