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3min chapter
Radical Uncertainty - Mervyn King
The Joe Walker Podcast
The Difficulty of Changing People's Views About the Intellectual Framework
Kanes was trying to talk about the Great Depression and explain why there could be mass unemployment for a long period of time. The rest of the profession had adopted the view that really if a market doesn't clear and the labor market is a market then there must be some impediment to the speed at which prices in this case can change, he said. Kanes was right because what we discovered later on in the early 1950s when people like Can Arrow and Gerard de Brole were writing highly mathematical work about the conditions under which a market economy would produce an efficient allocation of resources including full employment. expectations about the future are of fundamental importance in driving the economy now.
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