3min chapter

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The Reign Of Keynes, Part II — Lord Robert Skidelsky

The Joe Walker Podcast

CHAPTER

The Fall of the Apple to the Ground

Economics is a science of thinking in terms of models, joined to the art of choosing models which are relevant to the contemporary world. The material to which it is applied is not homogeneous through time and one has to be constantly on guard against treating the material as constant and homogeneous. Economists can deal with mistaken calculations. That's just mistakes. You calculate and you've made a mistake. After that, allow for but they will not allow for the possibility that there's no calculation possible because uncertainty is dominant. They'll allow for probability. And that's when they talk about risk. But e really, it's not, not an not exact analogy.

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