John k and mervin king are guests on this week's econ talk. Their book is radical uncertainty: how to think about decision making under uncertainty. They say economics needs both deductive and abductive reasoning in order to make sense of the world. John K says people who know only economics do not know much about economics. Mervin King agrees, but adds that we understand a lot more now than 50 years ago.
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.