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4min chapter
Radical Uncertainty - Mervyn King
The Joe Walker Podcast
The End of Alchemy
In your book the end of alchemy you argued that people were relying on something you coined as the stability heuristic. It's an attempt to get away from the minsky view that there is this mechanistic link from stability to instability it's a way in which people grapple with an uncertain future and they have rules of thumb which seem to work until they stop working. After the financial crisis we've had low consumption not just a fall but to stay low and remain weak, says Summers. Until governments recognize that saving rates in some countries are unsustainably high in countries like Germany and China then I don't think we're going to get corresponding narrative revisions for households to change their levels of consumption
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