Radical Uncertainty - Mervyn King
The Joe Walker Podcast
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The Importance of Radical Uncertainty in Economics
The economics profession sidelined or overlooked the concept of radical uncertainty but how did that even come about. There was a key debate in the 1920s and early 30s among philosophers mathematicians at Keck's college Cambridge. Keynes came back to I mean Frank Ramsey then died either 1929 1930 Milton Freeman basically asserted that people behaved as if they had probabilities over all these different events no evidence was reduced to support that assertion.
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