Economics is not a progressive science, says robert skadelski. It's like physicists narrowing what we don't know down to a few smaller things. We nwy've had o one great depress dthat's a small sample. Now we have the great recession. But maybe we'll ave a better way of making macro economic forecasts. And i'm curious how you would defend yourself against that charge that you're just taking cheap shots and incredibly powerful social science that has helped us a great deal.
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.