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How To Assess True Macroeconomic Risk | Philipp Carlsson-Szlezak

Hidden Forces

NOTE

Embrace Uncertainty in Economics

Economics lacks a single truth or certainty, unlike natural sciences. It is crucial to embrace uncertainty in economics, as attempting to mimic natural sciences can lead to errors. Prominent economists have emphasized the need to recognize economics as a distinct discipline separate from natural sciences to avoid misinformation and unwarranted authority. Friedrich von Hayek even suggested that economists receiving awards should pledge humility and refrain from commenting outside their specific research area.

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