Déjà vu all over again

Posted: 27 October 2011 in Uncategorized
Tags: , , ,

Sandeep Baliga rediscovers Keynes’s distinction between risk and uncertainty.

Of course, he wouldn’t have to rediscover it once again if mainstream economists actually took seriously the notion of uncertainty—the idea that “we simply do not know”—instead of attempting to domesticate and contain it.

The fact is, we don’t know what the world would be like if mainstream economists had taken uncertainty and other such disruptive ideas seriously. . .

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