Taking Radical Uncertainty Seriously in Economics - William Janeway

William Janeway talks about how uncertainty is actually different from risk, and notes that everybody in an economy has to make financial decisions in an environment of radical uncertainty. Interviewed by Daniel Erasmus at King's College, April 2010.

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Submitted by john bishop on Tue, 03/13/2012 - 6:53am.
0

Just turned this up when searching Bill, who was an old contact in the finance world in the 1970s/1980s.

This comment is both succinct and very much to the point. Economics went badly astray by abandoning Keynes's insights about uncertainty, and subsequently assuming that the world could be adequately simulated in a mode of rational expectations and macro-efficient markets.

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