Making Decisions Under Uncertainty
John Kay and Mervyn King discuss the dangers of relying on false assumptions and spurious precision when making decisions under uncertainty. They emphasize the importance of asking the question, "What is going on here?" and highlight the need for politicians and experts to take responsibility for their decisions. The conversation also touches on the limitations of cost-benefit analysis and the significance of obtaining accurate data in order to make informed policy choices.In this clip
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EconTalk
John Kay and Mervyn King on Radical Uncertainty
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