The academics bidding to free economics from the slavery of false models

  • 2/17/2020
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That ripping sound you may have heard lately is the noise of economists around the world tearing up carefully-honed forecasts, thanks to the rapidly spreading coronavirus. For former Bank of England Governor Mervyn King and the senior economist John Kay, the all-too-rapid redundancy of the investment banks’ glossy brochures merely underline the folly of such prognostications in the first place. In their new book, Radical Uncertainty, the pair turn a critical gaze on their own economics profession and find it badly wanting. They paint an unsparing picture of a discipline enslaved by its models, pretending to knowledge it cannot possibly have, and losing public trust as a consequence.

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