chapter  17
10 Pages

Economists and Uncertainty

ByJohn Quiggin

Discussions of uncertainty have always had a bipolar character. On the one hand, human beings have always sought to tame, domesticate and, if possible, eliminate uncertainty, using devices ranging from augury to markets in financial derivatives. On the other hand, there has been a continuing insistence on the irreducibility of uncertainty – in other words that there will always be unknowns – and the importance of this irreducibility for human affairs.