ABSTRACT
In Parts 3 and 4 of this volume we have considered the problems which arise in forecasting and in governmental control of an economy in conditions of environmental uncertainty. But the analysis which we developed there would be adequate only on the very unrealistic assumption that there was no residual uncertainty, as defined earlier, that is to say, on the assumption that precise, calculated plans had been prepared as to the action which could be taken along every possible environmental path. But this, as we have already argued, is an impossible requirement. In fact, economic agents must be prepared to cope with unexpected situations to meet which no previous precisely calculated plan of action has been prepared. In this final Part of this volume we shall consider the problems which arise as a result of the need to cope with such residual uncertainty.
