ABSTRACT
Economic phenomena are complex and nuanced. Even where there is a simple underlying phenomenon, unforeseen economic and political events easily over-whelm the most stable and fundamental economic relation. For example, the added uncertainty caused by the 2008 global financial crisis broke down the normally stable relation between income and consumption expenditures and between interest rates and the demand for new loans, or at least those versions of these relationships that fail to incorporate the full effects of unobserved uncertainty.
