The IMF has published an update of its interesting uncertainty index. Noone will be surprised to find that the Covid-19 pandemic and the presidential elections drove uncertainty up, but the real scoop in the chart is the overall slant of the curve we can construct: If the upward slope of the curve suggests that independent… Continue reading The long arc of uncertainty bends towards…?
I have picked up Cass Sunstein's latest book on cost / benefit trade offs, and am enjoying it. But it seems to me that there is a fundamental problem here with the framing. The model being put forward is one in which we straight-forwardly calculate costs and benefits for any choice and then we make… Continue reading A small note on cost and benefit