uncertainty - Economics Students Society of Australia

uncertainty

A collection of 4 posts

In defence of uncertainty

In defence of uncertainty

“When the facts change, I change my mind. What do you do, sir?” Regardless of individual opinion on the implications of his work, John Maynard Keynes’ alleged response to a cynical questioner is timeless. To collectively change our views in light of new evidence is to allow political and economic

Uncertain Times, Bad Times

global financial crisis

Uncertain Times, Bad Times

In January 2009, in the midst of the Global Financial Crisis, Olivier Blanchard, then Chief Economist of the International Monetary Fund, wrote “Crises feed uncertainty. And uncertainty affects behavior, which feeds the crisis. […] [Uncertainty] affects consumption and investment decisions, and is largely behind the dramatic collapse in demand we have

Editors' Picks - October 27, 2013

Editors' Picks - October 27, 2013

This week in Editor’s Picks we take a look at the real relationship between GDP and happiness, a student movement to challenge contemporary economic theory, student migration, cash payments to alleviate poverty and the impact of uncertainty on markets. Growth, what is it good for if it brings little

Statistics, social science, and the media

Statistics, social science, and the media

Everybody likes to hear a confident opinion. Take Truman’s wish for a one-armed economist, for example, who would be unable to tell him ‘On the other hand…’. Headlines are often written with a confident certainty. Qualifications and conditions aren’t as convincing. The problem is, it can be difficult