The Uncertainty Monster: Lessons From Non-Orthodox Economics

“…The climate, like the economy, is extremely complex. We can only examine little bits of it at a time. Trying to form a coherent vision of the whole will almost inevitably leave something out. Climate science and economics share this problem in common. Because of this, climate models and economic models have a high degree of indeterminacy that must be understood by those using the models. (At the very least, some might say that using models is the wrong approach given the complexity of the systems being studied).”

Climate Etc.

by Vincent Randall

A perspective on economists’ grappling with the ‘uncertainty monster.’

View original post 4,039 more words

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