- "Lord Keynes", at Social Democracy for the 21st Century, blogs about the Economist article I mentioned the other day here. He connects Keynesian uncertainty to Post-Keynesians specifically, which I found a little odd - I asked him why in the comment section. This may be a case of heterodoxy in search of distinction (similar to the wonderful Bryan Caplan characterization of the Austrian reaction to being informed that all economists are subjectivists - "Oh - well then we're radical subjectivists").
- Jonathan blogs about the same article here. This is less about the uncertainty arguments and more about questions of market efficiency and bubbles (which was the subject of the original Economist article, after all).
- Donald Rumsfeld is on a book tour that I think is relevant to this question. His book is called "Known and Unknown", based on his 2002 formulation of "known knowns, known unknowns, and unknown unknowns". This captures the essence of Keynesian uncertainty in a nice, short-hand way. Keynesian uncertainty boils down to a couple important propositions - first, that probability is a branch of logic. And second, that we can think about probability in a categorical way (which roughly corresponds to Rumsfeld's categories) depending on our ability to quantify probabilities for certain events.
How did this happen?
6 hours ago