The Economics of Uncertainty

Sheila Dow
INET, 2015
Level: advanced
Perspective: Post-Keynesian Economics
Topic: Money & Debt
Format: Interview
Duration: 00:13:37
Link: https://www.youtube.com/watch?v=KSW4Vv-nvak

Sheila Dow discusses the concept of radical uncertainty and the failure of neoclassical economics to integrate it into its analysis. As to the implications for financial regulation that arise from the presence of radical uncertainty she argues for institutional overhaul, where the banks see themselves as a licensed partner of the central bank and where rules, values, and conventions would be subject to a cultural shift. Also, Sheila Dow advocates for a renewed focus on retail banking.

Go to: The Economics of Uncertainty

Tags: animal spirits | banks | finance | financial crisis | financial market regulation | Frank Knight | institutions | Keynes | lender of last resort | quantification | rationality | risk | uncertainty
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