What Fates Impose: Facing up to Uncertainty - speech by Mervyn King

In his lecture, Mervyn King, Governor of the Bank of England, discusses why it has proved difficult in collective decisions to understand, explain and manage risk.
Published on 01 December 2004

He says that risk, luck, fate, uncertainty, probability theory - all are reminders that most decisions in life involve risk. We accept that luck has a part to play in our personal lives. But in our collective life the role of probabilities only rarely takes centre stage. Yet it is difficult to imagine an informed and useful discussion of most public policy issues without a careful analysis of the risks involved.

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