ENGLISH

Uncertainty and Enterprise

By Amar Bhide

Book information

Publisher
Oxford University Press
Year
2024
ISBN
9780197688366, 9780197688359, 9780197688380
Language
english
Format
EPUB
Filesize
4 MB (3836161 bytes)
Pages
\0
Time added
2025-01-19 10:38:40

Description

Uncertainty—doubt about what is or could be—fuels our ambitions and fears. Tantalizing possibilities spur us to innovate and explore. Yet, we also strive to reduce uncertainty. Mountain climbers and deep-sea divers plan carefully. Rules, routines, and research in business, the law, and medicine are designed to increase predictability and forestall unpleasant surprises. Mainstream economics, however, hides from uncertainty, banishing it to the mystical world of unknown unknowns or reducing it to mechanistic calculation. Its textbooks ignore everyday problems that lack demonstrably correct solutions. But resolute responses to such problems require confidence. Where does confidence come from, especially when we go beyond the known? How do we justify our fallible judgments to ourselves and others? Drawing on more than thirty years of teaching and research, Amar Bhidé offers compelling answers. Inspired by—while modernizing—the forgotten ideas of the...

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