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Many economists argue that economic analysis should avoid the distributional consequences of policies. In democratic countries, however, the political power of individuals inevitably reflects their wealth and income. You cannot have a democracy when income and wealth...
This book revisits a distinction introduced in 1921 by economists Frank Knight and John Maynard Keynes: that between statistically predictable future events ('risks') and statistically unpredictable, uncertain events ('uncertainties'). Governments have generally ignored...
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