Chapter

What Fates Impose: Facing Up to Uncertainty

Mervyn King

in Proceedings of the British Academy, Volume 131, 2004 Lectures

Published by British Academy

Published in print December 2005 | ISBN: 9780197263518
Published online February 2012 | e-ISBN: 9780191734021 | DOI: http://dx.doi.org/10.5871/bacad/9780197263518.003.0014

Series: Proceedings of the British Academy

What Fates Impose: Facing Up to Uncertainty

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This lecture discusses risk, specifically how people think, talk, and manage risk. It illustrates two propositions: thinking in terms of probabilities and the public receiving accurate and objective information about the risks. These propositions are illustrated by considering public policy about pensions as an example. The lecture also stresses that most public policy decisions are a matter of balancing risks. It determines that modelling and recognising risks means understanding the limits to a person's present knowledge, while communicating risk is about transparency.

Keywords: risk; public policy; balancing risks; communicating risks; modelling risks; recognizing risks; probabilities

Chapter.  8497 words.  Illustrated.

Subjects: Social and Cultural History

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