DC mayor says July 4, Trump inauguration helped drain city's Netflix has already won the streaming wars, says Barry Diller IAC Chairman Barry Diller said that Netflix has such a large head start that competing streaming services won't be able to catch up. Technology read more. Warren reintroduces legislation requiring companies to disclose Fed members saw a strengthening case for a rate cut, minutes of Key Points.
Walmart is testing out a new employee structure within its stores in an attempt to cut the size of its store management staff. The company is trying out having fewer midlevel store managers to oversee workers. These workers would have greater responsibility and their pay would be increased. Walmart has been trying to trim its labor costs, but still needs to retain workers and attract talent. An employee welcomes customers at a Wal-Mart Stores Inc.
Other Popular Unbranded Products In General Fiction
VIDEO Worldwide Exchange. Related Tags. Trending Now. These are the best places to live in America in Next Article. Read More. News Tips Got a confidential news tip? We want to hear from you. Get In Touch. Few people think of uncertainty in terms of statistical distributions and are able to attach probabilities that add up to one to a well defined set of disparate outcomes. People tell stories about the future instead.
Kosovo's health care system
Instead we do these things because it is impossible to cope with a complex world and the abundance of information about it that we encounter in other ways. In economics, radical uncertainty is risk that is immeasurable, not possible to calculate. In recent decades, most actors in the financial markets have taken excessive risk , and they have paid dearly for doing so. Would they have taken the risk if they had understood the real uncertainty of doing so?
No, most likely they would not. Financial economic theory have for close to 40 years told us that risk is manageable and that valuation theories like Black-Scholes and the capital asset pricing model could help us tame uncertainty. By now, after the recent financial crises, we know this was wishful thinking. With this perspective in mind, it is interesting to consider that for Keynes, probability was about believability, not frequency.
He denied that our thinking could be described by a probability distribution over all possible future events, a statistical distribution that could be teased out by shrewd questioning, or discovered by presenting a menu of trading opportunities. By understanding this and avoiding unnecessary risk, Keynes made himself a fortune on the stock markets.
After the first world war, he borrowed small sums of money from members of his family and invested first in foreign-exchange deals, later in commodities, and finally in stock-exchange securities.
Emergency response and recovery
In the s Keynes became engaged in an intellectual battle on the issue of probability, in which the leading protagonists on one side were Keynes and the Chicago economist Frank Knight who published his book Risk, Uncertainty, and Profit in , opposed by the Cambridge philosophers, Frank Ramsey and Jimmie Savage. In his column in the Financial Times yesterday, Kay explains that Keynes and Knight lost that debate, and Ramsey and Savage won, and the probabilistic approach of normal distribution of outcomes and rational risk assessments has maintained academic primacy ever since.
This is of significant importance to the current state of both financial markets and the macro economy. Keynes theory on macroeconomic policy was developed from his own perspective of radical uncertainty , whereas the tools he developed have been used both in macroeconomic policy making and in economic models of financial markets, assuming a probabilistic, predictable approach to risk. The adverse impact of this is huge.
About SUERF SUERF - The European Money and Finance Forum
In economics, a Dutch book usually refers to a sequence of trades that would leave one party strictly worse off and another strictly better off. As Kay explains, some scholars from the Netherlands have sought, without success, to track down the origins of this offensive phrase. A Dutch book is a set of choices such that a seemingly attractive selection from it is certain to lose money for the person who makes the selection.
This means that hardly any money is spent to directly strengthen higher education systems in recipient countries. This is not to say higher education in post-conflict settings is entirely neglected. Universities in the developed world, international and nongovernmental organisations do get involved — but most of their initiatives are isolated, happen only on a small scale and take a very short-term approach. Nations emerging from violent conflict need immediate, substantial and long-term support to repair and reform their higher education systems and institutions.
This will allow them to produce the graduates needed for rebuilding: critical thinkers, administrators, civil servants, technicians, scientists, doctors and teachers. Universities in the developed world seem to be recognising that they can help. The York Accord sets out important recommendations for protecting and rebuilding higher education systems and institutions after armed conflict. These include:. Organisations and academic institutions that want to work with universities in post-conflict countries must be culturally sensitive. They cannot simply impose their own ideas, values and ideologies onto these spaces.
They must work closely with local actors to design, develop and deliver country-specific projects informed by local needs and challenges. Wherever possible, they should involve local academics and experts in their programmes. This has the added benefit of training for locals, who can then share this knowledge with other academics, students and experts. Curricula also need to be changed. Alongside mainstream academic disciplines such as economics, engineering and science, universities must also promote conflict management and peace studies.
These disciplines can develop individuals and institutions that are capable of changing divisive discourses and contributing to conflict prevention and stabilisation. None of this implies that the rest of the education sector must be neglected in favour of rebuilding universities. That is the job of universities and their graduates.
This article is based on Heleta, S.