Daily Archives: May 21, 2022 at 07:21 am EDT

Book Bits: 21 May 2022

Fragile Futures: The Uncertain Economics of Disasters, Pandemics, and Climate Change
Vito Tanzi
Summary via publisher (Cambridge U. Press)
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 the latter, perceiving phenomena such as pandemics, natural disasters and climate change as uncontrollable Acts of God. As a result, there has been little if any preparation for future catastrophes. Our modern society is more interconnected and more globalized than ever. Dealing with uncertain future events requires a stronger and more globally coordinated government response. This book suggests a larger, more global government role in dealing with these disasters and keeping economic inequalities low.

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