Sir Sheila Dow in “A strong argument for pluralism in economic reasoning” January 2, writes “Predictions in times of particular uncertainty can shift dramatically… with serious consequences”. She is right but let us not forget that times of particular certainty like those when everyone from the regulators, the sophisticated investors and the small investors believed in the credit rating agencies generate even worse systemic risks.
If we cannot guarantee pluralism let us at least combat monism
If we cannot guarantee pluralism let us at least combat monism