A Quick Comment on "Unknown Unknowns"
Mainstream economics has a lot of answers for how we attack the first - namely, the idea of "search." But it has fewer answers for the second: how do we "discover" that which we don't know we don't know. The Austrian argument is precisely that markets are better at the second than the various alternatives.
Distinguishing between the known unknowns and the unknown unknowns is a very important step in any decision making process, as is thinking about the best methods for making either type of unknown into a known. I have no love for Rumsfeld, but making fun of him for that comment isn't fair. He is making perfect sense.
comments powered by Disqus
- Coming Soon, a Century Late: A Black Film Gem
- The discovery that complicated the history of sex change operations
- NYT identifies the person who exposed Gary Hart's philandering
- Decades After Trinity Nuclear Test in New Mexico, U.S. Studies Cancer Fallout
- Lawrence Of Arabia's Hand-Drawn, WWI Map Is Up for Auction
- Ken Burns and the Myth of Theodore Roosevelt
- What Ken Burns Doesn't Understand about the Roosevelts
- A call for historians to do macro history
- Colorado school board, worried about the new AP framework, wants to make sure high school kids are taught patriotic history
- Professor premieres animated short on Pueblo revolt on PBS