'Heroic Politicians' Inevitably Blew C-19 Response

In 1921, Professor Frank Knight, an economist at the University of Chicago, differentiated "risk" â?" where unknowns depend "on the future being like the past" â?" from "true uncertainty" â?" where the future is unknowable, because of an extreme lack of similarity with any relevant prior cases. Knight quipped that true uncertainty occupies that space where "opinions (and not scientific knowledge) actually guide most of our conduct." Unfortunately, government officials and "experts" have at times embraced inexorable opinions about how to battle the COVID-19 pandemic based on scant "scientific knowledge" (or even in direct contradiction to such knowledge). Read Full Article »