Paul Krugman on "The End of Alchemy: Money, Banking, and the Future of the Global Economy" by Mervyn King in NYRB:
"So The End of Alchemy ends with a pretty big letdown. But that doesn’t change the fact that it’s an important, brave book, very much worth reading. Whatever the problems in connecting King’s worldview to specific policy proposals, he does all of us a service by reminding us how fragile our understanding of the world always is, and how dangerous it can be to act as if we know more than we do."
Read the article here.
It's dangerous to act as if we know more than we do, but it is also unavoidable. Unless you are willing to adapt to the dice man strategy: let the dice decide.