This is because Krugman refuses to take seriously Keynes s crucial distinction between risk and uncertainty.

The economic costs implied by this uncertainty could be reduced if there were a market for growth risk.

Whereas guarding against uncertainty had traditionally been a moral issue, hedging against risk is a purely technical question.

The key theoretical point in the transition to a debt fueled economy was the redefinition of uncertainty as risk.

Given lower labor costs, local businessmen could decide to invest under the conditions of uncertainty and high risk that characterize post conflict situations.

Kuwait's risk assessment uses low , central , and high values for four input variables (background mortality, population, exposure concentration and concentration response coefficient) to characterize uncertainty.

That is why risk premiums are continuing to fall in the eurozone, despite high political uncertainty in Italy and continuing large fiscal deficits elsewhere.

Today s new classical economics abstracted from the problem of uncertainty by assuming that it could be reduced to measurable (or hedgeable) risk.

Our sponsors welcomed our recommendations, but that and similar efforts have gained little traction, leaving all countries rushing headlong toward a world full of uncertainty and risk.

MILAN Last summer, after two years of growing uncertainty, systemic risk in the eurozone finally began to wane, as conditional commitments came together.

Salvation does not lie in better risk management by either regulators or banks, but, as Keynes believed, in taking adequate precautions against uncertainty.

Moreover, in a risk off environment, when investors are risk averse or when equities and other risky assets are subject to market and or credit uncertainty, it may be better to hold negative yielding bonds than riskier and more volatile assets.

Perhaps the sheer degree of uncertainty in pre war Europe, or the more amorphous nature of the threat, made security concerns trump financial risk.

Notwithstanding a dysfunctional Congress, the private sector will increasingly convert a paralyzing uncertainty premium, which impedes much investment, into a less disruptive risk premium.

This heightened uncertainty could spill over to economic activity in the rest of the European Union through adverse feedback loops between sovereign risk and the banking system.

Uncertainty.

According to the WHO, the precautionary principle is a risk management policy applied in circumstances with a high degree of scientific uncertainty, reflecting the need to take action for a potentially serious risk without awaiting the results of scientific research.

And they regard this outcome as the worst case scenario, one that implies a delay of any further economic measures, deep policy uncertainty, and the risk of an even less favorable electoral outcome.

This heightens uncertainty.

If people are risk averse enough that increased fear of the future causes them to save more, rising global uncertainty will raise bond and stock prices, and lower interest rates and dividend and earnings yields.

The resulting uncertainty could trigger more volatility, especially in bond markets, potentially impeding economic recovery (for example, by pushing up long term mortgage rates) or augmenting future inflation risk.

But, even if we accept that conclusion, we are left to wonder what caused large shocks to uncertainty and to liquidity financial risk in recent years, and how reliably such shocks can be predicted.

The uncertainty values have been grouped into five sets of uncertainty bands, with corresponding conservativeness factors, by assigning a given uncertainty values to a given band.

The uncertainty values have been grouped into five sets of uncertainty bands, with corresponding conservativeness factors, by assigning a given uncertainty value to a given band.

While proponents argue that investment treaties reduce uncertainty, the ambiguities and conflicting interpretations of these agreements provisions have increased uncertainty.

Arab States of Uncertainty

Uncertainty Shifts to China

The uncertainty values were then mapped into the appropriate uncertainty band, to yield a conservativeness factor.

MILAN The world s two largest economies, the United States and China, seem to be enduring secular slowdowns. But there remains considerable uncertainty about their growth trajectory, with significant implications for asset prices, risk, and economic policy.

Uncertainty is a reality, and judgment is required.

Play is one of the only human endeavors where uncertainty is actually celebrated. Uncertainty is what makes play fun.

Shifting geopolitical power also breeds uncertainty.

We ought to reduce the uncertainty.

The year ahead will be challenging and rife with uncertainty.

Uncertainty about jobs breeds anxiety, and anxiety stokes protectionist sentiments.

They are lost in a limbo of uncertainty and disappointment.

Security challenges continue to create worldwide havoc, fear and uncertainty.

We acknowledged the widespread fear and uncertainty generated by terrorism.

Here is the moment of strategic uncertainty.

Amidst so much uncertainty, anything is possible.

In monkeys, the level of dopaminergic activity is highly correlated with the level of uncertainty such that the activity increases with uncertainty.

For companies, renegotiations mean uncertainty and possible interruptions of production and revenue.

Destabilization and chaos followed, accompanied by a sense of uncertainty and unpredictability.

And yet much of the current uncertainty is set to dissipate.

In Ecuador, judicial uncertainty and delays in contract enforcement deter investment.