Economic Insights – July 2016

If you listen to elite policymakers around the globe, they all seem to agree on one thing: the need to avoid “uncertainty.” In their thinking the battle against uncertainty is a never-ending struggle, and if only the world were more certain the economy would be doing much better.

Which is kind of odd when you think about it, because if you really want certainty you couldn’t get much more of it than in the old Soviet Union or present day North Korea. Those economies minimize flexibility, choice, and freedom, while maximizing certainty. .....