Allison Schrager: "The only insurance against uncertainty is resilience." (opens in new tab)

Is there a meaningful difference between risk and uncertainty? On the face of it, we might not think so; in casual usage, we could employ the words interchangeably. But some economists see an important distinction between the two. Early in the American experience of the pandemic, economist Allison Schrager wrote an op-ed for The Wall Street Journal called “Risk, Uncertainty and Coronavirus” (paywall). “The novel coronavirus appears at first to be a problem of risk management,” she wrote. “It ...